Gift cards are easily forgotten.
All too often they’re placed in drawers or stuffed into wallets, never to be seen again. Some $1.7 billion of the $110 billion gift cards bought in 2012 will go unused, according to estimates from research company CEB TowerGroup.
If you’re not happy about the store your gift card is from, don’t let the money go to waste. You have options, such as trading it in for cash or airline miles.
But the first step is to register it on the company’s website, says Scott Gamm, founder of HelpSaveMyDollars.com. Registration creates a record of how much money is on the card and will protect you in case you lose the card. Many companies, including coffee chain Starbucks, offer gift card registration. Check the card provider’s website to see if it’s offered.
Mobile apps can also help you keep track of your cards. The Gyft app, will even alert you if you are near a store that you have a card for. It stores both electronic and plastic gift cards.
Here are ways to put a gift card to use:
Turn it into cash: If you have an unwanted gift card, websites like PlasticJungle.com, GiftCards.com and CardPool.com will pay you up to 92 percent of the card’s value, depending on how easy it is to resell. For a $100 Target gift card, all three are paying $92. Depending on the store the gift card is for, you may have to mail the plastic card in, but in many cases just typing in the card number works. You are then paid through PayPal or by check. You need to have at least a $25 balance on the card to sell it on PlasticJungle.com and CardPool.com and $20 to sell it on GiftCards.com.
Think outside the card: Even though a card has a specific store name on the front, you might be able to use it in the parent company’s other stores. For example, an Old Navy gift card can be used at Gap, Banana Republic, Athleta stores and on Piperlime, the company’s online store. Similarly, TJX Cos. Inc. gift cards can be used at TJ Maxx, Marshalls or at Home Goods stores.
Swap for another card: Cards can also be flipped for another retailer. On PlasticJungle.com, you can quickly convert your card into an electronic gift card for Amazon.com.
