More than two out of every five adults in the U.S.—a notable 43 percent—are sitting on at least one gift card, voucher, or store credit that hasn’t seen the light of day, often tucked away in the forgotten corners of wallets or lost in cluttered drawers.
According to fresh insights from Bankrate, these idle cards collectively hold an average value of $244 per person, enough to snag a plane ticket, a sleek pair of shoes, or a snazzy tablet. This hidden stash might just be your next unexpected windfall.
Who’s Hoarding These Cards and Why?
“We often become the architects of our own forgetfulness when it comes to gift cards,” notes Ted Rossman, Bankrate’s Senior Credit Card Analyst. “They drift to the back of our wallets or vanish into the ‘junk drawer’ abyss, seldom to be redeemed.”
Key Revelations from Bankrate’s Gift Card Survey
- 43% – The slice of Americans holding onto at least one unused gift card, voucher, or store credit, leaving 52% without and 6% uncertain.
- $244 – The current average sum tucked away in unused gift money, a striking jump from $187 in 2023.
- 34% – The portion of Americans who’ve experienced financial loss due to gift card blunders such as expiration, misplacement, or retailer bankruptcy.
Income and Gift Card Hoarding: An Uneasy Relationship
High earners seem to be the biggest pack rats: over half (55 percent) of households earning $100,000 or more annually claim at least one dormant gift card, carrying an average value of $348. On the flip side, those pulling in less than $50,000 see just 35 percent with unused cards averaging $180 in value.
| $100,000 or more | 55% |
| $80,000–$99,999 | 47% |
| $50,000–$79,999 | 44% |
| Less than $50,000 | 35% |
Unused Gift Card Values on the Rise
In a clear upward trend, the average unused balance has soared by 30% since last year, climbing from $187 in 2023 to $244 today. For context, that amount roughly equals what a minimum wage earner might take home after a week of work. Median unused gift card values linger around $100.
Breaking it down by generation reveals Millennials are the most likely to hold the highest unused balances, with an average of $332, followed by Gen Xers at $255, Baby Boomers at $227, and Gen Z trailing at $142.
How Gift Cards Slip Into Oblivion—and What That Costs
Imagine dropping a $100 bill on the street and never noticing—this, metaphorically, is what happens when gift cards go unused, expired, lost, or rendered worthless due to a retailer shuttering.
- 20% let their gift cards expire
- 17% lose the physical card
- 12% face lost value because stores closed down before usage
Altogether, these missteps have caused 34 percent of Americans to lose cash tied up in gift cards.
Generational perspective on these losses paints Millennials as the most susceptible (41%), with Gen Z (36%), Gen X (35%), and Baby Boomers (26%) following behind.
Additionally, nearly a quarter (24%) have received gift cards for hard-to-reach stores or restaurants, and 23% for places they simply don’t fancy. A smaller share finds gift cards emotionally cold or has turned to reselling them.
Despite It All, Americans Still Love Giving Gift Cards
Interestingly, while many fail to redeem their own gift cards, the enthusiasm to gift them is strong: 84 percent of Americans have handed one off as a present.
Rossman explains, “Gift cards ranked as the second-most favored holiday gift last year, trailing only clothing, according to the National Retail Federation.”
- 48% picked gift cards knowing the recipient would use them
- 42% chose cards for outlets or eateries the recipient enjoys
- 37% viewed gift cards as practical presents
However, he warns that missing the mark on gift card selection leads to wasted money, especially when the recipient has no interest in the chosen vendor.
For some gift-givers, indecision or time crunches drive their choice: 32% didn’t know what else to buy, 16% lacked time, and 8% regifted a card. Also, 7% consider cash a less suitable gift than a card.
Thoughtful gift card picking can transform it from a generic handout into a personal gesture, granting the recipient the freedom to select something truly appealing.
Common Questions About Gift Cards
What if I don’t shop where my gift card is from?
If you’ve been handed a gift card to a spot where you never shop, don’t toss it aside right away. Instead, think of using it to buy a gift for someone else or holding onto it until a future occasion. A non-coffee drinker with a Starbucks card might treat coworkers to lattes, or a Bass Pro Shops card could become the perfect present for an outdoorsy relative.
“The sooner you redeem your gift cards, the less likely they’ll slip your mind,” advises Rossman. Selling unused gift cards online is also an option.
Can I swap my gift card for cash?
You usually can, but expect to receive less than the card’s face value. Platforms like CardCash or Raise often offer 70–80% of the card’s worth. Some big-box retailers, such as Walmart or Target, also accept exchanges of gift cards for other store cards.
How do credit card rewards tie in with gift cards?
The perks of using credit card rewards to purchase gift cards vary by issuer, often landing somewhere between the value of travel points and cash back. Some cards even offer discounts on gift cards, stretching your rewards further. Those gift cards can turn into thoughtful gifts or personal shopping sprees.
Survey Methodology
Bankrate tapped YouGov Plc to conduct this survey among 2,373 U.S. adults, including 1,010 possessing unused gift cards, vouchers, or store credits. Data collection occurred online from August 19-21, 2024, employing a non-probability sample with quota controls and weighting to reflect the national population accurately.
