GIFT cards are likely to get lost, misplaced, or just never get used.
Instead of tossing the gift cards aside and losing money, there are a few ways to maximize them before they expire.
Nearly 47 percent of Americans have at least one unused gift card, voucher, or store credit totaling up to $21billion nationwide, as reported by CreditCards.com.
You may find it in your junk drawer, purse, or even pockets.
The average amount of unspent credit is roughly $175.
Ted Rossman, senior industry analyst at CreditCards.com, said: “With inflation at a 40-year high, everyone is looking for ways to save money.
“Putting your unused gift cards to work is an easy way to unlock some hidden value.”
1. SPEND IT BEFORE IT EXPIRES
This tip may be very obvious, but some people may forget that they have gifts cards available.
Checking the expiration date for any vouchers, credits, or gift cards you have will ensure that you don’t lose your money.
Whether it’s spending it on groceries, household essentials, or beauty products, the New Year is a great time to spend the credit as stores are still clearing out whatever is left from Christmas.
Most read in Money
2. REGIFT IT
Regifting a gift card may not be the best present you can get someone, but there is still value there.
Rossman suggested to reload gift cards if you’ve already used a small amount already.
“You can actually typically reload these to a more socially acceptable amount, and then you give your friend or relative a $25 gift card or a $50 gift card,” Rossman said.
3. SELL IT
Selling your gift card online is a way to get some cash-out, but don’t expect to get the full amount back.
Receiving 80 to 90 percent in returns is the typical amount.
4. PURCHASE AN ITEM FOR RESELL
Another tip is to use your gift card or credit to purchase an item for reselling.
The typical cost is $75, so even if you purchase it now for $50 and resell it for $70, you will still earn $20.
Other popular items to resell include clothing at Target, which is on sale for more than 30 percent off.
Walmart is already known for its great deals, but the store is doing a clearance sale for up to 50 percent off.
If you can buy the product at a discounted price using your gift card or credit, reselling it for retail price can help you make a profit.
The U.S. Sun revealed which items at Walmart are secretly marked at 75 percent off.
Plus, Walmart finalizes a massive update that will cost customers.