By now, most of us have returned the holiday gifts that we didn’t want, but I’m betting you still have gift cards lying around.

You may even have some from past Christmases.

The National Retail Federation estimates that $2 billion in gift cards went unredeemed in 2012, bringing the total since 2005 to $43 billion.

Another study showed that the average household had around $300 in gift cards sitting around.

Gift cards were as popular as ever this holiday season, remaining the No. 1 requested gift for the fifth season in a row, according to the federation. The average person spent $156 on them, and total sales approached $29 billion.

So now that they’re in your wallet or desk drawer, or maybe tucked away in a holiday box, you should act before they are completely off your radar.

The easiest thing to do with unwanted cards is simply re-gift them.

The key is to identify a precise use — a colleague’s birthday, a relative’s graduation, a teacher’s gift basket.

Another option is to bring the card to a CVS pharmacy. By using a QR code and a smartphone, you can convert it into a CVS gift card.

The in-store service was launched in November by CVS and Plastic Jungle, one of the larger online gift card exchange companies. Plastic Jungle acts as a clearinghouse for the card sales, based on their value in its online marketplace.

The transaction comes with a price, as does any gift card sale or exchange.

“It’s not a dollar-for-dollar exchange,” said Margaret Mackenzie, CEO of Plastic Jungle. “We typically buy at around 80 percent of the face value of the card and then sell for 90 percent of the face value. We keep the margin, and the seller gets the liquidity.”

On the website, unused gift cards can be exchanged for cards to Amazon.com, for frequent flier miles with United Airlines, or for virtual currency to buy online games, music, movies and other digital content through Zeevex.

Another option is to sell the card.

EBay, one of the largest movers of unwanted cards, is swimming in them now as the holiday returns season hits its stride.

The online auction service had almost 25,000 active listings for gift cards this week, from hundreds of retailers and restaurants.

Prices are driven by supply and demand but were generally 10 to 25 percent off the face value. For example, a $25 Kohl’s card went for $21.56 this week, while an $80 card at Dick’s Sporting Goods went for just $67.

Those who don’t want to auction off their cards can try a number of online services that will either buy your cards for a percentage of the value or post them for sale.

To maximize your return, go to www.giftcardgranny.com. The site acts as an aggregator for six online services and shows you how much each will pay.

This week, Gift Card Granny showed that Wal-Mart and Target gift cards were selling for 94 or 93 cents on the dollar, respectively, at GiftCardRescue.com.

The aggregate site also shows the value if the same cards were converted to gift cards for Amazon.com, which is offering a 3 to 4 percent premium for the exchange.

A Wal-Mart gift card this week was selling for 98.7 percent of its value if exchanged for an Amazon gift card using Gift Card Rescue, while the Target gift card was going for 97.65 percent of its value.

Cards with less demand can go for far less. Gift Card Granny showed that a RadioShack gift card would sell for just 75 cents on the dollar at Card Pool, the highest buyer.

J.C. Penney gift cards would get only 68 cents on the dollar at Gift Card Zen. Again, add another 3 to 4 percent if you exchange for Amazon gift cards.

Those with lower-valued cards may want to consider Coupon Trade, sort of an eBay for gift cards. The service lets you list your gift card at the price you want and see whether it sells. Coupon Trade then pays to ship the card and takes a flat 10 percent commission and $1.75 listing fee.

Card Hub offers another listing service for gift cards that also ties in with a seller’s Facebook friends, card-buying companies and local buyers, said John Kiernan, senior analyst at the company.

Most of the buyers are companies, such as GiftCards.com, eBay, Plastic Jungle and ABC Gift Cards, he said.

“We’re like an exchange for gift cards,” Kiernan said.

Card Hub does not charge for the service and will let you list gift cards partially used with unusual amounts and from lesser-known retailers that other gift card services may not accept.

Kiernan advises those who want to sell locally to meet in a public place and have the buyer call the toll-free number to check the balance before the transaction is complete.

Electronic gift cards — generally codes used at an online retailer’s checkout — gained in popularity this holiday season and can also be sold through these services.

“E-gift cards picked up momentum this holiday season,” Kiernan said. “You could order digital gift cards right from the stores.”

It’s easy to check the balance on a gift card. Just contact the merchant either online or through its toll-free number.

Most website exchanges will list the retailer’s contact information for cardholders to check balances.

And the next time you need a gift card, consider buying from some of these sites as well.

You can save some money.

If someone took perfectly good cash (you could have used anytime, anywhere), and turned it into a gift card or gift certificate (that you now can’t), you need use it fast. If you don’t, there is a real risk the gift will become worthless and the law won’t protect you.

One of the biggest risks is you will forget about the gift before you use it; one financial firm estimates almost $2 billion worth of 2012’s gift cards will never be redeemed. Equally dangerous is something you have no control over and that is the business involved going out of business; consumers were stuck with $19 million in useless gift cards when the Sharper Image stores closed less than 2 months after Christmas in 2009.

Assuming you do not forget about the gift, and the business doesn’t close, your rights under the law depend on what type of card or certificate you received:

Gift Card or Gift Certificate Issued by a Local Massachusetts Business

• Only good at the store that issued it.
• Regulated by Massachusetts state law.
• Can expire after seven (7) years.
• Does not lose value over time.
• Can be redeemed for cash once the remaining value is 10% of the original value.
• The merchant does not have to reissue it if you lose it.

Visa, MasterCard, Discover or American Express Gift Card

• Issued by banks and accepted at stores that accept credit cards.
• Regulated by The Card Act of 2009, a federal law.
• Can expire after 5 years.
• Can lose value after the first year because of maintenance fees.
• Can be reissued if it is lost or stolen but fraudulent charges will not be refunded.
• Cannot be used for on-line shopping because there is no name or address associated with its owner.

Major Store or Restaurant Gift Card

• Most do not expire and most do not lose value because of fees. (Macy’s, Target, Walmart, Chili’s, Cheesecake Factory, etc.)
• But read the fine print because, if the business opted to issue it in such a way that it is exempt from state law, the card can expire and it can lose value because of maintenance fees.

Groupon or LivingSocial Deal

• The law on these is evolving as authorities wrestles with whether they are gift certificates or coupons.
• You generally have to use the entire voucher at one time. (So if you only buy $40 worth of food with your $50 voucher, you cannot use the remaining $10 for your next purchase.)
• After a voucher expires, both companies tell merchants they do not have to honor the entire voucher (i.e. $50 of food for $25) but they do have to credit the holder with the purchase price of the voucher (i.e. just the $25 cost of the $50 voucher).
• Groupon promises to refund the purchase price of a voucher if a business closes; LivingSocial only promises a refund if the business closed before the deal expired.

Reloadable Value Credit Card

• Worst cards for consumers.
• Issued by companies like GreenDot and Vanilla bearing a Visa or MasterCard logo.
• Lose value every month because of maintenance fees.
• Typically charge lots of ‘junk’ fees including a fee for checking your balance.
• Can be used at ATM’s if you pay fees up to $4 per withdrawal.
• Can be used for on-line shopping if you register your name and address.

Sell Them?

If this article did not scare you into using your gift cards right away, consider selling them at a site like GiftcardRescue.com,  CardPool.com or Giftcards.com.  The sites will typically pay you 80% – 90% of a card’s face value if it is from a national chain.

This article was originally posted on golocalworcester.com by John T Longo.

CHARLOTTE, N.C. — The gift card business is big business, a $9 billion industry just in 2012 alone. If you got one, read that fine print carefully as some cards might have what called a “dormancy fee.”

It’s a fee that kicks in after one year if the card isn’t used. Every month the card loses a few dollars of value.

Tom Bartholomy from the Charlotte Better Business Bureau said don’t assume the fine print explaining the fee structure is on the card itself.

“If someone just gave you and took off the packaging already, you might be missing valuable information, so call the number or visit the website to see what the fee structure is” said Bartholomy.

Federal law prevents gifts from expiring until five years after they’re bought, but there may be activation fees beyond the initial cost of buying it that you need to know. For example, if you lose the card or if the company goes out of business, then you are out of luck and out the value of the card.

In 2009, $5 billion worth of gift cards went unused and it’s now estimated that Wal-Mart has roughly $1 billion worth of unused gift cards in circulation right now.

RetailMeNot.com, which describes itself as the largest online coupon site in the United States, last week released a survey that suggested 27 percent of Americans acknowledge that they usually only use up to half of the value of gift cards or gift certificates when shopping” according to the Charlotte BBB.

Over $100 million of gift cards were rendered useless or compromised in value in some way in 2008 because of the bankruptcies of Sharper Image, Linens ‘n Things, and other failed retailers with outstanding gift cards.

By the numbers, 61 percent of gift card holders spend more than the gifted amount and 75 percent of gift card shoppers spend 60 percent more than the value of the gift card. Purchases made with a gift card are typically between 20 percent and 50 percent higher than the average purchase price.

Here is a good link that breaks down the laws for gift cards in all 50 states. There are some differences from state to state.

This article was originally posted on Wcnc.com by BILL MCGINTY

Metro Detroiters have more time to spend the gift cards they received this holiday season, thanks to changes to state laws that have made swiping the plastic easier than ever.

Gift cards can’t expire for at least five years, and the annoying inactivity fees that used to eat away at the balance are a thing of the past.

The simplified process comes at a time when gift cards are more popular than in years past, according to industry analysts.

In a November holiday spending survey, the National Retail Federation said consumers will spend an average of $156.86 on gift cards this holiday season, the highest amount in the survey’s 10-year history. More than 80 percent of shoppers will purchase a gift card, the federation said.

“Sometimes you don’t know what to get someone and you can allow them the freedom to pick something out themselves,” said Bill Hallan, vice president of government affairs and general consul with the Michigan Retailers Association. “I think they are really popular.”

That’s due, in part, to changes to state law, Hallan said.

Prior to 2008, if a gift card went unclaimed past its expiration date, the retailer was required to report it as abandoned and the money went to the state as unclaimed property, Hallan said.

After 2008, laws said the gift cards no longer can have expiration dates of less than five years. In addition, the retailers can’t change the terms and conditions during that time period and can’t charge inactivity fees or service fees, although Hallan said there can still be an activation fee.

In addition, retailers — not the state — retains the money if cards go unused for longer than five years.

“It’s kind of a win-win for consumers and retailers,” Hallan said.

Ed Nakfoor, a retail consultant in Birmingham, cautioned shoppers that, despite the reduction in fees, they should still be familiar with each card.

“I think it really comes back to ‘buyer beware,’” he said. “It’s all about reading that fine print. It’s incumbent on the consumers to find all that out.”

Still, Nakfoor said buyers need to be aware of any stores that could potentially close, or go into bankruptcy, and avoid purchasing gift cards from them.

As long as it’s a location the person frequents, they make perfect last-minutes gifts, he said.

“Rather than giving cash, the idea of a gift card seems like there’s a little more thought to it,” he said. “A lot of places put them in a nice envelope; it looks like more of a gift.”

And, he said, you never have to return it.

Six out of 10 Americans received a gift card this holiday season, and thanks to the Gift Card Weekend, they can now get more than they had hoped.

The second annual Gift Card Weekend is being held this coming weekend, January 4–6. Customers who redeem their gift cards at participating retailers will receive gifts and incentives for shopping either in store or online.

Rebekka Rea, executive director of the Retail Gift Card Association (RGCA) – a sponsor of Gift Card Weekend, wants people to know that turning the most popular gift this holiday season into the perfect present gets even better. “Gift Card Weekend is a time when our retail sponsors say thank you to their customers by giving them a little something extra. This is a fun way to extend the joy of gift giving, and we hope customers will shop and redeem their gift cards this weekend.”

Gift Card Weekend is sponsored by some of the country’s largest gift card organizations and companies, including Gift Card Impressions (GCI). Liz Trimble, director of online for GCI says, “GCI is excited to be part of the second Gift Card Weekend. We have more retailers participating this year, which means only great things for consumers. Getting more than you bargained for is a great way to start 2013.”

Retail partners include such popular brands as Cabela’s, JCPenney, Red Lobster, Chili’s and AMC Theatres. RGCA and GCI have partnered with InComm and Ceridian Stored Value Solutions to sponsor Gift Card Weekend. For more information about Gift Card Weekend, its sponsors and participating retailers, please visit www.giftcardweekend.com.

The Retail Gift Card Association was founded in 2008 to promote the use of in-store gift cards. To be a member of the RGCA the retailer’s gift cards can neither expire nor have any fees associated with the product. For more information about RGCA, please visit www.thergca.org or follow the association on Twitter @TheRGCA or on Facebook at www.facebook.com/retailgiftcards.

This article was originally posted on Pyments.com .

Christmas may be over but that has not stopped people from shopping in record numbers. At Target, sales continued to be brisk Wednesday.

“Our returns have been very light but we have our after-Christmas sales and have seen lots of gift cards,” said Paul Tuttle, store manager. “This is the largest gift card sales we have ever seen, so we are anticipating a very busy post season. Videos, electronics and Christmas clearance items are big, as are our containers for storage and organizing. People are also thinking about health resolutions, so health foods and [exercise-related] items have been very popular.”

By 1 p.m. numerous shoppers waited in line to return or exchange items.

The parking lot was filled with vehicles and the store with shoppers. Among them was Andrea Morales.

“I’m using a gift card today. I enjoy getting them and giving them to nephews and nieces. It’s simple and they can get specifically what they want,” she said.

Bertha Gutierrez and Abigail Munguia of Terra Bella left the store with a shopping cart filled with Christmas wrap and accessories and several large red and green storage boxes.

“We do this every year — hit the stores the day after Christmas,” Gutierrez said. “My husband gave me cash this year. Usually I get something for me but this year I decided to get some things for the house.”

Gutierrez said she is tired of storing Christmas treasures in carton boxes, resulting in misplaced or ruined items.

“We live in Terra Bella in the country and have a storage out back. More than once I have found mice get in the boxes. There’s always spiders and once I found a scorpion in there. This year I’m storing it all correctly and marking each box with what is inside.”

As the two walked away from the store, Zachary Hopson walked toward the store — an Xbox 360 in his arms.

“We got this for Christmas and we like it but I’m trying to see how much it will be to upgrade it to the next model,” he said. “If it’s not too much, we might go ahead and get it. Or we might just leave with this same one. We also received a few gift cards this year. Gift cards are always nice.”

At Rue 21, a specialty discount retailer of young men and women’s casual apparel and accessories which opened earlier in the year, Deborah Villa left the store with her brother and mother, with their exchanges.

“We just had to get a different size,” she said. “The people inside have been really good and real patient with us.”

Assistant manager Rebekah Cruz said the day after Christmas is all about exchanging and buying what one didn’t get.

“We prepare for it so we’re ready,” Cruz said. “The store has been busy. We stayed open until 6 p.m. Christmas Eve and we had people in here all evening. Our gift cards did really well. We sold them all — the ones we had in stock. It’s been busier than usual.”

Employees at Maurice’s experienced a similar morning.

“They’re just having fun shopping. The majority of them ask us to help them pick something. They seem to like the [shopping] experience,” said sales associate Christina Pineda, adding that many of them were already spending their gift cards.

The retail chain specializes in young women’s attire, shoes and accessories.

“It’s been extremely busy. We were open on Christmas Eve until 6 p.m. and at 6:30, still had several people here,” said assistant manager Thomas Schaufelberger. “We’re expecting a big shopping day, especially with the sales we are offering. It’s been busy. Our sales have doubled from last year.”

Gift certificates also fared well at Special Occasions and Gifts — a store offering an assortment of fine and unique gifts on Main Street. However, people tend to hold on to them and cash them in for gifts through the year, said co-owner Carrie Brinkley.

“We’ve been busy but have had only one exchange today. We’re now rearranging our store to feature our Valentines and Easter items, since Easter comes early this year,” Brinkley said. “We had a very blessed Christmas and would like to thank our customers for 31 years of business.”

This article was originally posted on Recorderonline.com by Esther Avila.