Billions in Gift Cards Go Unused Yearly; Consumers Leave Money on the Table
• Gift cards make popular gifts, but billions go unused annually. Around $23 billion in gift cards currently sit unspent.
• Federal law says gift cards can't expire for 5 years. Some states make them last even longer, like 9 years in NY.
• Inactivity fees can drain unused gift card value over time. It's best to use gift cards quickly.
• Unused gift card money ultimately goes to state unclaimed property programs, not retailers. It can be reclaimed by consumers.
• Websites like MissingMoney.com help people find and claim unused gift card funds that states are holding.