You might be able to take the gift card to a competitor and they might offer you a discount if you then shop in their store. Mom and Pops are more likely to do this than say Walmart, and stores in the middle sizes are kind of a coin flip.

I will say that every retail store I worked for, big or small, we were told to ALWAYS take competitor coupons, even if they were expired. I have never taken in a competitor gift card, but exceptions are always on the table to gain a new customer.