Countless people will get gift cards this holiday season, but how many of those cards will actually get spent?
Finder.com reports that, since 2005, more than $45 billion worth of gift cards have gone unused. That’s a lot of money!
If you received a gift card this holiday season, money expert Clark Howard wants you to do one thing: Use it fast.
Why Clark Says You Should Use Your Gift Cards Fast
Many retail businesses closed in 2020, and sadly, that trend is expected to continue for some time. If you don’t make it a priority to use your gift card, you could lose it.
“Any gift cards you get for Christmas, burn them quick. Use them quick,” Clark says. “The restaurant and retail industries are unstable. Don’t let a gift card sit and gather dust.”
Where to Sell Your Unwanted Gift Cards
If you have a gift card from a retailer or restaurant you don’t like and you know you’re not going to use it, sell it online. Start by comparing your offers at reliable gift card exchange websites.
Here are some online marketplaces where you can sell your gift cards.
These websites offer instant quotes with up to 92% cash back per gift card.
Gift cards are alternatives to cash gifts, but they’re not as flexible. That’s OK. The main thing is you want to use them wisely.
Here are two major tips that I’d like to leave with you if you’re thinking of giving gift cards this year:
- Before you buy: Understand what type of gift card you’re purchasing: Some cards will stipulate that you have to use them in a brick-and-mortar store, while others are marked for use online only.
- Immediately after you buy: Always check the card’s balance. While balance discrepancies are rare, they do happen. If you check it right after purchase, you’re more likely to get the situation resolved favorably.