To my family and friends, this Christmas time, please do not buy me gift cards and if you need to put down a deposit, use a credit card.
With the way the retail environment is at the moment, it is possible that you/I will rank as an unsecured creditor in a liquidation or external administration.
At least if you use a credit card, you might be able to claw some of it back from your issuing bank.
Doesn’t matter how big the brand, or how careful you are though, it is not nice finding out that your $200 gift card is worthless.
If you have a hankering for gift cards, or you don’t know what else to get your loved ones, get the retailer to sign a general security agreement and register your security interest on the PPSR.
Only costs $6 to register.