Poll: Americans sitting on $15B in unused gift cards and credits

Do you get gift cards, vouchers or store credits and store them somewhere, then forget to use them?

If so, you’re in good company.

According to a new Bankrate.com poll, more than half of U.S. adults (51 percent) do exactly that, leaving around $15.3 billion in value on the table nationwide – which adds up to approximately an average, per-person value of $116. The good news: That figure is down from $167 in January 2020.

More than half of millennials (56 percent) haven’t used their gift cards, with an average, per-person value of $139, compared with 52 percent of boomers ($113), 47 percent of Gen Xers ($112) and 46 percent of Gen Zers ($81).

So, when will they use them?

Ninety-five percent of those who said they had unused gift cards, vouchers or store credits responded that they expect to eventually use them. That figure includes more than half who plan to use them all (51 percent) and far fewer (30 percent) who plan to use most of them.

Boomers comprised the group who said they planned to use them the most (63 percent), followed by Gen Xers (54 percent), millennials (42 percent) and Gen Zers (32 percent).

But some have waited too long to even use their gift money: Almost half (49 percent) of U.S. adults have lost their “freebies” at some point.

The top reason people gave is because they let at least one expire (29 percent), followed by they lost at least one (27 percent) and the business closed permanently before they used at least one (21 percent). Out of those who have lost their cards or vouchers or credits, more than half (64 percent) were higher-income households, compared with middle-income (48 percent) and lower-income households (40 percent).

Ted Rossman, senior analyst for CreditCards.com and Bankrate.com, is surprised that the amount of unused gift cards, vouchers and store credits fell by about 25 percent since early 2020—he expected Americans to accumulate even more of these during the pandemic. Rossman said more downtime at home and a greater focus on personal financial matters may have encouraged people to spend their balances.

“My advice is generally to use gift cards, vouchers and credits promptly. The longer you hold onto them, the more likely it is that the store will go out of business, the value will expire or you’ll lose track of it,” Rossman said.

Americans sitting on unused credits poll: key findings

Here are some other results from our poll:

• Higher earners use their freebies the least: Of those who didn’t use their gift cards, vouchers or credits, higher-income households (annual household incomes of $80,000 or more) led the pack at 64 percent, compared with 53 percent of middle-income ($40,000-$79,000) households and 44 percent of lower-income (under $40,000) households.

• People are hanging on to their stuff: Of those with freebies, nearly threequarters (73 percent) have held on to at least one of them for a year or more. Breaking that down, more Gen Zers (85 percent) held on to them than millennials (82 percent), Gen Xers (70 percent) or boomers (64 percent).

• Some regifted or resold: Only 24 percent of respondents said they regifted a gift card, voucher or store credit and 9% said they resold at least one of these.

Ian Sells, CEO and founder of RebateKey, said the biggest problem with people using gift cards is the lack of control they have on what they receive. Aside from common problems like losing the gift card or forgetting about it, they may not have access to the store, or simply don’t like the gift card they got, he said.

Shelley Hunter, spokesperson for Giftcards.com, aims to help people pick the best gift card for any occasion and use the full value of the gift cards they already own.

She said that if you know the recipient’s favorite store or restaurant, you can purchase that gift card knowing it is likely to get used. If you’re not sure, pick a gift card that can be used for multiple merchants, locations and modes (online and in stores), she suggested.

While Visa and Mastercard gift cards are incredibly flexible, you have to pay an activation fee to purchase the cards and recipients need to use them before non-use fees are charged, which typically kick in at about the oneyear mark, Hunter said.

If you want flexibility without fees, purchase a multi-store gift card, Hunter advised.

Each one is usable in stores and online at any of the merchants listed on the card, and a multi-store gift card gives recipients a variety of possible experiences without the fees and expiration dates associated with bank-issued gift cards.

Hunter suggested creating a reminder system for your unused freebies.

For example, you might keep a list of “gift cards to spend” on your phone, move all e-gift cards to a highlighted folder in your email and take a screenshot of the front and back of gift cards and keep those images in a folder.

She said that if she knows her family will eat out on Saturday night she’ll make a note in her calendar that says, “Use gift card at Olive Garden.”