From the It’s Not Real Money, Anyway! department
I personally love to receive gift cards to my favorite stores (primarily grocery stores) during the holidays. I almost always use them all within a month or two. However, this report from Consumers Union reveals that in 2006, $8 billion in gift card credit went unredeemed and nearly 27% of all gift cards issued hadn’t been used at all.
Easy gift. Easy money for retailers. Easy loss for consumers.
Too bad they don’t make gift cards that can be put toward credit card debt or rent payments. I’ll bet those wouldn’t go unredeemed.
(Consumer Union Story via CL&P Blog)
Posted by consumatron on November 20th, 2007 filed in
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