We’ve all had a gift card sitting idly in our wallet or tucked in that one drawer in every kitchen where a collection of old phone chargers, half-empty tic tac containers and conference swag reside.
Unfortunately, they often either get lost in the shuffle or are forgotten.
Many people don’t bother using that last dollar and a few cents left on a used gift card, leaving that money infinitely trapped in a plastic rectangle.
The gift card craze of the ’90s came from convenience. They offer a pressure-free, quick way to shop without worrying that someone won’t like their gift and end up returning it or stuffing it in a storage bin.
However, approximately $21 billion is suspended in untouched gift cards in the US, according to the 2022 Credit Summit Report. $35 million is free floating across Canada.
85% of 1,200 Credit Summit respondents said they’re holding on to at least one unredeemed gift card, contributing to an average of US$175 lost per person every year.
Location inaccessibility, disinterest in the brand and simple forgetfulness are all reasons why people hang on to gift cards.
Waiting for a special occasion, a sale or until a desired product becomes available are also factors.
Rebecca Stump, VP of Editorial and PR for Credit Summit, urges gift card holders to redeem them in a reasonable time.
“There’s no advantage to saving them. The accrued value of unredeemed cards shows that the longer people hang onto them, the higher the risk the card will be lost, or the value reduced due to fees or inflation,” she stated.
Whether you have credit towards an ice cream parlor, a hair salon or fitness studio, those gift cards are opportunities to have a great experience.
Using them also honours the people who purchased them for you.
Save this post as a reminder to sort that drawer full of odds and ends, shuffle through your purse or wallet and get ahold of those old gift cards!
Image source: 401(K) 2012 on Flickr