Roughly half of U.S. adults fail to redeem gift cards and store credits, according to a new survey from Bankrate, a personal finance company.
Collectively, that represents a total of $21 billion in untouched money, according to the survey. The average value of unused gift cards and store credits is $167 per person. Those with annual incomes of $80,000 or more have the highest average unused value of gift cards and store credits at $297, compared to $93 for those making under $40,000.
“Gift cards and store credits are real money, so treat them as such,” said Ted Rossman, an industry analyst at Bankrate.
While 64% believe they’ll eventually use their gift cards and store credits, as few as 4% plan to spend none of their gift cards or store credits. However, the clock is ticking for those who plan to use their gift cards or credits at some point. Under the 2009 CARD Act, signed into law by President Barack Obama, an issuer can charge a monthly inactivity fee, pulled from the card’s balance, on gift cards that have gone unused for a year or more.
Some unused cards hit the resale market. According to the survey, 23% of U.S. adults have regifted a gift card, and 8% resold a gift card.
“You can sell unwanted gift cards at sites such as Cardpool.com, CardCash.com, and GiftCardSpread.com,” Rossman says. “You can also buy discounted gift cards from these sites. That’s a great way to save on an upcoming purchase.”
The total sample size for the survey was 2,602 adults, including 1,312 adults who currently have an unused gift card and/or store credit. Fieldwork was undertaken on Jan. 15 through the 17 of 2020.
