Half of U.S. Adults Have Unused Gift Cards or Store Credits
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.
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.
This entry was posted in Credit Card News and tagged Mercator Advisory Group , gift cards , unused gift cards , store credits , unused funds , unredeemed gift cards , unredeemed funds , lost gift card , unused store credit
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