By Craig Wong

If you end up with a present card you don’t assume you’re going to make use of, specialists say you could have choices.

Natasha Macmillan, director of on a regular basis banking at Ratehub.ca, says we’ve all been in that state of affairs the place somebody doesn’t know you, however nonetheless needs to get you one thing and offers you a present card for a retailer that you simply most likely gained’t use.

If that’s the case, she stated you could have choices.

“You would possibly be capable of use the present card for a gift for a pal or a member of the family. That can truly assist you to get monetary savings whereas utilizing the present card on the identical time,” she stated.

Macmillan additionally stated you possibly can look to resell a card by means of a platform reminiscent of Fb Market, Kijiji or different web sites focusing on shopping for and reselling present playing cards. 

“You do should watch out with a number of the scams and issues on the market, however it’s additionally useful and that means you will get money for the present card and even change it for one more present card,” she stated. 

In the event you’re contemplating that choice, she stated to all the time ask for the money or e-transfer earlier than handing over the present card. 

Based on Accenture’s 2024 Canadian vacation buying survey, 64% of shoppers acquired present playing cards final yr, every of whom acquired 4 on common.

However regardless of being a well-liked alternative, the report stated four-in-10 recipients didn’t redeem the complete steadiness of the cardboard from the vacation season final yr. That resulted in an unspent complete present card steadiness of $136 on common per client.

The Accenture report famous 31% didn’t use their present card as a result of it was unique to only some manufacturers or shops and 27% couldn’t discover gadgets to buy.

If re-gifting or promoting don’t attraction to you, some charities will settle for present playing cards as a donation. The principles round what sort of present card a charity would possibly settle for can range and never all charities will settle for all present playing cards, but when they do, and relying on the quantity, it might imply a charitable donation tax receipt that may assist cut back your invoice come tax time.

Mark Aston, government director at Covenant Home Toronto, which helps younger people who find themselves experiencing homelessness and trafficking, stated the vacations may be robust for an adolescent who’s remoted and doesn’t have the help of household and associates that many people depend on. 

A present card can assist an adolescent purchase themselves a deal with that they might not in any other case be capable of afford.

“Serving to to normalize the expertise across the vacation season is de facto useful and impactful and to that finish, present playing cards may be actually useful,” Aston stated.

He added that Covenant Home is open to accepting all types of present playing cards as donations that it will possibly move on to these in want to assist with the price of dwelling and provide a little bit cheer.

Present playing cards to grocers, drugstores and occasional outlets can assist with the day-to-day necessities, however he stated present playing cards for much less apparent treats like film tickets are additionally welcome. 

“We’re extraordinarily appreciative of any present card donations,” he stated. 

In the meantime, Macmillan stated donating a present card that isn’t going for use could be a win-win. 

“The present card doesn’t go to waste and also you get that tax receipt in return, and it does assist you to get monetary savings on the finish of the day,” she stated.

This report by The Canadian Press was first revealed Dec. 26, 2024.

Visited 56 occasions, 8 go to(s) in the present day

consumer finance tips gift cards holiday season lender survey personal finance The Canadian Press

Final modified: December 27, 2024