A while ago I was given a decent amount of RedBalloon giftcards, and i've been checking regularly for something worthy of my time and effort to use them on. If you're ever thinking about giving these to someone - particularly an ozbargainer - please see my thoughts below.
Most of the coupon codes distributed from redballoon are only relevant to the cash portion of the order payment, and doesn't apply to the gift card portion of the order payment.
https://www.ozbargain.com.au/deals/redballoon.com.au#coupons
Occasionally, the site has 'sales' which reduces the price of items, or perhaps has 2-for-1 'deals'. These can be selected and paid for with gift cards, so you can take advantage of the perceived saving.
Sale pricing can be a bit of a joke tho, and often the sale items are in fact a zero saving, for example (as at 29/6/2017):
https://www.redballoon.com.au/product/outdoor-activities/hor…
I live in Perth, and they very rarely have sales or deals on experiences based in WA.
When thing in WA do go on sale, it's usually things like: barista course, facial massage, walking tour, photography class, 6 V8 laps or 18 minutes heli-flight. (I do not care for any of this stuff. This is my personal choice. Perhaps i'm getting old?).
They've recently merged the 'wrapped' section (gifts) with the activities (experiences), so when searching, you will now get a tonne of discounted yet still overpriced, personalisable 'gifts' among the search results. This appears to be filterable under 'categories', but you can not specifically omit the gifts, you must choose the activity categories separately.
I've bought gifts before just to use up giftcards. I didn't have time for adventures, so buying the gifts (extremely overpriced I know) is the only way I could use them up. I certainly wasn't worried about getting a bargain, just using them up so they dont go to waste was my priority.
The nicest experiences I've had with red balloon are dolphin/whale watching day trips.