Gift cards have become highly valued possessions in today’s modern world. These cards can be given as presents to loved ones, used as payment for goods and services, and serve various other purposes. However, despite their usefulness, many gift cards are left unused due to different reasons.
These gift cards, which are often referred to as gift certificates or gift vouchers, have a significant value that should not be wasted. To avoid this, it’s essential to redeem them. However, it’s surprising to know that a considerable number of people fail to use their gift cards even though they’re aware of this fact.
Despite the awareness of the importance of redeeming gift cards, there are still many individuals who never use them. As a result, billions of dollars’ worth of gift cards go unused each year. It’s crucial to remember that gift cards are valuable assets that should be used to their full potential.
This article will share ideas of things you can do with unspent gift cards.
What are Unspent Gift Cards?
Gift cards that have been bought or received but not fully redeemed for their full value are referred to as “unspent gift cards.” In essence, it indicates that there is money on the gift card that has not yet been used.
For instance, if someone obtains a $100 gift card to a specific store and only spends $30 of it, the remaining $70 would remain on the gift card.
The value of some gift cards may depreciate over time if they are not used since they may have fees or expiration dates attached to them. Before buying or using a gift card, you should carefully read its terms and conditions and pay attention to its expiration dates or fees.
Why Do We Have Unspent Gift Cards?
We might have unused gift cards for various reasons, including:
Forgetfulness
One of the most frequent causes of unspent gift cards is simple forgetfulness. When we receive a gift card, we could keep it in a drawer or put it in our wallet without using it.
Limited Options
Another reason can be that the gift card’s participating restaurant or retailer doesn’t offer the goods or services we are interested in, so we aren’t motivated to use the card.
Inadequate Value
Occasionally, the value of the gift card might not be sufficient to pay for the price of the good or service we want to buy, and we might not be eager to pay more cash to make up the difference.
Lost or Expired
Gift cards that have expired or have been lost may likewise be useless since we may lose them or they may expire before we can use them.
Unfavorable Location
If the restaurant or shop where the gift card can be used is far from where we live or work, it may be difficult for us to visit and use the gift card. This is another reason that can cause unspent gift cards.
What Happens to Unspent Gift Cards?
“Gift card breakage” is the phrase used to describe when a gift card expires without being used. This section will help you understand how the issuing brand gains from gift card breakage.
When you buy a gift card, the company registers it as a form of advance payment. They did this because they anticipated your future return to redeem it. Nevertheless, if you don’t and it expires, a portion of the remaining balance is returned to the company. The percentage varies according to the state and federal tax rules that apply to them.
This is why some businesses fervently hope that you will not use your gift card. The simplest approach to making sure you do not have unused gift card codes is to redeem them early unless you want to give wealthy corporations your money.
Things to Do With Unspent Gift Cards
Depending on the restrictions of the gift card issuer and the laws of the state or country where the gift card was acquired, there are a few ways that unused gift cards can be used or redeemed. Here are a few possibilities:
Use the Gift Card
You can use a gift card to purchase if it hasn’t already expired and you’re interested in the goods or services that the retailer or merchant has to offer.
Donate the Gift Card
Donations of gift cards may be accepted by some charities or organizations, which then use them to support people in need.
Regift the Gift Card
Consider regifting the gift card if you don’t think you’ll use it but know someone who would value it.
Consult the Issuer
The company that issued the gift card may have a policy that permits unused balances to be transferred to new cards or even refunded. To find out if this is a choice, it is worthwhile to verify with the issuer.
Trade or Sell the Gift Card
You may sell or trade gift cards on various platforms. There are different platforms where you can sell gift cards at the best rates. Some platforms may charge a fee that is deducted from the value of the card.
Where is the Best Platform to Sell Gift Cards for Cash?
PgoldApp is the best platform to sell gift cards for Naira or Cedis. You can use the platform to sell any major brand of gift cards at any time of the day. PgoldApp also offers different gift cards at the best rates. It was created with first-time traders in mind, so you wouldn’t have any trouble getting started and earning money from PGoldapp.
Conclusion
If you have gift cards, it’s essential to make the most out of them to avoid losing value due to expiration or unused amounts. To help you with that, we’ve compiled some useful tips.
Firstly, check the expiration date of your gift card and use it before then to avoid losing money. Secondly, if you don’t have anything in mind to buy, consider using the gift card to purchase things you need around the house or groceries. Alternatively, you could give the gift card to a friend or family member who will appreciate it.
To make the card more convenient to use, consolidate multiple gift cards with low balances onto one card. Additionally, you can sell or trade the gift card on online marketplaces if you decide not to use it.
It’s crucial to read the terms and conditions of the gift card before using it since some may have hidden fees. Lastly, keep track of the remaining balance on your gift card, especially if it’s about to expire. Many stores offer online tools for checking the balance of your gift card, which makes it easier to use before it expires.