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But then many people would first buy the gift card to get the 5% or whatever discount, then buy the item they were going to buy anyway.

Now that I think about it, I think a gift card has to be priced at exactly a 1:1 price. (You can't price it higher because people will find that to be outrageous.)

Ah, good point. Maybe add a minimum delay? Then you're loaning money and getting interest...

> add a minimum delay

Do not enter a commercial transaction that doesn't benefit you?

They do on the secondary market.

That is another reason to abolish gift cards. Money laundering and scams. Last time I tried to buy a (n > 1) gift cards I got the 3rd degree.

There's sites where you can buy other people's unwanted gift cards at a discount. I've had plenty of luck with them - both as a buyer and a seller.