At a Glance
- 40% of Americans have unused gift cards
- Average balance is $244, up from under $200 in 2023
- Many cards are kept unused because of store preference or inconvenience
- Why it matters: You may be sitting on hundreds of dollars you could cash out or trade
A recent News Of Austin survey found that nearly two in five Americans keep gift cards that have never been redeemed. The average balance of these cards is now $244, higher than last year’s $200 mark. Understanding why these cards sit unused and how to turn them into cash can help you recoup money you’re not using.
Survey Findings
The survey, conducted before last year’s holiday season, shows that about 40% of respondents own unused gift cards. Respondents reported a range of reasons, from misplaced cards to disliking the retailer.
- Misplaced the card
- Never got around to using it
- Disliked the store or found it inconvenient
Ted Rossman stated:
> “Sometimes we’re our own worst enemy when it comes to gift cards,”
> “We relegate them to the back of our wallet or stuff them in a junk drawer, never to be seen again.”
How to Cash Out
Several online platforms let users trade or sell gift cards for cash or other cards, though they typically offer less than face value.
| Card Type | Cash Value (USD) | Equivalent Amazon Card |
|---|---|---|
| Walmart $50 | $40-$45 | $40 |
| Target $50 | $42 | – |
| Cheesecake Factory $50 | $37 | – |
Cardcash, Giftcash, and Raise are popular options. Cardcash allows exchanges or cash payouts at 80-90% of the card’s value. Giftcash offers direct sales, while Raise operates as an auction with payout times of 1-5 days via direct deposit, PayPal, or check.
Ted Rossman added:
> “Gift cards represent real money,” Rossman said.
> “It’s disappointing that the amount of unused value continues to grow.”
Key Takeaways
- Nearly 40% of Americans hold unused gift cards with an average balance of $244.
- Reasons for keeping cards unused include misplacement, lack of use, and store inconvenience.
- Online platforms like Cardcash, Giftcash, and Raise can help you convert unused cards into cash or other cards, though you’ll receive less than face value.
If you’re holding onto unused gift cards, consider these platforms to recover some of the money you’re not using.
