“I generally tell people if they have gift cards in their wallet, use them yesterday," Melissa Jacoby, a bankruptcy law professor at the University of North Carolina at Chapel Hill, previously told USA TODAY. Sometimes there's little or no warning before a business closes. While gift cards are often accepted after businesses file for Chapter 11 bankruptcy protection, in many cases they quickly become worthless.
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It also advises treating gift cards like cash and using them early to get full value.Īnother good reason to use the cards sooner rather than later: the risk that the retailer or restaurant goes out of business. The Federal Trade Commission recommends using the card as soon as you can. The rule of thumb with a gift card? Use it before you lose it. This adds up to an average of $116 per person in gift cards. adults have more than $15.3 billion in unused gift cards, vouchers and store credit. ►Gift card deals: The best gift cards on sale that make perfect last-minute gifts: Adidas, Amazon, Disney+ and moreīut when consumers will redeem the plastic cards or digital codes is another matter. According to a poll from July, 51% of U.S. ►What's open Christmas Day 2021?: CVS, Starbucks, McDonald's and 7-Eleven, but Walmart, Costco closed Holiday spending on gift cards was expected to total $28.1 billion, the highest since $29.9 billion in 2018.Īnd with supply chain challenges, shipping delays and shortages, more cards were expected to be placed in stockings than in past years. Year after year, gift cards have been one of the most popular holiday gifts and 2021 was not an exception.Īccording to the National Retail Federation's annual holiday survey, gift cards were the second most popular gift of the holiday season with 46% of shoppers planning to buy an average of three or four cards this year. Watch Video: Black Friday: Get the most out of your gift cardsĭid Santa bring you a gift card this Christmas?
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