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Spend
January 24, 2023
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This was the biggest year yet for gift card purchases and the experts say many will go unused. $189 billion dollars worth of gift cards were gifted and many recipient's put the card in a safe place then never use it. Many people lose their gift cards.
Creditcards.com says almost half of us are holding on to $21 billion in unused gift cards. That’s about $175.00 per person!
I’ve had a $300 gift card in my wallet for two years. I keep saving it for a spa day. I need to make that spa day happen!
A federal rule called the CARD ACT says you have up to five years to use up your balance, but some gift cards impose what’s called inactivity fees which typically kick in after 12 months. Don’t let her lose out, encourage her to use those cards as quickly as possible or think about selling them. There are a number of websites that provide that service. There’s also another option. You can donate your gift card to a non-profit charity. They can either use it or redeem it for its cash value. Either way there's no reason for a retailer to get free money especially when it was intended to be a gift.
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