DenisZbukarev/GettyImages; Illustration by Hunter Newton/Bankrate
If you’ve ever found a stray gift card in your car’s glove compartment or the recesses of your wallet, you’re in the company of more than 2 in 5 U.S. adults (43 percent) with an unused gift card, gift voucher or store credit.
Those unused gift cards add up — to $244 per person on average, according to a new survey by Bankrate. That card you found could be equivalent in value to a flight, nice pair of shoes or tablet.
Learn more about which Americans are most likely to have unused gift money and why they’re not cashing it in.
Sometimes we’re our own worst enemy when it comes to gift cards. We relegate them to the back of our wallet or stuff them in a junk drawer, never to be seen again.
— Ted Rossman, Bankrate Senior Credit Card Analyst
Bankrate’s key insights on gift cards
Among the 2 in 5 Americans with unused gift cards, it’s most likely in high income households
According to the new Bankrate survey, 43 percent of Americans have at least one unused gift card — including store-specific gift cards, gift vouchers, store credits, general-purpose gift cards (such as Visa/Mastercard/American Express gift cards) and airline redemption or food delivery service vouchers. That leaves 52 percent who don’t and 6 percent who aren’t sure.
But if you’re not trying to make ends meet or living paycheck to paycheck, it might be easier to leave money sitting around.
The data shows that 55 percent of households with annual incomes of $100,000+ have at least one unused gift card, more than any other income bracket. The average amount of unused gift cards for this income bracket is $348.
This contrasts sharply with households making under $50,000 annually. Just 35 percent of them have unused gift cards with an average value of $180. Here’s the breakdown of unused gift cards by household income:
- $100,000 a year or more: 55 percent
- $80,000-$99,999: 47 percent
- $50,000-$79,999: 44 percent
- Less than $50,000 a year: 35 percent
The value of unused gift cards has grown 30 percent since last year
Among all Americans with unused gift cards, the average value of that gift money is $244 per person. That’s nearly what a minimum wage worker earns in a week.
The average value of unused gift cards, gift vouchers or store credit per person is up 30 percent from 2023 when it was $187. And it’s up from $175 in 2022 and $116 in 2021. The median unused amount is currently $100.
“Gift cards represent real money,” says Ted Rossman, Bankrate senior analyst. “It’s disappointing that the amount of unused value continues to grow. Stores such as Walmart and Starbucks have more than $1 billion in unused gift cards on their books.”
Millennials carry the highest balance in unused gift cards by far. Here’s a breakdown of the average value of unused gift cards, gift vouchers or store credit per person by generation:
- Millennials: $332
- Gen X: $255
- Baby boomers: $227
- Gen Z: $142
Here’s a homework assignment: Look around, gather your unused gift cards and come up with a plan to use them. You might find hundreds of dollars just lying around your house.
— Ted Rossman
Bankrate Senior Analyst
More than 1 in 3 Americans have lost money due to expired, lost or out-of-business gift cards
Instead of finding a $100 gift card in your wallet you forgot about, imagine you dropped it on the ground to be gone forever. You’d be among the more than 1 in 3 Americans (34 percent) who’ve lost money due to a gift card misstep.
These situations include letting a gift card expire (20 percent), losing a gift card (17 percent) or having a store go out of business before they used their gift card (12 percent).
Millennials are most likely to lose money from a gift card. Here’s how many people in each generation have lost money due to a gift card expiring, losing the card or having the store go out of business:
- Millennials: 41 percent
- Gen Z: 36 percent
- Gen X: 35 percent
- Baby boomers: 26 percent
In addition, 24 percent of Americans say they’ve received a gift card for a store/restaurant that was inconvenient to get to and 23 percent for a store/restaurant they didn’t like.
Another 11 percent believe gift cards are impersonal gifts, and 7 percent have resold a gift card.
Even with gift cards going unused, more than 4 in 5 say they’ve given one as a gift to someone else
Americans seem more eager to give gift cards than use one themselves. More than 4 in 5 Americans (84 percent) say they’ve given a gift card as a gift.
“Americans love to give and receive gift cards,” Rossman says. “They were the second-most popular holiday gift last year, according to the National Retail Federation (behind clothing).”
Forty-eight percent of Americans have given a gift card to someone because they knew the recipient could use it; 42 percent say they picked a gift card for a store or restaurant the recipient liked; and 37 percent thought it was a practical gift.
“The biggest problem with gift cards is when they’re not targeted,” Rossman continues. “You’re wasting your money if you give a gift card to a store or restaurant that your recipient won’t enjoy.”
On the other hand, some people say they didn’t know what else to get the recipient (32 percent) or didn’t have time to get anything else (16 percent). Eight percent were regifting a gift card they already had, and 7 percent think cash is an inappropriate gift.
If you put some thought into the type of gift card that you give, it can be more personal than giving cash. Plus, the right gift card gives the recipient more choice than receiving an item they may or may not like.
— Ted Rossman
Bankrate Senior Analyst
FAQs about gift cards
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Perhaps you’re the recipient of a regifted or random gift card to a store where you don’t shop. This could be a good time to buy a gift for a friend or family member and hang onto it until the next special occasion.
You may not find gear for your next hobby at Bass Pro Shops — especially if you don’t fish — but you might find a Christmas gift for your brother-in-law. Or, if you’re a non-coffee drinker with a Starbucks gift card on your hands, buy a round of lattes for your next work meeting.
“It’s best to use gift cards promptly,” Rossman says.
The sooner you spend gift card money, the less likely you are to forget about it. You can also sell gift cards.
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If you’d rather have cash to spend somewhere else, you can usually sell gift cards online or trade them in for gift cards at big retailers like Walmart or Target. Just keep in mind you’ll lose some of the card’s original value.
“If nothing else, sell the gift card on a platform such as CardCash or Raise,” Rossman says. “You can often get at least 70 or 80 percent of what it’s worth.”
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If you have a cash back or travel rewards credit card, you can often purchase gift cards with your cash back, points or miles. The value of using rewards for gift cards varies by card, and may be worth less than travel but more than cash back, in some cases. Some card issuers offer discounts on gift cards, which get you even more bang for your buck.
That gift card earned with rewards could mean a gift for someone else or a shopping spree at a retailer you actually love.
Learn more about how to maximize your credit card rewards.
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Bankrate commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 2,373 U.S. adults, of which 1,010 have unused gift cards, gift vouchers, or store credits . Fieldwork was undertaken between August 19-21, 2024. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
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