What Happens to Unused and Unspent Gift Cards

There was a report by CNBC that gift cards worth $3 billion go unused every year. Considering the valuable uses of gift cards, I am surprised to discover that a lot of them still go unused annually.

From gifting them to friends and families to using them as a means of payment for services and products, the uses of gift cards are limitless. What then happens to these unspent gift cards? Keep reading to find out what exactly what becomes of unused gift cards. You will also find things you can do with your unspent gift cards and how to sell unused gift cards for cash.

What are Unspent Gift Cards?

When you have bought, received, and fully activated a gift card but have not redeemed it, then that gift card can be referred to as an unspent gift card. It could also be in a situation where the gift card is underused. 

For instance, you were given a gift card worth $100, and you decided to spend $50 and keep the remaining $50 for later. Unfortunately, you forgot about the balance, leaving the gift card unused for a long while.

4 Reasons People Have Unspent Gift Cards

1. Misplaced or Stolen Gift Cards

It’s normal for humans to misplace items, including gift cards. When your gift card is misplaced, well, it’s obvious there won’t be any way to redeem it.

2. Location-restricted Gift Cards

certain gift cards can’t be redeemed outside the country it was issued. So, if you got an Amazon UK gift card and are currently not in the country, it can’t be redeemed until you go back.

3. Gift Card Expiry Dates 

Some gift cards are attached with an expiry date. Always read the terms and conditions on gift card packaging. If such gift cards are not used before the expiry date, they will be rendered invalid.

4. Unwanted gift card brand

This can happen when you are gifted a gift card that doesn’t suit your personality. Imagine getting a Steam gift card and you aren’t a fan of games. It’s likely to go unspent.

To know more about gift cards, read: Difference Between Cash and Gift Cards

What Happens to Expired or Unspent Gift Cards? 

The simple answer is that the issuing company or retailer gets to benefit from that. Once a gift card reaches its validity period and it’s still unused or there is a leftover balance, the issuing company gets a certain amount back. 

Let me give an example. Let’s say you have a $500 Apple gift card and you only redeem $125. Once it expires, Apple makes a total of $875 from the gift card purchase. It’s a term known as gift card breakage. 

It’s a total of the current gift card balance plus the original price. Now, think about it, why make the gift card make twice their money instead of spending it?

4 Things to do with Unspent Gift Cards?

1. Swap them

This is recommended, especially when you don’t like the gift card’s brand. Just find a friend, family, or colleague who deals with gift cards and mostly wants to swap with you. Confirm they have the one you like and go ahead with it.

2. Gift them Out

 Understandably, you may not like the gift cards given to you. Instead of making it go to waste, why not gift it out? To avoid the mistake your giver made, ensure the person you want to give actually likes the gift card enough to redeem it.

3. Donate to Charity

Donating your gift cards to people who may need them is a better thing to do than wasting them.

4. Unused Gift Cards for Cash

This is mostly recommended if you still need to enjoy the value of your gift card. Whether you bought it yourself in the past or got it as a gift, it’s easy to exchange it for cash. To know the equivalent in your currency, like Naira or Cedis, leverage the gift card rate calculator feature on Nosh.

Best Place To Sell Unused Gift Cards For Cash

The best place to sell gift cards for cash is Nosh. This is a great gift card exchange platform that will provide the best trading experience. Nosh offers the best rates for all gift cards, and you can exchange them anytime, any day. The platform is 100% safe and convenient to use, even for a new user. 

How To Sell Gift Cards In Nigeria

Here is a step-by-step guide to selling your unused gift cards for cash on Nosh:

Step 1: The first step to creating an account. You can do this on the Nosh website or download the mobile app.

Step 2: Enter your details correctly to sign up, after which you verify your email.

Step 3: Log in to your account to access a personal dashboard.

Step 4: Click on “Sell Gift Cards.”

Step 5: Select or input your gift card details like name, sub-category, and the amount.

Step 6: Confirm the rate and the total amount you will receive, and click on “Proceed.”

Conclusion

Many gift cards go unspent annually due to various reasons. This only means a benefit to the issuing brand and a loss to the gift card owner. Instead of losing the gift card, you could gift it out, swap it with friends, or exchange it for cash. You can sell gift cards to naira seamlessly on the Nosh platform.