According to the most recent survey from Bankrate Credit Cards, half of U.S. adults (50 percent) currently have unredeemed gift cards sitting in a drawer somewhere (well, I made the drawer part up - but you know what I mean!)
It can be easy to forget about the gift cards taking up space in your wallet or credits sitting unused in old accounts, but they represent value you shouldn’t let go to waste.
Why aren’t people using their gift cards?
Twenty-five percent of U.S. adults have let a gift card expire at some point and 22 percent have lost a gift card. Over half (57 percent) have held onto an unused gift card or store credit for more than a year.
The value of Americans’ unused gift cards
According to the survey, the average value of unused gift cards and store credits is $167 per person.
- Thirty-six percent of Americans estimate the total value of their unused gift cards and store credits to be between $1 and $49
- Twenty-two percent believe the value to range between $50 and $99
- Twenty-one percent between $100 and $199
- Fourteen percent between $200 and $499
- Five percent $500 or more
The future of unused gift cards?
Of those who currently have an unused, non-expired gift card or store credit, just over one-third (36 percent) indicate they won’t use all their gift cards or store credits, while 64 percent believe they’ll eventually use all of them. As little as 4 percent plan to spend none of their gift cards or store credits.
But the clock is ticking for those who plan to use their gift cards or credits at some point. According to the 2009 CARD Act, an issuer can charge a monthly inactivity fee (pulled from your card’s balance) on gift cards that have gone unused for a year or more. You do, though, have five years from activation until your gift card can legally expire.
If you’re unsure how long you’ve owned a gift card, contact your issuer or check your gift card balance online at sites like Gift Card Granny.