Martin Lewis has warned shoppers against buying gift cards for friends and family this Christmas - explaining your money could end up wasted.
The money saving guru confessed he’s “not a fan of gift cards,” as concerned viewers on This Morning asked him for advice on what to do with their Cineworld ones, now that the cinema chain has temporarily closed.
The financial pro said, “The biggest answer I can give you and anyone else is – and I’ve said this many times before but never has it been more pertinent – I am extremely anti gift cards.
“The simple fact is that, first of all, some of them date – so someone buys them for you and if you don’t use them in two years they are not worth it.
“But, more importantly, if the company goes bust they are worthless. You just have to claim as a creditor on the administrator.”
Warning shoppers to avoid gift cards during these rocky times, the Money Saving Expert founder continued, “In this time of terrible uncertainty – and retailers won’t like me saying this – the last thing I would be giving anyone for Christmas is a gift card, unless it is from a company I was absolutely rock certain on.”
Martin said the more certain companies you could buy a gift card from are places like Amazon and Selfridges – although he hastened to add he was “taking a guess on the strength of these companies”.
He also recommended gift cards that allow spending at many different retailers in order to offer protection against bankruptcies.
“My team have been badgering them for an answer of what you can do with it but we haven’t had anything back.”