Check your wallet! Survey says there’s $21 billion in unused gift cards across the U.S.

PHOENIX (3TV/CBS 5) - Did you know there is an estimated $21 billion in unused gift cards out in America right now?

Think about that. In many cases, the longer you sit on that card, the more it may lose its value. The majority of gift cards are usually less than $200. While most people appreciate getting a gift card, oftentimes, they go unspent. “That’s basically money that people are loaning to these companies, and they’re not getting interest,” Rebecca Stumpf, an associate of MyCreditSummit.com, said. “It’s basically a loan to these businesses.”

Credit Summit just released results from a recent survey that found more than 60% of respondents have at least one unused gift card. Stumpf said she found $600 worth of unused gift cards in her own house! “I went through a drawer in my house, and I found all of these gift cards. Some of them are empty but many of them had like $50 or $80 on them, and they were just sitting in a drawer.”

So if you get a gift card this holiday season, Stumpf suggests using it before you forget about or lose it. Some gift cards charge what’s called a monthly maintenance fee for unused cards. She said, “If you have a retailer that charges a fee, it can drain the balance and you have no idea. They can charge the card a $1 or so a month, and that can drain the card pretty quickly.”

Comb through those drawers or those little hiding places to see if you have any gift cards you haven’t spent! By the way, when it comes to the most popular gift card, Stumpf said the survey revealed that Amazon ranks number one. You can read Credit Summit’s full report at mycreditsummit.com/gift-cards-survey.

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