First of all, you can look for restaurants that give bonuses for buying gift cards. I will be posting these deals as I get the notifications and see the deals. Usually, if you buy $100 worth, you get a bonus card for yourself of $20 or $25. This makes it easy to pick up four $25 gift cards as gifts and get one for yourself. Sometimes they have certain rules or dates of use with the bonus card but still worth it. I have seen these at various restaurants like Red Robin or BJ's pizza.
Secondly save money on gift cards by hitting your local Costco. I think many of us have bought these and you can save usually about $20. Usually you get $100 worth of cards(usually two $50 cards) for about $80. Now you have two gifts to give and you saved $20.
Finally, you can go to the second hand market. There are companies that not only sell gift cards, but let you sell to them at a discounted rate. These sites come in handy after the holidays too when you can sell unwanted or unusable gift cards. The companies do take a percentage if you sell a card, but if you weren't going to use it anyway you can get some money for it or trade it for a different card. Usually depending on what kind of card it is you can get about $17-$21 for a $25 card. If you are buying gift cards you can sort through them all and see what discount they offer. Many times you can easily save at least 10%.
I saw a website on the Today show that was coupon trade.com, which then links you to raise.com.
The site that I have used is Cardpool.com
Don't forget that Safeway has specials where you can earn extra discounts for buying gift cards too. Right now you can get 4 times the gas discount for gift cards. If you buy $50 in gift cards you get 200 points or .20 off per gallon of gas. That will save the avg person only about 2.60 or fill up both your vehicles and save $5. Buy $200 worth of cards get .80 off per gallon. If you need the cards anyway worth getting them. We actually buy gift cards we are going to use ourself when they are running these specials. Just think about where you spend money and buy away. It easy to add up the savings. Jiffy lube, target, restaurants, plenty of places to choose from.
Hopefully all this information helps you save a few bucks or score a free meal for yourself!