Buzz
With the holidays behind us, chances are you're now the proud owner of at least one new gift card.
Gift cards are a favorite during the holiday season because they are compact, easy to carry, and allow the recipient to choose something they truly desire, avoiding the risk of a disappointing gift.
However, every year, billions of dollars worth of gift cards go unused due to people forgetting about them, losing them, or letting them expire before they are redeemed.
If you received a gift card this holiday season, here are some top tips to ensure it doesn't go unused:
Use Your Gift Cards Right Away
A lot of gift cards go to waste because the recipient either misplaces them or forgets about them altogether. The simplest solution is to plan on using that holiday gift card as soon as possible.
For example, if you got a gift card for a local restaurant, go ahead and schedule a dinner outing. If it's for a local store, take a look at their website and figure out what you'd like to purchase. The sooner you redeem your gift cards, the better.
Every day you delay using it, you're essentially offering that retailer an interest-free loan.
Convert Your Gift Card to Cash
In certain states (or if you're visiting them), stores must give you cash in exchange for your gift card. However, the card's balance must be below a certain threshold, so you may still need to use it for a purchase.
For example, in California, you can exchange a gift card for cash if the balance is under $10. In states like Colorado, Montana, Maine, and Washington, the limit is $5. Here’s a full list of states where you can cash out your card.
Sell, Buy, or Trade Your Card Online
If you don't see yourself ever using a gift card, there are several platforms where you can buy, sell, or trade it for something else. Websites like Giftah, Cardavenue, and Gift Cards Again offer marketplaces where you can swap or sell your gift card.
Some Coinstar kiosks will also buy your gift cards, though they won't offer you full value. Typically, you can expect to receive around 60-80% of the card's original worth.
United Airlines allows you to convert your gift card into miles.
Give Your Gift Card to Charity
If you no longer need or want a gift card, donating it to a charity can be a wonderful way to put it to good use. Organizations like Goodwill, Plywood, and Works of Life accept gift card donations. Depending on the card, other local charities may also welcome it. For example, a Target gift card could be used by a nearby charity to purchase needed supplies.
