Consumers waste up to $3 billion in unspent gift cards a year

cbs ^ | Jan. 3, 2020 | Megan Cerullo

[bgill]

As much as 3% of gift card dollars are never redeemed, according to an estimate from the Mercator Advisory Group. In 2019, consumers spent about $98.6 loading up gift cards, which means almost $3 billion was left on the table, according to C. Sue Brown, director of the group's prepaid advisory service...

National Use Your Gift Card Day, founded by public relations professional Tracy Tilson, will debut on January 18. It's designed to serve as a reminder to those owners of gift cards to spend or donate them in order to reduce wasted gift card spending...

Those consumers that don't wish to spend their gift cards can also user services like Cardpool, which allows individuals to buy gift cards for up to 35% off or sell them for up to 92% of their value.

[bgill]

I can understand leaving a small balance when you don't usually shop at the store but at least order something online. Maybe do have a swap of cards at work.

$3 Billion with a B is ridiculous. What's more ridiculous is $300 Billion is bought because people are too lazy to give a heartfelt gift.

[VanDeKoik]

Imagine how much is spent on unused Yankee Candles!

[freepertoo]

I have several I have no idea what to do with.

[Pollster1]

$10 per person? I don’t understand why anyone would do that. I have on rare occasion received gift cards I didn’t want to a store I would never patronize. When that happens, I donate them to a charity. Why would anyone let them pile up and gather dust?

[gov_bean_ counter]

Ok, and the ugly @$$ socks that grandma gave me are never worn.

[Chickensoup]

I never buy gift cards I just give cash or checks. Give the cards to someone who will use them, asap.

[hanamizu]

When my mom died, we found some gift cards we had given her. A $100 card had “evaporated” to something like $30. $5 per month was deducted for non use after a 12 month grace period. Same thing happened to a smaller restaurant card. A monthly deduction after a period of non use. The money was just thrown away.

[Buckeye McFrog]

When my mother died we found a drawer full of gift certificates she had been given that she never used.
Many of the stores and restaurants had gone out of
business.

[wastedyears]

I’ll take some of that.

[bgill]

Tie them together and give them to the dog to play with. Happy dog and you can tell grandma they’re being well used and much appreciated.

Or wear them to bed on cold nights.

[moovova]

Learned our lesson.

All of our gift cards are clipped together with one of those big black paperclips and stay in the kitchen hanging on the key rack. None get by us...anymore.

[Dilbert San Diego]

Not everyone giving gift cards is too lazy to give a heartfelt gift.

I have given gift cards to people for good reasons. For example :

1. Gift card to friends to a favorite restaurant of theirs.
2. Gift card to my significant other, for a favorite clothing store of hers. No way I would buy her clothes myself.

3. Gift cards to my son for various video games, because I am clueless about what games or systems he has , but know he enjoys the games.

4. Gift card to a craft store, for a friend who is into arts and crafts. Again, I am clueless about specific craft items she would want, but know that she will use this card for her crafting hobby.

I can only speak for myself, but as noted, I had specific types of gifts in mind through the use of gift cards.

[Responsibility2nd]

I HATE gift Cards. I will not buy them for me or anyone else.

I know I have not used them and therefore lost the value spent on them.

[gov_bean_ counter]

You probably don’t like green eggs and ham either...

[Harmless Teddy Bear]

What's more ridiculous is $300 Billion is bought because people are too lazy to give a heartfelt gift.

Since we are trying to fix up an old house I find gift cards from Lowes, Home Depot and Ace VERY heartfelt. Sure they could have given us sweaters or something but the gift cards we got are going to be used to replace a leaky toilet.

And that, my friend, is a gift that will keep on giving.

[VastRWCon]

Donate them to Free Republic.

[gov_bean_ counter]

👍 You seem to have experience in these type matters.

[bgill]

If obamy had his way, those candles would have come in handy.

[Hillarys Gate Cult]

That was the only sad thing about Dr. Jack Kevorkian’s death. All of those gift certificates people gave their relatives that they can’t redeem ever.

[Buckeye McFrog]

Pennsylvania passed a state law banning this practice.
Gift cards are now technically not allowed to expire here.
(though if the store goes belly-up you’re still out of luck)