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Although the most recent data shows us that inflation has cooled somewhat, Americans are undoubtedly feeling strapped for cash and uncertain about what the economy will be like in the coming months.
If you’re feeling the strain on your wallet these days, you’re not alone. In fact, your wallet can be a good place to look for extra money to spend — in the form of unused gift cards, that is.
According to a new study from CreditCards.com, nearly half (47%) of adults have at least one unused gift card, coupon, or store credit in their possession; It’s also a considerable amount of forgotten cash at your disposal, averaging $175 in unredeemed gift cards per person.
If you haven’t yet used a gift card the way it was originally intended to be spent, the next best use is to trade it in for some cash. At a minimum, it can provide a small unexpected cash windfall and help cover the cost of everyday essentials while their prices are still high.
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Maximize the cash from your forgotten gift card
Before cashing out a gift card, be sure to check the balance. You can do this by visiting websites like GiftCardMall.com or GiftCardGranny.com, or by simply calling the phone number on the back of your gift card.
Once you know the balance, you’re ready to collect it. Keep in mind that gift card resale websites typically take a percentage of the card’s original value, while resale values typically range from less than 70% to more than 90%.
Some of the more popular online card exchange marketplaces for cashing in unredeemed gift cards include:
You may also want to do a little research beforehand to see how valuable your gift card is. For example, WalletHub found that the average resale value of a $100 gift card was highest among Visa, American Express, and MasterCard gift cards; the highest resale value for retail gift cards included American Airlines, Costco, eBay, the Apple Store and Ikea.
If you only have a small remaining balance left over, keep in mind that states also have certain gift card laws that allow gift card holders with an outstanding balance less than a certain amount, say, for example, $10, to simply redeem them for cash with the actual retailer.
Don’t Forget To Max Out Credit Cards With Cash Back
While you’re likely to trust the credit card in your wallet more than a long-forgotten gift card, it’s worth noting that this can also help stretch your money further, especially in times of high inflation. .
A cash back credit card also allows you to recoup a portion of your spending. A flat-rate card like the Citi® Double Cash Card offers cardholders 2% cash back — that’s 1% back on all eligible purchases, plus an additional 1% once paid credit card bill.
Citi® Dual Cash Card
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rewards
2% Cash Back – 1% on all eligible purchases and an additional 1% after you pay your credit card bill
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welcome bonus
For a limited time, get $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening.
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Annual quota
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Introductory APR
0% for the first 18 months on balance transfers; N/A for purchases
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ordinary APR
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Balance Transfer Fee
For balance transfers completed within 4 months of account opening, an initial balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a 5% balance transfer fee applies to each transfer ($5 minimum)
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Foreign transaction fee
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credit needed
A category-based spending card, such as Chase Freedom Unlimited®, offers cardholders 5% cash back for travel-related expenses booked directly through the Chase Ultimate Rewards® travel portal, 3% cash back when you use the card at pharmacies or restaurants (including takeout or certain delivery services), and 1.5% back on all other purchases.
Chase Freedom Unlimited®
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rewards
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on pharmacy and restaurant dine-in purchases, including eligible takeout and delivery, and 1.5% on all other purchases
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welcome bonus
Earn an extra 1.5% on everything you buy (up to $20,000 spent in the first year), worth up to $300 cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% at restaurants and pharmacies, and 3% on all other purchases.
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Annual quota
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Introductory APR
0% for the first 15 months from account opening on purchases and balance transfers
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ordinary APR
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Balance Transfer Fee
Introductory fee of $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, $5 or 5% of the amount of each transfer, whichever is greater.
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Foreign transaction fee
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credit needed
Editorial note: Any opinions, analyses, reviews, or recommendations expressed in this article are solely those of Select’s editorial staff and have not been reviewed, approved, or otherwise endorsed by any third party.
