If you have an unused gift card sitting in your wallet, you're not alone. Almost two-thirds of U.S. consumers have an unused gift card, and at least half of them are likely to lose that card before they use it, according Credit Summit, a provider of financial advice and services.
And those unspent cards don't add up to just pocket change. The report estimates more than $21 billion is going unspent.
@profitplug $3 Billion Of Gift Cards Go Unused Each Year 💵📉 #business #learnontiktok #moneytok ♬ original sound - Angelo | Personal Finance
Not using your gift cards has consequences other than an unkempt wallet. Some Visa, Mastercard, and American Express gift cards incur penalties if not used by a specified time, but there are limits. Federal law dictates that a gift card can't expire for five years after its activation date and imposes limits on fees.
Gallery: Gift Card Mistakes to Avoid