The Canadian Bankers Association has put its own stamp on the $300 Visa gift card.
It has issued a report, which it says “reveals the value of a $500 gift card” for Canadians.
The association’s chief economist, Ian Henderson, said in a news release Thursday that, for a typical consumer, it’s “difficult to estimate” the value.
“For many consumers, the value for the gift card is dependent on the size and location of the purchase,” he said.
“For those who use a credit card, it may be even harder to estimate.”
The $300 card is offered to anyone who buys a $250 or more worth of groceries, clothing, home goods, transportation or entertainment.
It’s also offered to people who buy a home appliance, car or car repair or a home improvement contract.
The report says that the average value for a $100 gift card for the average Canadian is $0.11, which is about $4,500.
That means the average cardholder would pay $9,400 on average to buy a $200 card, Henderson said.
The $500 card is also sold in the United States.
It can be bought in New York City for $10,000 and in New Jersey for $3,000.
The American card has a $400 sign-up bonus and is good for three years.
The Canadian card is available for purchase at grocery stores and retailers.
The study, issued in partnership with CBA Canada, the Canadian Banker Association and the Canadian Credit Union Association, is based on 1,500 transactions over the past three months.
The bank estimates that the gift cards’ average value in Canada was $1,000 in the quarter ended Feb. 16.
The average value was $2,300.
Henderson said that for a gift card, the customer has to be “absolutely certain that the value is for the value, not to be a giveaway.”
“It’s a little bit like a lottery ticket,” he added.
“There are lots of people who are very happy with the card.
They’re not really thinking about the value.”
For its part, Visa said it would not comment on the CBA report.
Visa Canada did not immediately respond to a request for comment.
The CBA said in an email that it “wouldn’t comment on any specific company’s report” and would instead defer to the industry body that issues such reports.
“Visa recognizes that the information in this report is confidential and that any information disclosed in the report is considered privileged information and therefore should not be released to the public,” it said.