Home » Economy » Americans have $21B in unused gift cards and store credits
Americans have $21B in unused gift cards and store credits
How to get rid of your unwanted gift card
Raise CEO Jay Klauminzer discusses his company which allows people to sell their unwanted gift cards for cash.
Although gift cards have topped holiday wish lists in recent years, half of U.S. adults currently have unredeemed gift cards or store credits that are estimated to be valued at $21 billion in untouched money, according to a new survey released on Tuesday from personal finance resource Bankrate. This whopping 10-figure number even includes airline redemption vouchers.
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HOW TO EARN MONEY FROM UNWANTED GIFT CARDS
High-income households tend to leave the most on the table when it comes to unused gift card funds. On average, families that make $80,000 or more have $297 in unredeemed cards. This number drops down slightly for parents who have children under the age of 18, according to Bankrate, who instead have $274 in unredeemed gift cards on average.
The other demographic that is most likely to leave money on gift cards are Millennials between the ages of 24 and 39. On average, $234 is left on these cards.
WALMART GIFT CARD SCAM RING ALLEGEDLY STEALS $600K FROM UTAH SENIORS
Both Gen Xers between the ages of 40 and 55 and low-income households that make under $30,000 are least likely to leave money on gift cards, according to Bankrate. In particular, only 46 percent of Gen X leave money on gift cards while 41 percent of low-income households do the same.