Perhaps gift cards aren't the best option as presents since Americans are leaving billions of dollars on their balances..
A report from financial services website Credit Summit found that 90 percent of Americans say they enjoy receiving gift cards but a staggering $21 billion locked inside them have gone unspent. So if people love them so much, why aren't they spending?
The survey found that, "76 percent have intentionally chosen not to spend a gift card. Some of the reasons cited were to save it for a special occasion (36 percent), waiting until they need something specific from the retailer (23 percent), because it's from a place where they don't normally shop (11 percent), redeeming them is a hassle (4 percent) or just forget them (2 percent)."
Despite the still mounting unused balances, 72 percent of Americans said they will get them as gifts this year as well.
Meanwhile, considering the state of the economy and rising costs, it could be in many Americans' best interest to take advantage of those funds — at least at some point.
"While it makes sense to not blow them on items you don't need, keep them in a safe place where they're easily accessible. This way, when you need to buy something specific, it's easy to keep track of the cards you have and the balance that remains on them," according to Credit Summit.
Deiya Pernas, co-founder of Pernas Research, breaks down Nvidia’s blockbuster earnings, why energy is a sector to watch, and why the A.I. trend is far from over.
The NBA is organizing its next media rights deal to figure out which networks and streaming services will show their games for the next decade. Last time, most of the prominent streaming services didn't exist yet.
Jessica Traver Ingram, CEO and co-founder of IntuiTap Medical, discusses developing the company's Ver Touch device, the crucial FDA approval it just won, and why innovation in spinal blocks and epidurals is long overdue.
Matt Stucky, Chief Portfolio Manager of Equities at Northwestern Mutual Wealth Management chats why Nvidia has been unsteady leading up to its latest earnings results, plus what’s to come for the so-called ‘Magnificent 7.’
Walmart's revenue increased last quarter because customers kept coming back again and again. Are most shoppers buying and avoid the same products as you are?
NBA champion Kendrick Perkins and Edly founder Chris Ricciardi discuss working together to create Nilly, a new platform where fans can invest in name, image, and likeness deals of their favorite college athletes.
Off the back of their latest earnings results, Hungryroot CEO Ben McKean discusses how the company is bringing healthy food straight to customers' doors and how it's using A.I.
