This browser does not support the Video element.
Unspent gift cards from the holidays
Carla Bayron reports
LAKELAND, Fla. - Lots of us have gotten or given gift cards this holiday season, but how many of them go unused?
A consumer finance company earlier this year found 47% of adults had at least one unspent gift card or voucher with an average value of $187.
According to the National Retail Federation, Americans are expected to spend nearly $30 billion on gift cards this holiday season. Restaurant gift cards make up one-third of those sales and 70% of them are used within six months.
READ: New year, new laws: From speed cameras to gender-neutral toys, here's what's changing in 2024
But, tens of billions of dollars worth of many cards wind up forgotten.
One shopper in Lakeland said he's guilty of not using some of the gift cards he has received over the years.
"I got a bunch, and I bought one for our family gift exchange. I bought a Bass Pro one, food and an Amazon one," said Lane Murphy. "They just get put in drawers or get left in the center console in my car. I just forget about them sometimes."
Under a federal law that went into effect in 2010, a gift card can't expire for five years from when it was purchased, though time periods vary by state.
MORE: Holiday returns and exchanges: What are store policies?
A generic cash card from Visa or MasterCard will accrue inactivity fees if they're not used for a year, which eats away at their value, so it's best to spend them quickly.
Another option is to sell the card at a website like CardCash or Raise which will typically give 70 to 80 cents per dollar.
"National Use Your Gift Card Day" is on January 20, so that would be a good time to clear out your stash.