Are your unused gift cards gathering dust? You may be able to exchange those cards for cash.
Gift cards are among the most popular gifts during the winter holiday season: 44% of consumers planned to give one as a gift in 2023, ranking second only to clothing, 56%, according to the National Retail Federation.
Many Americans don't use their cards. To that point, 47% of U.S. adults have at least one unused card, according to a 2023 Bankrate survey. Nationwide, those unused balances are worth $23 billion, the report found.
Their average value is $187 a person — a 61% increase from $116 in June 2021, Bankrate found.
However, certain websites let consumers sell their unused cards for money.
«Consumers certainly don't need to leave these gift cards unused in a drawer somewhere,» said John Breyault, vice president of public policy, telecommunications and fraud at the National Consumers League.
These websites have a few different financial models, which pay consumers less than the face value of their card. Some vendors pay a percentage of a card's value, with amounts varying by retailer, while others are like an eBay for gift cards, for example, Breyault said.
Examples include Raise.com, CardCash.com and GiftCash.com, said Ted Jenkin, a certified financial planner based in Atlanta and a member of CNBC's Advisor Council.
One «detriment» of holiday gift cards is that recipients are generally inclined to spend more than a card's value while shopping, Jenkin said. A $100 card might turn into a $118 total purchase, for example, he said.
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