UseYourGiftCard.com has been recognized by the 2020 edition of Chase’s Calendar of Events as well as the Registrar at National Day Calendar proclaiming National Use Your Gift Card Day to be observed on the third Saturday in January, annually.
The effort is partnering with merchants and restaurants to help remind their customers.
“They see it as potentially another shopping holiday,” Tilson said. Surveys show that consumers usually spend over and above the value of a gift card when they go shopping with card in hand. Plus, Tilson said, “It’s a great way to build brand loyalty.”
Some retailers are going a step further, creating special incentives around the new Use Your Gift Card holiday. “rue 21,” which has five locations throughout the Miami Valley, is offering 15 percent off purchases made with a gift card from Jan. 18-26. Fellow clothing retailer Life Is Good is offering 10 percent off of purchases made with a gift card.
John North, president and CEO of the Better Business Bureau of Dayton and the Miami Valley, said the large amount of unused gift cards “is no surprise given that they are a popular gift for any occasion. Lost, misplaced and forgotten cards can add up quickly. Some consumers make an initial purchase and then forget and may even leave small amounts of dollars on the card. Those small amounts can add up as well.”
North said his office has received complaints related to gift cards being declined and then trouble getting a new gift card with the correct amount on it.
“Some gift cards have fees associated with them,” North said. “These fees could be monthly, or they could be related to each transaction. Many people do not read the fine print and are unaware of these fees. Some individuals allow their gift card to expire and when they go to use it they find it has been declined.”
And the BBB president’s advice for those who hold gift cards? “Spend the card immediately,” North said. “The most common reason a card goes unused is because it’s lost or misplaced.”
The self-described consumer warrior Clark Howard says the volatile retail landscape, with many retailers shutting down stores and perhaps flirting with bankruptcy, provides even more incentive to use gift cards quickly.
“There’s a real risk to you that a restaurant or retailer will go bust before you get a chance to use their gift card,” Howard wrote on his web site. “In that case, you’re out the money. … If you get a gift card for any occasion, you should treat it like a hot potato: Get it out of your wallet as soon as possible by using it.”
Tips on using, buying gift cards
• Keep a paper list of your gift cards with details of your online gift cards next to your computer or wherever you do your online shopping. If you shop on your mobile device, use its Notes app to store your list.
• Set up a small clipboard of gift cards and keep it near where you walk out the door, so you have the visual of them, and organized the cards in order that you want to use them.
• Keep tabs on card balances: The fine print on the back of a gift card usually offers instructions on how consumers can check the balance remaining on the card.
• Register your gift cards, using instructions on the back of the card, to monitor usage. If the card has been compromised, contact the retailer to dispute or get assistance.
Sources: UseYourGiftCard.com; Dayton Better Business Bureau CEO and President John North