WASHINGTON — Chances are, you either bought or received a gift card this holiday season. They’re easy purchases for just about anyone on your list.
However, they’re only worth it if they are actually used.
According to the National Retail Federation, Americans were expected to spend nearly $30 billion on gift cards this holiday season.
Restaurant cards are considered the most popular, making up around 1/3 of those sales.
The majority of those gift cards are redeemed, but billions of dollars in cards end up being forgotten or unused.
Earlier this year, consumer finance company Bankrate found that nearly half of U.S. adults had at least one unspent gift card or voucher.
The average value was $187 per person. That’s a total of $23 billion.
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There are some protections in place to keep those gifts from expiring.
Under a federal law that took effect in 2010, gift cards can’t expire for five years from the time they were purchased or from the last time someone added money to them.
Some state laws require an even longer period.
If you receive a gift card you don’t think you’ll ever use, some websites will buy it back from you.
However, you will get a smaller amount of cash back.
VIDEO: Watch out, your gift card may already have a $0 balance
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