Uncovering the Untapped Potential of Forgotten Gift Cards
The Surprising Prevalence of Unused Gift Cards
The Bankrate study found that more than 4 in 10 Americans have at least one unused gift card, voucher, or store credit in their possession. This statistic is particularly striking, as it suggests that a significant portion of the population is unknowingly sitting on a substantial amount of unused funds.The average consumer holds a value of $244 in these forgotten cards and vouchers, a figure that has increased from $187 last year. Nationwide, this translates to a staggering $27 billion in untapped value that could be put to good use by American households.
The Importance of Proactive Management
Ted Rossman, a financial expert from Bankrate, expressed his surprise at the sheer volume of unused gift cards and vouchers. He emphasized the importance of being proactive in managing these financial assets, noting that they represent real money that could provide much-needed relief during times of economic uncertainty.Rossman cautioned that the longer these cards and vouchers go unused, the less likely they are to ever be utilized. In fact, the study found that a third of Americans have lost money due to gift card missteps, such as letting the card expire or losing it altogether.
Leveraging Unused Gift Cards for Personal and Charitable Purposes
To avoid this fate, Rossman encourages consumers to take a proactive approach. He suggests that individuals review their wallets, purses, and junk drawers to identify any forgotten gift cards or vouchers, and then make a plan to use them effectively.This could involve using the cards to purchase items for oneself or as gifts for others on their holiday shopping list. Rossman also suggests that if a consumer cannot use the card, they can consider selling it on platforms like CardCash or Raise, where they can often recoup up to 70 or 80 percent of the card's value.
For those who are unable to use or sell their unused gift cards, Rossman recommends exploring charitable options. Many organizations accept donations of unused gift cards, which can then be used to support their initiatives or distributed to those in need.
Strengthened Consumer Protections and Longer Expiration Dates
The good news is that recent legislation has improved the landscape for gift card holders. Rossman noted that gift cards can now no longer expire for at least 5 years, and many are valid for even longer periods. This provides consumers with more time to redeem their cards and vouchers, reducing the risk of losing their value.Additionally, consumer protections have been strengthened, making it more difficult for businesses to engage in practices that could lead to the loss of gift card funds. This increased regulatory oversight has helped to ensure that consumers can more reliably access and utilize the value stored on their cards.
The Untapped Potential of Forgotten Financial Assets
The Bankrate study serves as a wake-up call for Americans to take a closer look at their financial portfolios, even in the most unexpected of places. By rediscovering and actively managing their unused gift cards and vouchers, consumers can unlock a hidden source of financial resilience during these challenging economic times.Whether used for personal purchases, gifting, or charitable donations, these forgotten financial assets represent a valuable opportunity for individuals and families to stretch their budgets and make the most of their available resources. By embracing a proactive approach, Americans can transform their overlooked gift cards and vouchers into tangible financial benefits that can make a real difference in their lives.