Often given on special occasions, many gift cards go unused or even forgotten, so nearly two-thirds of Americans have one lying around somewhere in their business, according to a survey.
That’s a total of around US$21 billion (C$28.5 billion) that would be lost in gift cards, revealed a report from Credit Summit, a financial advice provider.
Gift cards are very popular gifts for holidays or special occasions, and most people love receiving them, says Rebecca Stumpf, editor at Credit Summit.
“However, many people leave them in cupboards to use for special occasions. Use it, don’t keep it,” she advised.
A separate study by the same research group also determined that the average amount on unused gift cards was approximately US$175 (CAD$237.08) per person in 2022.
“I thought with high inflation people would go to town with their gift cards, but I was surprised,” Ted Rossman, financial analyst at CreditCards.com and Bankrate.com, told CNN.
He also said that some websites exist to sell or redeem gift cards, failing which such non-use might contribute to bankruptcies for some businesses.