Here is some new info regarding the use of GCs. I emailed Celebrity and asked the specific question as to what happens to a gift card that is used as fare payment if the *booking person* decides to cancel.
Here is what I got back:
Regarding your inquiry, under a cancellation case the amount of the gift card would be refunded to the original form of payment, unless reservation faces penalty, if that is the case the amount would be withheld as part of the penalty payment.
The following are my words and opinions)
I believe a lot of people have gotten hung up over some verbiage that indicates that GCs are "non-refundable" after a cancellation. I believe that this simply means you cannot get your money back for the amount you spent to *receive* said card. It appears to be standard across most (if not all) cruise lines that returnable funds go back to the original form of payment, meaning that the GC is still valid I believe it is safe to use these cards without the concern of "losing my money if I cancel the cruise".
Side note: AARP has reduced the discount on Princess gift cards to 8% from the original 10%. Celebrity cards are still at 10%. I suspect that (due to the spreading of the word here on CC) there was a big surge in the use of GCs on Princess...and they decided to make adjustments. Just a head's up...in case Celebrity decides to do the same!