Americans May Lose $8.2 Billion On Unredeemed Gift Cards

[matcom]

<snip>

OCALA, Fla. -- Chris Egan was rummaging through his closet this holiday season when something fell out from between the pages of a book -- a 10-year-old gift card from his sister to an Atlanta mall.

With no immediate plans to head to the Galleria, Egan had slipped the card in a place he thought he'd remember, but still ended up forgetting.

Egan, of Ocala, is apparently not the only one.

Gift card sales were estimated at $82 billion this year, more than 20 percent over 2005 levels. But an estimated 10 percent of the $82 billion will be lost to consumers due to unredeemed value on the cards, expiration or loss of the gift cards entirely, according to the TowerGroup, a retail trade organization.

"I probably put it in the book and just forgot about it," Egan said, "I hope it still has its value."

In Egan's case, the gift card was worth $50 when his sister first bought it. It is unknown whether it's still worth anything.

http://www.wftv.com/irresistible/10694723/detail.html

[underpants]

1. Something like 70% are never redeemed

Hell I have $150 at Circuit City that I am going to use to buy more ITunes cards.

:bounce:

[meegbear]

2. A Some cards have "You snooze, you lose" clauses ...

Simon cards have (or had, in 2005 at least) a clause that said that a gift card could lose up to 20% of it's value every month it's not used. To me that's BULLSHIT! It's one thing to say it's expired, it's quite another to chip away at it unless I goto your shit mall.

[Gormy Cuss]

8. That started as a way to circumvent the state laws on expiration.

It is bullshit, since the unspent value doesn't cost them a dime and the consumer loses purchasing power over time as it is. Massachusetts is one of the states that went to court over such clauses. Don't know how it was resolved.

[jmowreader]

10. The unspent value makes them money

Anyone who issues gift cards puts the money-on-deposit in some kind of investment you can get out of quickly.

[Gidney N Cloyd]

3. Steinmart made me accept a card for a gift return because I

couldn't find anything in their crappy store for exchange. My mom loves that store but I am never going in again. So there's a few bucks those bastards will get to keep unless I toss the card in the Goodwill box before it's too late. I have no idea whether Steinmart cards erode or expire-- their web site says nothing-- but they seem like the kind of cheesey outfit that would do that.

[bumblebee1]

4. We used on of our gift cards this past Saturday

My husband and I went to dinner at Ruby Tuesdays. My brother in law gave us a $25 gift card for Christmas.

[ironflange]

5. Here's my sad story

Yesterday, I tried to pay for a coffee refill at 7-11 with a superbuck that had expired on Dec. 31. How humiliating.

[Roon]

6. I got a 20.00 card for chipoltes (sp)

Trust me, it's going to be used!!

[TommyO]

7. Chipotle - YUM!

My first experience was in San Diego, then Chicago - now there's one in Bridgewater, NJ, less than ten minutes from where I work! No margaritas though.

[pitohui]

9. gift cards are sooo inconsiderate

i received a gift card for $25 to a store i cannot visit unless i drive an hour EACH way

obviously the gc is unlikely to be used, it's worse than not getting a gift because it's in my face that the money was thrown in the garbage

idiot gift card buyers of the world out there -- if you want the person to have the money, give them the money, if the gift giving is about your ego and forcing them to go to the store of your choosing just stop and think and don't give a gift at all

okay, i know you didn't really buy the gift card, you got it for applying for a credit card on the fabulous internets, so it's even more insulting

if you don't want to spend any money on my gift, i'm cool with it, we don't have to do a gift exchange, but don't insist on a gift exchange and then show up with a stupid card

sorry for ranting

the only GOOD gift card comes w. transport to the store in question, once i got a gc for big bucks to a big bucks store in vegas, i was pretty peeved at first but soon learned that a free trip to vegas came with -- so in that case, the gift card is okay

but how often does that happen?

[Lars39]

11. Does the store have a website?

Sometimes they'll let you use 'em or even cash 'em out.

[pitohui]

13. it's borders and i see that it does

maybe some time i'll try to figure out how much i actually have to spend of the $25 after shipping charges for something heavy like books but i'm not up to the task today

thanks for the suggestion, tho, it's better than nothing for sure!

[1gobluedem]

12. Can you use it online?

Many cards can be.

[Ann Arbor Dem]

14. You seem like a very angry person.

I like getting gift cards. :shrug:

[1gobluedem]

15. Me too...

I began collecting IKEA gift cards at Christmas; am up to a bed and half a dresser.

[Ann Arbor Dem]

17. Has IKEA replaced Cost Plus as your destination of choice?

:hi:

[1gobluedem]

19. Yes!

I like IKEA bedroom furniture better than CP's.

:hi: to you too.

[Ann Arbor Dem]

20. Ah yes - like our mutual friends'

The former DUers who shall not be named.

[Blue-Jay]

22. Ann Arbor Dem, meet pitohui. Pitohui, meet Ann Arbor Dem.

:D

[pitohui]

23. gift cards are rude and yes i am angry about getting a gift that is no gift

instead of giving what you want, it is traditional to give what the other person wants

i don't appreciate someone giving me a so-called gift that requires me to drive hours out of my way to spend...all of $25

it's stupid and it's wasteful and it's inconsiderate

of course i'm angry, i don't see why i should put a fake face on it on the internets, it's bad enough i have to put a fake face on it in person

if no one ever tells the rude person they're being rude, they'll keep doing it!

[LaraMN]

25. You should kill the person who gave it to you.

For real.

:smoke:

[Gidney N Cloyd]

21. I think gift cards are fine if they're to a store you KNOW the person shops at.

[pitohui]

24. yeah, don't assume a store is "everywhere" because it's everywhere in your city

how hard is that?

[mondo joe]

27. I got some very considerate gift cards.

One from my dad to the Apple Store, which is GREAT, and one from my mom to Crate & Barrel for their fantastic day after Christmas sale.

[Dukkha]

16. I like the Visa gift cards myself

it's essentially receiving cash. If you're not going to put thought into a gift at least live something you can redeem anywhere for anything.

[NewWaveChick1981]

18. I got a couple of those from my former employer.

I won a $100 Visa gift card in a contest and got a $100 Visa gift card for Christmas 2005. :D Yep, good as cash....

[LaraMN]

26. Crazies! I love gift cards!

I would have a much smaller wardrobe without their benefit, and wouldn't that be a sin?

:bounce: