With Christmas only a few months away, many people can expect to receive prepaid gift cards as presents. Prepaid gift cards are an excellent gift idea because they provide money that people can use online or in-store.
However, it’s unfortunate that many people have unused gift cards they know nothing about. A recent Bankrate.com survey revealed that more than half of adults have unused gift cards. In addition to gift cards, they also have vouchers and store credits.
Many people also leave those funds untouched for more than a year. So, how can you ensure you don’t let that money go to waste?
That’s the question we’ll explore in this guide! Read on to find the answers and tips you need.
Who Has the Most Unused Gift Cards?
A recent USA Today article revealed that younger people let their gift cards go to waste. Roughly 52% of millennials and 51% of Gen Z have at least one unused gift card in their possessions. Millennials often have more than $200 in unused cards, while those in Gen Z have roughly $150.
These numbers decrease as you go up the generations. Gen Xers and baby boomers generally have lower rates of unused gift cards. Each generation has fewer than 50% of people with one or more unused gift cards.
Why Don’t People Use Their Gift Card Limit?
It may seem bizarre to see so many people leaving money lying around. Wouldn’t you jump at the opportunity to use free money?
These statistics seem to contradict that urge. So, why is that the case? Why won’t more people use these prepaid card limits?
One major factor is your income. Some sources note that when people make more money, they often have more money in unspent gift cards. Americans with annual household incomes of less than $50,000 have gift card totals of roughly $128.
Those with incomes between $80,000 and $99,000 often have unused cards that total $227. Those who make six figures have even more unused cards.
Income is not the only factor that stops people from using these gift cards. Many people either hold onto their cards for too long or lose them.
Some people even hold onto cards so long that the business closed before customers could use the card. For example, some people still have unused Blockbuster cards.
So, how can you avoid this issue? One option is to clean out your wallets, drawers, and other convenient places for storing gift cards. You may find a card you’d forgotten.
It may also help to set a designated time frame for using a card. For example, you may decide not to hold onto a card for longer than three months.
Using a Venmo Prepaid Card
Sometimes, you can use specified cards for online platforms. One prominent example of these platforms is Venmo.
Venmo allows users to add credit, debit, and prepaid cards to their accounts. There are some stipulations, though. Venmo only accepts prepaid cards from network-branded sources, such as:
- American Express
Using these cards can help you transfer money to others quickly without dipping into your bank account. The question is, how does it work?
First, understand that Venmo can be linked to multiple cards, including multiple gift cards. Start by opening the Venmo app.
Once there, tap the menu button in the top-left corner of your screen. This button depicts three horizontal lines. Once you see the menu, select “Settings.”
Under “Preferences,” select “Payment Methods.” At the bottom of that menu, you’ll find an option for adding a bank or card. Choose “Card.”
Then, enter the relevant information into the supplied fields. Enter your own zip code when it asks; your card won’t have a code assigned yet.
Continue this process for each card you want to add. Then, you will have the funds ready from your prepaid cards on Venmo. This way, you can pay back anyone you owe or send your money to loved ones as gifts.
You can also use this approach on other systems. For example, users can add prepaid cards on PayPal and other money transfer apps.
Trading Unused Gift Cards for Cash
Sources like Prepaid2Cash provide ways to trade your prepaid gift cards for cash.
So, how can the company provide these funds for users? The short answer is that it partners with banks and payment institutions to make these transfers fast and efficient.
The process isn’t complicated or drawn-out, either. All you need is a prepaid card app to make the trade.
How does this work? First, customers can receive cash from many of the usual network branded sources, such as Visa, MasterCard, American Express, and Discover.
However, users can also add their branded gift cards. Some of these brands include:
- Best Buy
Prepaid2Cash also accepts cards from more than 100 leading retail brands. If you’re wondering how to get started, follow these steps!
Download the App
Downloading the Prepaid2Cash app is straightforward. You can download the application from the iTunes App Store or Google Play. Once you do so, sign up and create an account.
Start a New Transaction
Once you’ve created an account, start a new transaction. Then, the app will ask you to verify several card details. These details include the card number, CVC, and expiration date.
Once you submit your transaction, you’ll receive the equivalent funds in a short timeframe. Most gift card funds come to users’ accounts within 2-3 business days of the transfer.
Sign Up for Prepaid2Cash Today
Unused gift cards are a significant source of wasted money in many households. Remember, somebody cared enough to provide you with that money. It’s only right to use it!
Prepaid2Cash makes it easier to ensure you never let a gift card go to waste. Instead, you can transfer those funds to your bank account and use them like any other cash. This approach guarantees you’ll use the money sometime!
So, start this process by downloading our app today. Contact us today if you have any questions!