Smarty Pig LLC said it is waiving the fees for using its eRetailer gift card.
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The move, announced Tuesday, is intended to increase use of the cards, Smarty Pig co-founder Mike Ferrari said by email. The Des Moines company previously charged around $2.50 to redeem a retail card. "As we grow, we can negotiate better offers," Ferrari said.
The online savings account provider offers a socially linked account that lets users share their savings goals with friends and request donations toward those goals. Once a goal is reached, the funds can be accessed on gift cards Smarty Pig offers. The company is not a bank, though it does partner with at least one retail bank per country to keep the deposits users place in accounts.
