If you still have gift cards left over from Christmas, chances are you aren’t alone. According to Capital One Shopping, 43% of American adults have unused gift cards, and unspent gift card funds in the United States total around $23 billion.
Now is the perfect time to put the money on that gift card to use before you forget about it or lose it. Here are seven easy ways to max out a gift card’s value through strategic spending.
Read the Fine Print
If you haven’t done so yet, carefully read the fine print on your gift cards. Some cards are subject to inactivity fees if you don’t use them within a designated period of time. Others may have expiration dates that you’ll need to meet, or you’ll lose the whole balance.
Carefully read the fine print on the back of the card to make sure that its balance won’t decline due to inactivity.
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Stack Gift Cards With Coupons and Sales
To get the maximum value from your gift cards, use them strategically. Watch the retailer for sales, and try to combine those sales with coupons for the greatest savings.
If you haven’t done so yet, sign up for the retailer’s mailing list, which can often get you a percentage off your first purchase. Keep an eye on any newsletters or emails you receive from the retailer, which might include additional coupons. Combine those discounts to maximize the value you get from your gift cards.
Use Up the Last of Your Prepaid Card Balance
Using up the last of your prepaid Visa or MasterCard gift card balance can get tricky, especially if the balance is small.
If you’ve been carrying these cards around with a small remaining balance, consider using them to buy an Amazon e-gift card. You can purchase an e-gift card for the exact balance you have remaining, essentially transferring your balance into your Amazon account. Then, you can easily put that e-gift card balance toward your next Amazon purchase.
Swap Gift Cards
If you received gift cards to retailers that you don’t tend to shop from, consider swapping gift cards with friends. You can also sell or trade your gift cards on sites like CardCash. If you sell your card, you won’t get the full value for it, but the site will provide you with an offer for the card, which you can accept or decline.
Use the Card To Buy a Gift
If you won’t use the gift card for yourself, consider using it for someone else.
You can maximize the value you get from the card by using it to buy a gift for an upcoming birthday or holiday. If you’ve only recently received the gift card and know someone else who might like it, you might consider regifting it.
Make Smart Purchases
In today’s uncertain economy, it can pay off to use your gift card balances for essentials, like groceries and household supplies. If you have a prepaid card like a Visa gift card, or if you have a gift card to big-box retailer like Walmart, use the gift card to keep your bills down or stock up on items that you need.
Your gift card can also help you stay within your monthly budget. For example, if you receive a $50 Starbucks gift card, use it as your monthly coffee budget and don’t spend more than the balance that’s on the card. The gift card can work as a tool to help prevent overspending.
Donate the Gift Card
If you’re not going to use a gift card and don’t want to try to trade or sell it, you may be able to donate it to a nonprofit. Many nonprofits accept unused or partially used gift cards, and your local food bank, school or charity may be able to put the card to good use.
A gift card donation may be tax-deductible too, so be sure that you get a letter from the nonprofit describing your gift and its value. You can then write off the donation from your taxes, reducing your tax burden. Plus, you’ll have the satisfaction of knowing that you supported a worthy cause.
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This article originally appeared on GOBankingRates.com: Still Sitting on Gift Cards From Christmas? Here’s How To Max Out Their Value
