“Uncover hidden cash in your home” – How to claim your share of the $27 billion in unused gift cards!
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In the cozy nooks and crannies of your home, amidst the family photos and cherished knick-knacks, there may be an overlooked treasure trove—unused gift cards.
It's like finding forgotten money in the pocket of a jacket you haven't worn in a while. But this is no small change; Americans are sitting on a mind-boggling $27 billion (yes, billion with a b!) in unspent gift card cash, and it's time to tap into that wealth.
A recent study by Bankrate has revealed a startling trend: nearly half of US adults are hoarding at least one unused gift card, voucher, or store credit. On average, each person is sitting on $244 worth of dormant funds. This figure has seen a steady climb from $187 in 2023, $175 in 2022, and $116 in 2021.
The generational breakdown is even more intriguing. Millennials top the charts with an average of $332 in unused gift card value, followed by Gen Xers at $255, and baby boomers at $227. It's clear that our children and grandchildren especially are unintentionally stockpiling a small fortune, and we aren’t much better.
Ted Rossman, a senior industry analyst at Bankrate, points out that we are often our “own worst enemy” when it comes to managing gift cards. The allure of a gift card is undeniable—it's the promise of a future treat, a pre-paid indulgence just waiting to be enjoyed. Yet, these plastic promises often end up tucked away in drawers or buried in wallets, forgotten until they expire or the retailer goes out of business.
So, if you're not going to use them, why let them go to waste? Platforms like CardCash and Raise offer a solution, allowing you to sell your gift cards for approximately 70 to 80% of their value. It's a win-win: you get cash in hand, and someone else gets to enjoy the card at a discount.
Gift cards can be tricky, with expiration dates and terms that vary by retailer. It's crucial to keep an eye on these details to ensure you don't miss out on the opportunity to use your funds. If you're unsure, reach out to the retailer for clarification.
Funnily enough, the National Retail Federation has identified gift cards as the second-most popular holiday gift, just behind clothing. So, with the festive season around the corner, it's essential to be thoughtful about the gift cards you choose for loved ones. Pick something that aligns with their interests, increasing the likelihood that the card will be used and appreciated.
For those odd remainders left on cards, consider reloading them to round up the value. Another savvy move is to add your gift cards to your digital wallet on your smartphone, ensuring they're always at your fingertips when you're out shopping.
While gift cards can be a boon, they can also be a target for fraud. Be vigilant when purchasing gift cards and inspect them for any signs of tampering. If a deal seems too good to be true, it probably is. You’re always better off buying the gift card from a trusted online store, or better yet, in-store.
Have you discovered a significant amount of money in unused gift cards before? Do you have tips for keeping track of gift card balances or stories of how you've put forgotten cards to good use? Share your experiences in the comments below, we’d love to hear all about them!
It's like finding forgotten money in the pocket of a jacket you haven't worn in a while. But this is no small change; Americans are sitting on a mind-boggling $27 billion (yes, billion with a b!) in unspent gift card cash, and it's time to tap into that wealth.
A recent study by Bankrate has revealed a startling trend: nearly half of US adults are hoarding at least one unused gift card, voucher, or store credit. On average, each person is sitting on $244 worth of dormant funds. This figure has seen a steady climb from $187 in 2023, $175 in 2022, and $116 in 2021.
Do you have unused gift card lying around at home? Image source: Pexels.
The generational breakdown is even more intriguing. Millennials top the charts with an average of $332 in unused gift card value, followed by Gen Xers at $255, and baby boomers at $227. It's clear that our children and grandchildren especially are unintentionally stockpiling a small fortune, and we aren’t much better.
Ted Rossman, a senior industry analyst at Bankrate, points out that we are often our “own worst enemy” when it comes to managing gift cards. The allure of a gift card is undeniable—it's the promise of a future treat, a pre-paid indulgence just waiting to be enjoyed. Yet, these plastic promises often end up tucked away in drawers or buried in wallets, forgotten until they expire or the retailer goes out of business.
So, if you're not going to use them, why let them go to waste? Platforms like CardCash and Raise offer a solution, allowing you to sell your gift cards for approximately 70 to 80% of their value. It's a win-win: you get cash in hand, and someone else gets to enjoy the card at a discount.
Gift cards can be tricky, with expiration dates and terms that vary by retailer. It's crucial to keep an eye on these details to ensure you don't miss out on the opportunity to use your funds. If you're unsure, reach out to the retailer for clarification.
Funnily enough, the National Retail Federation has identified gift cards as the second-most popular holiday gift, just behind clothing. So, with the festive season around the corner, it's essential to be thoughtful about the gift cards you choose for loved ones. Pick something that aligns with their interests, increasing the likelihood that the card will be used and appreciated.
For those odd remainders left on cards, consider reloading them to round up the value. Another savvy move is to add your gift cards to your digital wallet on your smartphone, ensuring they're always at your fingertips when you're out shopping.
While gift cards can be a boon, they can also be a target for fraud. Be vigilant when purchasing gift cards and inspect them for any signs of tampering. If a deal seems too good to be true, it probably is. You’re always better off buying the gift card from a trusted online store, or better yet, in-store.
Have you discovered a significant amount of money in unused gift cards before? Do you have tips for keeping track of gift card balances or stories of how you've put forgotten cards to good use? Share your experiences in the comments below, we’d love to hear all about them!
