Aussies Have $1.9 Billion In Unused Gift Cards
Australians are at risk of letting $1.9 billion in unused gift cards go to waste, according to Finder.
According to a recent survey, 39 per cent of Aussies have an unused gift card, with the average person having $243 in unredeemed cards.
Finder estimates that around a one-third of gift cards go unused.
“By not redeeming them, you’re essentially giving that money back to the retailer, and losing out on a great deal of savings,” explains Graham Cooke, head of consumer research at Finder.
“Up until recently, retailers could issue gift cards with an expiration date as short as six months. Thankfully, they must now allow you to use the card for a minimum of three years.”
It is against Consumer Law for retailers to issue gift cards with an expiry date shorter than three years.
“If a retailer rejects your card within a three-year period, lodge a complaint. If they still won’t honour the credit, reach out to your local consumer body.”
According to Finder, 49 per cent of Millennials are holding onto gift cards, compared to 31 per cent of Gen x.