Don’t Waste That Unwanted Gift Card in Your Stocking!

Gift cards are a convenient option for those struggling to find the right gift, allowing the recipient to choose something they like. However, they may not always hit the mark.

If you end up with a gift card that you don’t plan to use, experts suggest there are alternatives available.

Natasha Macmillan, director of everyday banking at Ratebub.ca, acknowledges that receiving a gift card for a store you won’t shop at is a common scenario. In such cases, she advises exploring different options.

“You could consider using the gift card to purchase a gift for a friend or family member. This way, you save money while still using the gift card,” she explains.

Macmillan also recommends looking into selling the card on platforms like Facebook Marketplace or Kijiji to recoup some of its value.

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When exploring the option of selling the gift card, Macmillan advises caution due to potential scams. She recommends asking for cash or an e-transfer before handing over the card.

According to Accenture’s 2024 Canadian holiday shopping survey, 64% of consumers received gift cards last year, with an average of four cards per person.

However, the report highlights that 40% of recipients did not use the full balance of their cards from the previous holiday season, resulting in an average unspent balance of $136 per consumer.

The report identifies reasons for not using the gift cards, such as limited brand or store options (31%) and inability to find suitable items to purchase (27%).

If selling or regifting isn’t appealing, some charities accept gift cards as donations. While rules for accepting gift cards vary, donating a gift card could potentially result in a charitable tax receipt to reduce taxes.

Mark Aston, executive director at Covenant House Toronto, emphasizes the value of gift cards for young people experiencing hardships during the holidays. Gift cards can provide them with treats they wouldn’t afford otherwise.

Covenant House welcomes various gift card donations, including those for essential items like groceries and drugstores as well as tickets for movies, offering a small luxury to those in need.

Macmillan underscores the benefits of donating unused gift cards, as it helps both the recipient and the donor, providing a tax receipt and savings in the process.