Over the past 15 years, gift cards have been one of the great holiday gifting ideas. In America especially, the popularity of gift cards has been incredible. But why is there a high number of unused gift cards annually? It’s okay to be curious about what happens when these gift cards are not used. What happens to unspent gift cards? You will get a better insight into that soon.
Reasons People Do Not Redeem Their Gift Cards
Asides purchasing gift cards, you can get gift card as incentives for supermarkets or as a gift from friends and loved ones. People who got gift cards via the last two options may end up not using their gift card. This could be attributed to various reasons which I will cover below:
Misplaced Gift Cards
As humans, there are cases where by our items are stolen or misplaced. Same applies to gift cards. Any misplaced gift card can’t be redeemed obviously.
Region Change
When you purchase a certain giftt card, it can only be redeemed in that region. For an example, a US Amazon gift card can only be redeemed in the US and not UK. If you travel to another region after a gift card purchase, you need to return before it’s redeemable.
Dislike For Brand
As I earlier stated that gift cards may be gotten as gifts or incentives from brands, there is no assurance that the recipient likes the gift card brand. Many people end up not redeeming such gift cards.
Low Balance
Many gift cards also go to waste when the remaining balance can’t be used to purchases. Maybe it’s too low to buy the items available at the retail store.
What Happens When Gift Cards Go Unspent.
You are simply doing the issuing company a favour when you do not redeem your gift card. When a gift card reaches its expiration date and you are yet to use it or has balance left, there is a percentage that goes to the gift card’s brand. Let me cite an example.
Let’s assume you have a $200 iTunes gift card, and you only used $90 out of it. So, anytime your gift card reaches its expiration date, the issuing brand gets a total of $310. That’s an addition of the origianl gift card price value and the remaining balance.
They will be getting a total of $400 if you do not redeem the gift card at all. Imagine the number of gift cards that go unused each year. It’s like making the retail stores more money. It’s always advisable to use your gift card possibly. If you do not to, you can gift it it out or oter ways I will address in this article.
Why Redeeming Your Gift Cards On Time Is Important
The basic expectation when you buy a gift card is to redeem it. So, there are some consequences at play when you don’t. Also, when do, there are benefits attached to it. First, redeeming early ensures you buy your items before the prices go up. This is you simply beating inflation. There are also rare cases where the issuing brand may wrap up operation. Your gift card will become useless if this happens. Unnecessarily holding on to a gift card could also lead to it being misplaced.
Different Ways To Use Your Unspent Gift Cards
Gift Out To Friends
It makes sense to gift out any gift card you do not like in your care. Once you realize there is a slim chance of using a certain gift card, think of a friend or loved one that will appreciate it. Gifting it out reduces the possibility of it going unspent.
Swap With Someone
Talk with your friends that also have a gift card. Communicate the brand of the gift card you have and if they have any other gift card they want to swap it for. It’s a win-win situation if they like your gift card.
Donate To Charity
Instead of letting your gift cards go to waste, you can simply give them out to charity homes that will appreciate them.
Exchange For Cash
It’s not compulsory to redeem your gift card for items. You can also choose to exchange them on an ideal trading platform.
Where To Sell Gift Cards In Nigeria
What do you have to do to avoid your gift card going unspent? It’s simple. Sell your gift card for cash in Nigeria. There are various gift card trading platforms in Nigeria but you need to be cautious of which to go with. You should look out for certain important features. First, you want to be sure the platform has a robust security system in place. Loosing one’s gift card or money to scammers is not a nice experience. Gift card rates differ across platforms. Look out for the one with the best rates. Constant and great customer service cannot be overemphazised. Read reviews online before making your decision.
Conclusion
Many gift cards end up unused annually due to various reasons. You should know now that the issuing companies are the lucky ones when you don’t redeem your gift cards. Wondering what to do with an unspent gift card? It’s simple, sell your gift card for cash.
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