A promotion offering a store gift card with a device looks like a discount presented awkwardly. It is a different instrument with different economics for the retailer.
The advertised price stays intact
Manufacturer advertising policies restrict how low a retailer may promote a price, and a gift card added to the transaction does not alter the advertised figure.
That lets a retailer compete aggressively on a product whose price is effectively fixed across the market, without breaching the policy or its advertising support agreements.
It also avoids resetting shopper expectations about what the device costs, which matters when the same model must sell at full price after the promotion ends.
Cost is deferred and partly avoided
A gift card is a liability recorded when issued and a cost realized only when redeemed, so the expense reaches the income statement later than a discount would.
A share of card value goes unredeemed, and accounting rules allow recognition of that breakage over time based on historical redemption patterns.
Unclaimed property law in many states governs what happens to unredeemed balances, and the rules differ by state, which is one reason terms vary by where the card is issued.
Redemption brings a second visit
A card must be spent in the issuing retailer's stores, which converts a one-time electronics purchase into a return trip with a basket attached.
Spending above the card value is common, so the retailer captures margin on the additional items rather than only bearing the cost of the incentive.
Margin on accessories and general merchandise is typically wider than on the device itself, which improves the economics of the promotion further.
The offer targets a specific shopper
Someone buying only the device and never returning gets less value than the headline suggests, while a regular customer of the store captures nearly all of it.
That self-selection is deliberate. The promotion is worth most to the customers the retailer most wants to keep, and least to the ones shopping purely on price.
It also filters out resellers, since a card is harder to monetize than a straight price reduction on the item itself.
Timing follows the product cycle
Card promotions cluster around launches and gifting seasons, when demand is strong and price cuts would be unnecessary as well as prohibited by policy.
As a model ages, retailers switch to outright markdowns, because the goal changes from competing for a sale to clearing remaining inventory.
Watching which instrument a retailer reaches for therefore says something about where a product sits in its life, independent of any announcement.