NEW YORK—Even as high inflation continues to put pressure on household budgets, many people say they have at least one gift card they have not used.
A new study from CreditCards.com shows 47% of people currently have at least one unused gift card, voucher or store credit.
The average unused amount is $175 per person, up from $116 last year. For the entire U.S. adult population, that may add up to $21 billion, CreditCards.com estimates.
“It’s like finding that $20 bill in that jacket pocket from last winter,” Ted Rossman, senior industry analyst at CreditCards.com, told CNBC. “But in this case, it’s even more money than that.”
A ‘Losing Proposition’
Holding onto gift cards can be a losing proposition for multiple reasons, Rossman said. The value of the unused sums could go down because of inflation. Consumers may lose the card or get charged inactivity fees. Or the store may go out of business, CNBC noted.
“There’s really no good that comes from letting these lie around,” Rossman said.
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