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$41 Billion In Lousy Gift Cards Will Never Be Redeemed
By
Christopher Robbins
Published Dec 27, 2011
Modified Dec 27, 2011
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it's your fault for being hard to shop for
By
Christopher Robbins
Published Dec 27, 2011
Modified Dec 27, 2011
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Consumers like gift cards because they make the joys of obligatory generosity easier and thus more joyous. A recent survey noted that 80% of shoppers said they were going to purchase a gift card this holiday season, for an estimated total of $27.8 billion. Companies like them too, because companies like free money. According to the Wall Street Journal, from 2005 to the present, $41 billion worth of money on gift cards has been lost or will never be redeemed. This doesn't include any of the $800 billion cost of Iraq War that President Bush attempted to pay for with old gift cards to Applebee's.
Much of that $41 billion total came from fees and expiration dates, which were removed thanks to the Credit CARD Act of 2009. But companies are still allowed to declare lost cards as income if they reasonably conclude that the gift amounts won't be redeemed. For Best Buy, that's two years. That Sock of the Month Club membership is looking pretty sweet right now.
But if you know you won't use that gift card to Build-A-Bear, you can sell it at Plastic Jungle, or one of the other sites that will pay around 80% or more of the card's value. If you enjoy wringing the slightest amount of happiness out of every transaction in your life, you can also invest in a mutual fund with a gift card on GoalMine.com, where they accept increments as small as $25.
You can always donate your gift cards to charities and schools, but you'll probably use that baby as soon as you think of something you want in a few years.
Tagged
amazon
best buy
christmas
gift cards
gift certificates
giving
holidays
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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Gothamist is funded by sponsors and member donations
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