Half of U.S. Adults Have Unused Gift Cards or Store Credits

Half of U.S. Adults Have Unused Gift Cards or Store Credits

February 19, 2020         Written By Lynn Oldshue

According to a new survey from Bankrate, 50% of U.S. adults currently have unused gift cards or store credits. This equates to an average of $167 per person in unredeemed funds.

One in four adults have let a gift card expire in the past, and 22% have lost a gift card. Over half (57%) of respondents said they have held onto a card for over a year. In fact, 4% of respondents said they will not use any of their unredeemed funds.

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Over one-third of unused gift cards and credits are less than $50. However, 22% of respondents had unredeemed funds between $50 and $99. Twenty-one percent had unused funds valued between $100 and $199, and 14% had credits between $200 and $499. The remaining 5% had $500 or more in unused funds.

Income had a large impact on the value of unredeemed gift cards and store credits. Respondents with an annual income over $80,000 had an average of $297 in available funds, compared to $93 for incomes under $40,000.

Earlier this year, Mercator Advisory Group reported that consumers spent $98.6 billion on gift cards in 2019, and on average, 1%-3% of gift cards are not fully used. Retailers are getting paid up to $2.95 billion worth of gift cards that consumers aren’t cashing in.

The information contained within this article was accurate as of February 19, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.