More than 75% of adults purchased at least one gift card during during the past year. That means you probably received one or more gift cards over the recent holiday season. And what’s not to love about gift cards? They give us the chance to shop, dine out, or enjoy activities guilt free, whenever we wish. But surprisingly, more than $2 billion dollars’ worth of gift cards go unused every year. Don’t let your gift cards become part of that statistic. Here are some tips to make the most of gift cards throughout the year.
Keep it Close
A gift card won’t do you any good sitting in a drawer or filing cabinet. Place it in your wallet immediately when you receive it so you have it with you when you need it. But remember, gift cards should be treated like cash and aren’t replaceable if lost or stolen, so keep them secure.
You may also be able to transfer the value of your gift card to your phone’s wallet app, which is another great way to keep it more secure.
Know the Terms
Fees and terms of use vary widely among gift cards. Some cards are assessed a fee for non-use after a period of 12 months. A few months of these fees can quickly diminish or eliminate a gift card’s balance. If you’re not sure of the card’s terms, it’s best to use it right away.
Sell or Trade
So you got a gift card for the best steakhouse in town but you’re a vegan – what to do? Sell or trade it for a card you’ll actually use. You can do it informally by trading cards with a friend, co-worker or family member. Or sell gift cards you won’t use to a site like Card Cash for up to 92% of the face value. Granted, you’ll lose a few dollars, but it’s better to have the cash than let the card go to waste.
Keep Track of the Balance
If you don’t use the gift card’s full amount in one go, keep track of the balance. You can always check the balance over the phone or online. But the easiest way is to simply wrap the receipt listing the remaining balance around the card and keep them together in your wallet.
