Almost two-thirds of American consumers have at least 1 unspent gift card tucked away in a drawer, pocket, wallet or purse. And at least half of those consumers lose a gift card before they use it, according to a new report from Credit Summit.
Such is the sad fate of gift cards — millions of which go unused each year and have a collective value estimated to be in the billions of dollars.
Almost two-thirds of American consumers have at least one unspent gift card tucked away in a drawer, pocket, wallet or purse. And at least half of those consumers lose a gift card before they use it, according to a new report fromThe report said there is as much as $21 billion of unspent money tied up in unused and lost gift cards. Of those surveyed, a majority of respondents said their unredeemed cards were worth $200 or less.
According to a July 2022 survey of 2,372 U.S. adults conducted by CreditCards.com, 47% of respondents said they have at least one unused gift card voucher or store credit."Inertia is a big factor," said Rossman. "Sometimes the gift card is for a store that you don't particularly like or it's not convenient to go there.""They're not going to get more valuable over time; it's the exact opposite, as inflation eats away at the value.
Some Visa, Mastercard and American Express gift cards add penalties if they're not used in a specific period of time, said Stumpf. Under federal law,from the date it was activated; the law also places general limitations on fees for dormant cards. And if you just don't want to be bothered with the card you received, there are some easy fixes there, too. "There are several websites on which you can sell or exchange them," said Rossman.
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