Gift cards have become a very popular present for the holidays, in fact the National Retail Federation says more than half of consumers plan to give one this year.
But at least $1 billion of the $130 billion spent on gift cards last year went unused.
It could be that the gift card is for a retailer or other business the recipient doesn’t like. Or they simply don’t have access to the restaurant or movie theater to spend it.
So what should you do with your unwanted giftcards?
The easiest solution would be to regift it.
If you can’t use the card or just don’t want it, someone else might. So why not hand it over to a loved one who wants it?
Gift cards are typically good for several years and there are no rules about changing hands.
Another option would be to Sell It. There are various exchanges online, such as Cardpool.com, Raise.com and Cardcash.com, where you can buy and sell gift cards. You won’t get the full value of the card but you’ll recoup some of the value.
If you are more of an in-person sort, you can visit a CoinStar Exchange kiosk to get cash for your gift cards. Target will allow you to bring in gift cards for major brands with remaining balances on them and exchange them for a Target gift card.
You still won’t get the full value, but it’s a better deal than gathering dust.
Lastly you can Donate your unwanted giftcard. You can do this by handing the card directly to a charity, food bank or school that might use it to buy supplies, or offer it to a needy family in your community.
Published 12/25/2016