American Express (AMEX) is an American multinational that provides payment cards. The company provides its clients with payment card options like credit cards, debit cards and AMEX gift cards.
An AMEX gift card, unlike the other AMEX cards, can not be used to withdraw cash; rather they are pre-loaded with cash. The holder is allowed to redeem items with the gift card till the cash loaded on it is exhausted. What sets an AMEX gift card apart from the rest is that they are open-loop gift cards.
What is an Open Loop Gift Card?
There are two types of gift cards, closed-loop and open-loop. An open-loop gift card is a type of gift card that is not tied to a particular brand. As in, they can be used on different platforms and stores. E.g American Express, Visa and MasterCard gift cards.
Whereas, a closed-loop gift card is a direct opposite because they are tied to a particular brand and can’t be used on any other brands store/online platform. E.g Amazon gift cards, eBay gift cards etc.
Benefits of AMEX Gift Card
- You can shop in any shop that accepts AMEX cards. This, therefore, gives the holder access to more options to pick from.
- They do not expire. This means that; no matter how long you keep your AMEX gift card you can always use it.
- There are no usage fees when you use them.
- When you buy them online they will be delivered to your email.
What Can You Use Them For?
AMEX gift cards are generally used to buy items from stores or pay for services. One thing the gift card can’t do is withdraw cash from ATMs. But, yes, there is a but they can be sold for cash on gift card exchange platforms. You have to be careful when picking an exchange platform to trade with because some of them might be fraudulent.
In order to keep you safe, we have curated a list of safe platforms you can trade on for high rates.
Top 10 Gift Card Trading Platforms
If you can figure out what to give a loved one as a gift, why not give them an AMEX gift card. At least if they do not redeem a gift item they can sell them for cash or even cryptocurrency.