BUSINESS & ECONOMY

Americans holding onto $21 billion in gift cards, report says

Jan 4, 2023, 8:30 PM | Updated: 9:34 pm

According to a report, Americans are holding onto $21 billion in gift cards....

A report out says Americans are holding onto $21 billion in gift cards. Photo credit: Mark Jones/KSL NewsRadio.

SALT LAKE CITY — A new report out Wednesday says Americans are holding onto $21 billion in gift cards.

Sloan Schrage, an investigative reporter for KSL TV, joined Dave & Dujanovic with Dave Noriega and Debbie Dujanovic to discuss this.

He says a lot of the cards he has in his wallet are for small amounts, and there isn’t a lot options for cards with little balance on them.

“There’s really not much if you’re trying to buy stuff online with that gift card,” he said. “You’re probably won’t be able to do much with that small balance.”

He says you could call customer service to a particular company and talk them into letting you pay off what you have on the gift card. Then pay the remaining balance on a regular credit or debit card.

The other option people have is to take the gift card physically into the store. Use the remaining balance toward a purchase, and then use a credit or debit card for the remaining purchase of the balance.

“So, you know it’s not hopeless,” Schrage said. “You can still spend that money; you probably won’t be able to use that money online.”

Use those gift cards right away

Noriega said he got a gift card for the holidays, and immediately went and spent it. He said if he didn’t spend it immediately, he would forget about it.

“Now I look at the 21 billion if I’m a business owner,” Noriega said. “I love it when you buy gift cards because the chances are you’re either not going to spend it, you’re going lose it. Or if you do, maybe you’ll spend, you know, here’s the $25 gift card but you’re gonna spend another 25 because you brought a date with you.”

Schrage says eventually time will run out on those gift cards.

“By federal law, gift cards can expire,” he said. “Well, they should expire in five years, I should say that.”

If you aren’t happy with your gift card, or want to make some money off it, Schrage says you have some options.

“There are actually a lot of websites where you can sell or trade your gift cards,” he said. “And make exchanges and that sort of thing.”

He does say that you won’t ever get full value for your gift card. In some cases, you can get between 85% and 92% of its value.

Dave & Dujanovic can be heard on weekdays from 9 a.m. to noon.

Read more:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business & Economy

FILE- A large soft drink with a plastic straw from a McDonald's restaurant is shown in Surfside, Fl...

Associated Press

Trump pushes for plastic straws, declares paper ones ‘don’t work’

WASHINGTON (AP) — President Donald Trump is moving to reverse a federal push away from plastic straws, declaring that paper straws “don’t work.” Trump signed an executive order Monday, saying: “It’s a ridiculous situation. We’re going back to plastic straws” The move by Trump — who has long railed against paper straws, and whose 2019 […]

6 hours ago

Freshly-made pennies sit in a bin at the U.S. Mint in Denver on Aug. 15, 2007....

Jill Colvin, Associated Press

Trump says he has directed US Treasury to stop minting new pennies, citing rising cost

President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producion.

18 hours ago

The U.S. Capitol is seen, Saturday, Feb. 1, 2025, in Washington. (AP Photo/Carolyn Kaster)...

Allessandra Harris Gurr

Privilege tax may be added to the Point of the Mountain

A proposed bill may bring a privilege tax to the Point of the Mountain development.

19 hours ago

Hiring sign is displayed at a health service center in Chicago, Tuesday, Jan. 21, 2025....

Paul Wiseman, Associated Press

US employers added just 143,000 jobs last month, jobless rate slips to 4% to start the year

WASHINGTON (AP) — U.S. employers added just 143,000 jobs last month, but the jobless rate slipped to 4% to start 2025 and the government revised November and December payrolls higher. The first job report of Donald Trump’s second presidency suggested that he inherited a labor market that is solid but unspectacular. Economists had expected about […]

4 days ago

FILE - A Chevron logo is shown at a gas station in San Francisco, Oct. 23, 2023. Gas prices in Utah...

Alton Barnhart

Utah gas prices increased by two cents amid tariff concerns

Utah gas prices have ticked up from last week due to the threat of tariffs, according to the Energy Information Administration. 

4 days ago

FILE - U.S. President Donald Trump, left, and Canadian Prime Minister Justin Trudeau talk prior to ...

Mariah Maynes

How will Trump tariffs impact consumers? It depends, but here are estimates

Economists agree that Trump tariffs could have consequences for the economy and American wallets.

6 days ago

Sponsored Articles

Full speed through the snow. A man on skis is pulled by his through the snow at full gallop Skijori...

Bear Lake Convention and Visitors Bureau

Get ready for an unforgettable skijoring adventure in Bear Lake!

“Skijoring the Bear” takes place this year on February 21-22 in Garden City, Utah.

the bedroom in a geodesic dome shows the night sky...

Clear Sky Resorts Bryce Canyon

Your front row to an extraordinary cosmos show

As America's first glass dome stargazing resort, Clear Sky Resorts Bryce Canyon is one of the world’s most unique and spectacular places to stay.

2 people huddled up in a blanket and warm clothes sipping hot chocolate...

Bear Lake Convention & Visitors Bureau

The best ways to spend your Christmas vacation in Bear Lake

If you're dreaming of a white Christmas this year, Bear Lake should definitely be on your radar. Read this guide for more!

big crowd of people under holiday lights in an outdoor market...

Western Nut

Our favorite family Christmas activities in Utah

We gathered up a list of our favorite activities, movies, and treats to try this holiday season that the whole family can enjoy.

an IT tech looks at a laptop in front of a server network...

Comcast Business

Tips to protect yourself from phishing attacks

Check out this resource from Comcast Business to learn more about phishing attacks and how to protect yourself from becoming a victim of one.

A surprise gift, wrapped and ready to bring holiday cheer! Whether for Christmas, a birthday, or an...

Western Nut

10 Holiday Gift Ideas to cover everyone on your list

This guide is for you if you need holiday gift ideas that will make a lasting impression. 

Americans holding onto $21 billion in gift cards, report says