Did you end up with a bunch of gift cards you didn’t want for Christmas? Personally I like getting gift cards. I feel like I’m shopping with other people’s money or something. But anyway, I understand that not every one is enthusiastic about them.
According to this blog since 2005 $41 billion will go unused or lost in gift cards.
In 2009, Congress passed the Credit Card Act which means that gift cards must remain active for at least 5 years from the time they were activated, no fees can be imposed unless the card has been inactive for a 12 month period or more, and the fees must be clearly disclosed. (Just when you thought Congress never did anything useful with your tax dollars – they legislate how gift cards must be used! Yippee!)
AND the Colorado Legislature, never one to remain idle when someone’s business needs meddling in, allows you to redeem some unused gift cards for cash. Click here for the details. It looks like there is more than $13 million in unused gift certificates and card balances sitting in the State Treasurer’s office. If you want to get a refund you must file a claim with the Treasurer’s office and include the card’s serial number.
If you were hoping to unload that gift card right now you can try Plastic Jungle, Gift Card Rescue, Cardpool, or use it to invest in a mutual fund at GoalMine.
