January 07, 2017
What to Do With an Unused Gift Card?
I hope your friends and family hit the bull’s eye with your gifts this holiday season. But I bet there are many of you who received a gift card (or two, or three) that you don’t have a burning desire to use. As much as you love the sentiment of the gift giver, perhaps you just don’t need-or want-anything from the particular retailer your gift-giver chose.
Before you tuck a gift card in a drawer and forget about it, consider these great gift-card options:
• Re-Gift: Nothing wrong with that! When I help families find ways to trim their monthly spending, we always have a big talk about how much they are spending on gifts. If you have cards you don’t really want or need, re-gift throughout the year. It can end up helping you save plenty.
• Donate Cards. Your card can become a charitable gift. If there’s a local non-profit you enjoy supporting, ask if they might have a use for a specific gift card. Or check out donating an unused card through charitygifts.org.
• Sell It. Websites such as cardpool, raise and creditcardgranny connect you with card buyers. You won’t get full face value, but depending on the retailer you might get 90 cents on the dollar.
If you do sell your card, I can’t help but suggest two great uses for your money: pay down your credit card balance and contribute to a Roth IRA. Those are both gifts to yourself that I guarantee you will love.