Don't Waste Your Money: Worthless gift cards - News, Weather, Sports, Toledo, OH

Don't Waste Your Money: Worthless gift cards

(WTOL) -

The most popular gift of the holiday season often turns out to be wasted.

Gift cards are a billion dollar business that rack up the most money around the holidays. But, many of these gifts never make it to getting used.

A new report by Mitch Lipka of dailyfinance.com lists the downsides of taking this route to stuff stockings or stick in cards.

The most abundant reasons gift cards are wasted gifts include:

  • The recipient rarely shops at or is too far away to visit the store
  • Inactivity fees eat away at the card’s value
  • Loss of the gift card
  • The recipient forgets they have the gift card
  • The store or restaurant goes out of business before the recipient uses it

Daily Finance suggests using caution when considering purchasing gift cards from less popular or newer places. And, read the fine print to make sure it is easy for the recipient to use.

That way you don't waste your money.

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