SAN FRANCISCO, Dec. 5, 2011 /PRNewswire/ -- GoalMine, an innovative new investing service, today announced the launch of its holiday gift card trade in program, which, for the first time ever, allows customers to redeem unused gift cards to fund investment accounts for a limited time.
GoalMine's program gives customers an easy way to upgrade their unused gift cards and to make smart money choices that can provide return far into the future. "You could use a movie theater gift card for a 2-hour entertainment experience," said Yaron Ben-Zvi, GoalMine co-founder, "or you could invest it, and eventually use it for a week-long vacation. Similarly, you could spend your gift card on a quick home improvement project, or use it to build a down payment for a new home."
The gift card trade in program also provides a quick and easy way to use cash that remains on unused gift cards. Although gift cards are one of the most popular gifts during the holiday season, many remain unused. "On average, 8 to 10% of all gift cards go unused sitting in wallets, hiding in desk drawers or accidentally getting tossed into the trash," said Rimmy Malhotra, GM and co-founder of GoalMine. In fact, it has been reported that more than $8 billion dollars in gift cards goes unspent each year.
GoalMine's gift card trade in program also enhances the company's mission of making investing accessible to all, and is just another way the company is bringing investing to people's everyday lives. After entering gift card numbers and values, customers will be prompted to create a free account, after which they can choose to apply their gift card values to one of GoalMine's mutual funds or an FDIC-insured savings account. Accounts are goal-based, so customers can easily allocate funds toward goals like buying a home, preparing for a new baby, or saving for a rainy day. GoalMine also provides simple tools that help customers create personalized investing plans.
The program comes at a time when Americans are saving more than ever and looking for ways to build their wealth. Although the holidays are typically a time when consumers spend, the gift card trade in gives them a way to turn money they would have spent into savings that can actually grow over time.
GoalMine will offer its gift card trade in program for a limited time before and after the holiday season beginning on December 19, 2011. Those who would like to receive a reminder when the program is available can sign up at http://tradein.goalmine.com/.
- Customers can redeem up to 10 gift cards per day. Gift cards must have values of $25 or more. The first gift card will be redeemed for 150% of its value for gift card values up to $50. Subsequent gift cards will be redeemed at their market values (usually between 80% - 90% of gift card value). "Market value" is based on prices offered at Plastic Jungle, an online gift card exchange.
- Customers must create a free GoalMine account to redeem their gift cards. They are not obligated to apply their gift card funds toward an investment account.
- The gift card trade in promotion will be offered starting the week before Christmas for a limited time. For full terms and conditions, visit http://tradein.goalmine.com/cards-tcs/
GoalMine is a San Francisco-based asset manager spearheading a movement to provide all consumers with access to simple and affordable tools that will help them build toward their financial goals, regardless of prior investing knowledge or income level. GoalMine product empowers all consumers to start investing and saving with social tools and a "gift card" model that allows them to share investing with their friends and family. GoalMine also acts as the investment advisor to the Gratio Values Fund. Like its fellow MPOWER Labs portfolio companies, GoalMine is committed to creating products and services that will foster empowerment and prosperity in underserved markets. For more information, visit www.GoalMine.com, stop by the GoalMine blog, or follow GoalMine on Facebook and Twitter.