Author: admin

Gift cards are one of the most popular presents to give during the holidays, but many people don’t get the best bang for their buck.

Last year, 43% of Americans reported having unused gift cards, according to consumer financial site Bankrate. That’s around $240 per person on average of unused money.

Here are five ways to get the most value out of your gift cards — even if it’s a gift card you don’t want.

1. Keep track of your card

It sounds simple, but a lot of people lose their gift cards or just forget about them before they ever get a chance to spend the money.

Budgeting expert Andrea Woroch suggests keeping your cards in a place where they’re always visible.

“I like to keep my gift cards in front of my credit card so I don’t forget to use them,” Woroch said. “You could also write a list of all the different gift cards you have.”

She also recommends keeping track of the balances. You can write it on a sticky note and attach it to the card, or create a digital spreadsheet.

If you’re trying to check your card’s balance, only use the website listed on the back of the card. Scammers like to impersonate gift card balance checking sites so always be cautious where you enter your card information online.

2. Combine with sales, promotions

Most retailers let you stack gift cards with other discounts so look for opportunities to maximize your savings, according to Woroch.

“After the holidays is actually a good time to use your gift card, as long as you’re using it on something you actually need, and not just spending to spend it,” she said. “Look for those sales; there’s going to be a lot of holiday clearances, especially on winter apparel, winter boots.”

You can also earn rewards on gift card dollars spent. Woroch personally recommends Fetch Shop, which is a free browser extension.

“With Fetch Shop you’ll earn points for all your online purchases regardless with how you pay, even if you’re paying with your gift card,” she said.

Once you amass enough points Woroch says you can use them to redeem more gift cards.

3. Sell or trade unwanted cards

If you received a gift card to a store you don’t shop at or restaurant you don’t like, you’re not out of luck.

Several legitimate websites like Gift Card Granny, Card Cash, and Raise let you sell your unwanted gift cards for cash or trade them for other cards.

“There’s a variety of these gift card resale sites that will pay you up to 92% of the value,” Woroch said. “Although you might not be getting the full amount in cash, it could be a much better deal than just getting a gift card that you don’t need and letting it go to waste, or buying something you really didn’t want.”

4. Redeem for cash

Did you know you can redeem unused gift card funds for cash in some states?

New Jersey is the only state in our area that lets you turn your gift card balances into a refund, but there’s a catch.

According to state law, only a gift card worth less than $5 is redeemable in cash. Still, that could add up if you have multiple cards with small remaining balances.

5. Don’t wait too long to use it

While it’s unnecessary to rush out and spend a gift card right away, you don’t want to wait too long because that business might not be there forever.

For example, local brewery Iron Hill recently file for bankruptcy making any unspent gift cards worthless.

Federal law requires gift cards to remain valid for at least five years after activation, but if the store or restaurant goes out of business before then there’s no guarantee you’ll get your money back.

Looking for help with a consumer issue? Click here to submit your complaint to In Your Corner.