Jesse Jones: How to turn unused gift cards into cash

Nearly half of all Americans have unused gift cards lying around the house.

According to Bankrate.com, the total of those cards is $27 billion.

“Sometimes you lose the card or you forget about it. That’s really how most people are losing value,” says Ted Rossman, senior analyst with Bankrate.

“And does that mean that we don’t like gift cards anymore? I believe that people do still like gift cards. The National Retail Federation says they’re the second most popular holiday gift behind clothing. The problem is when gift cards are either forgotten or not targeted. That would be a bit of advice for the gift giver,” Rossman says.

The biggest offenders, according to the study, are millennials.

“They’re the most likely to have unused gift cards. The value is the highest. It’s over $300 a person for millennials,” says Rossman.

Rossman says when you give a gift card, make sure it’s easy or convenient to use - and try not to gift a card with a low value for a pricey item.

Rossman advises, “You get a $10 gift card to an expensive store like Tiffany’s or a steakhouse, and you’re thinking, well, actually, this gift card can end up costing me money. So it’s important to be intentional as the giver as well.”

Finally, make sure you use the cards, because the business could go under - and then you get nothing.

In most cases, gift cards in Washington state do not expire. And that’s no excuse to hold on to that real money.

Where can you sell your cards? Check these sites out:

Buy & Sell Discounted Gift Cards - Save Today! | GCX (raise.com)

CardCash | Gift Card Exchange - Buy, Sell and Trade Gift Cards

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