Consumers spent $124 billion on gift cards and gift certificates last year, the majority of which were purchased during the Christmas holiday season. Approximately 5-10% – worth between $4 and $8 billion annually – are never redeemed, including $38 million at Best Buy and $37 million at Home Depot.
More than half of U.S. adults (51%) currently have unused gift cards, vouchers, or store credits totaling roughly $15 billion in outstanding value, according to a Bankrate.com. Almost three-quarters (73%) of those with unused gift cards, vouchers, or credits have been holding on to at least one of these for a year or more.
Despite the fact many gift certificates, stored value and card gift cards are issued with expiration dates, a growing number of states now prohibit the imposition of service charges or a time limit on use.
Because these funds now come under the purview of state statutes, hundreds of thousands of consumers who failed to redeem gift certificates or fully use gift card credits may be entitled to refunds, even though a certificate or card may have been lost, destroyed or expired.
To claim funds arising from lost, unused or expired gift cards complete the form below.
