$20B in unused cards a ‘gift’ to businesses

Millions of ღAmericans pay billions 💫of dollars for nothing.

They subsidize some of the biggest companies in America by buying gift cards that are neve🐼r cashed in, and getting store credits that go unused. Others wait so long that an inactivity charge reduces card value.

The outstanding collective gift card/store credit balance is $20 billion, according to a new survey by Bankrate.com. That’s aboꦜut $167 f🌃or every adult American.

“I have to admit these amounts are amazing. People are just getting these ca🉐rds and then forgetting about them,” said Bankrate card in♕dustry analyst Ted Rossman, adding that some corporations have “billions of dollars in unused value.”

The Bankrate study found that 22 percent of r💙espondents say their unused credits range in value from $50 to $99; 21 percent between $100 and𒅌 $199; 14 percent between $200 and $499; and 5 percent $500 or more.

Millennials tend to have the highest amount of unused credits — about $234 — comp🐓ared with Baby Boomers ($151), Generation Xers ($128) and Generation Zers, ($103). And those with an annual income of $80,000 or more are the most likely to have unused value, the study said.

“According to the 2009 Card Act,” the study said, “an issuer can charge a monthly inactivity fee pulled from your card’s 🍸balance on gift cards that have g🥃one unused for a year or more. You do, though, have five years from activation until your gift card can legally expire.”

There are ways to stop subsidizing big companies besides just u▨sing your credit. Rossman said sites such as Cardp𝐆ool.com will buy the unused value on cards for about 60 cents on the dollar.