Nearly half of Americans don't spend their gift cards
A file image shows gift cards for sale in a store.
NEW YORK - According to a survey, nearly half of all Americans have an unspent gift card.
And all that unspent money adds up to an estimated $21 billion. The website creditcards.com says the average amount of unspent gift cards, vouchers, and store credits is $175 per person, up from $116 last year.
Now is the time to use these gift cards, says Ted Rossman, senior industry analyst at CreditCards.com. "With inflation at a 40-year high, everyone is looking for ways to save money," he says. "Putting your unused gift cards to work is an easy way to unlock some hidden value."
About a quarter of those surveyed say they have lost their gift cards.
"Clean out your wallet, your purse, your junk drawer, your glove compartment — anywhere these unused gift cards might be hiding," says Rossman.
About 54% of Americans say gift cards were the most requested gift item this year.