Americans Are Sending $21 Billion Down the Drain in Unused Gift Cards
Written by
Yaël Bizouati-Kennedy
Edited by
Cory Dudak
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Gift cards make for great presents — that is, if you don’t forget about them. Indeed, millions of them go unused every year, and 47% of U.S. adults have at least one unused gift card, voucher or store credit, according to a CreditCards.com survey.
The average amount of unspent gift cards, vouchers and store credits is a whopping $175 per person, which represents a total of $21 billion in unspent cash for the entire U.S. adult population, according to the survey.
And Americans across all generations have unused or forgotten gift cards. While millennials and Gen Zers lead the pack with 52% and 51% of unused gift cards, respectively, 43% of Gen Xers and 42% of boomers also have them, the survey noted.
The unused card balances are significant: On average, millennials have the most available cash on gift cards, at $226; Gen Xers have $180, while Gen Zers have $149 and boomers have $133 ready to spend, the survey added.
“They’re not going to get more valuable over time,” Ted Rossman, senior industry analyst at CreditCards.com, said. “In fact, it’s the exact opposite, as inflation eats away at the value. And the longer you hold on to these unused gift cards, the more likely you are to lose them, forget about them or have the store go out of business.”
Even if you have the cards tucked safely away, inactivity fees can reduce their value, according to CBS News. In the worst case, the cards can even expire.
“Clean out your wallet, your purse, your junk drawer, your glove compartment — anywhere these unused gift cards might be hiding,” Rossman said.
If you have a gift card you don’t want, one option is to sell it on a site such as CardCash or Raise.
Rossman told CBS that while these resale sites won’t give you face value for your cards, they will typically give 70 to 80 cents per dollar.
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