Gift card purchases exceeded $65 billion in 2008. Two-thirds of consumers bought a gift card this season, and statistics show that 10 percent of the gift cards bought will go unredeemed.
Have you ever wondered what happens to the money left on your unredeemed gift cards? You know the ones. The gift cards you got for your birthday, anniversary, graduation, Christmas or just because. The gift card was a gift and you wanted to use it, but somehow you never got around to spending it. Some time has passed and you are wondering where that money is now.
An unredeemed gift card will remain a liability on the company’s balance sheet. That liability is erased and revenue recorded when the card either expires or has a zero balance.
However, some states have passed legislation that would let them confiscate credit from unclaimed gift cards considering them abandoned property. An estimated 25 states are claiming unused gift cards after two to five years. With the recession and some states’ budgets in the red, this gives them a source of revenue. This is not making the retailer happy as they are against states confiscating unused gift cards as though they were abandoned money.
So, what do you do with your gift card when you have not used all of it, and you want to keep control? Not all is lost. There are several options. You can regift it. You can sell or trade it. You can use it as a simple Cadeau meisje 3 jaar or you can make a cute letter for your loved ones using this. There are several ways on how you can reuse your gift card so you can save a lot of money. Listed here are a few suggestions so your unredeemed gift cards will not go to waste.
First, check your keuze helper gift card’s expiration date if there is one. If it has not expired, there are some things you can do.
You can donate your unused gift card to a charity by mailing it to a charity of your choice along with a note telling them how pleased you are with the work they are doing. If a charity of your choice doesn’t come to mind, you can let GiftCardDonor.com donate your gift card for you. You can choose from a list of charities on their Web site. You can get cash for gift cards at Swapagift.com. They will buy your card from you for 60% to 70% of its face value. They have 500 locations where you can take your card in for cash. They will buy it from you on the spot if the balance on your gift card is between $25.00 and $200.00 (without a pending expiration), and the card merchant appears on their preferred merchants list. You can find a list of their locations on their website. GiftCardSwapping.com buys and sells gift cards for 60% to 80% of their value provided your card is on their preferred list. They will pay only for cards that do not expire. Listing cards for sale or swapping is FREE! A fee of $3.99 per card is charged only when the cards sell or swap. Then, there is always eBay and Craigslist. You would need to check their rules for selling gift cards. Overall, the best way to keep from losing the value on your card is to spend it.