Countless people throughout the United States and beyond received gift cards this holiday season from either friends or family members, giving them the option to redeem the store credit for items of their choice.
According to some retail experts, some shoppers never get around to taking part in the merchant services transaction, wasting valuable dollars spent on them. The Sacramento Bee reports that a study by the Tower Group estimates $2 billion worth of gift cards went unused last year. Since 2005, the firm estimates that $41 billion has gone unused.
Brian Riley, a senior researcher at the company said that states had different laws governing how much time could pass when it came to recouping credit on the cards.
“From the way I look at it, it’s the consumers’ money,” he said in an interview with the source. “The whole nature of gift cards is that you are tendering money to retailers and asking them to hold onto it until you are ready to use it. Just because you haven’t used it doesn’t mean it’s no longer yours.”Back To Blog