What Happens To Unspent Gift Cards?
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- Опубліковано 24 тра 2020
- Americans love gift cards. The plastic cash substitute has been the most popular holiday item on shoppers’ lists for 13 years in a row, as of 2007. In 2019 alone, U.S. consumers spent close to $98 billion on gift cards from brands like Starbucks, Amazon, and Home Depot. But $3 billion worth of gift card cash goes unused every year.
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What Happens To Unspent Gift Cards?
‘Americans love gift cards’. I know who loves them more. Scammers.
dublu dublu dublu
Unscrupulous IRS agents do too.ua-cam.com/video/ZAKI9ylELF8/v-deo.html
Nigerian prince? Where you at
The terms 'American' and 'scammers' are synonymous.
Jaws10214 more like Indians
"Americans love gift cards’. Not as much as the IRS Agent who keeps calling me for Walmart gift cards.
Lmfao that’s a scam my bro
The Mind of Louis Woosh 😂
Yeah and those guys from Microsoft who want to auto-destroy my PC unless I give them Walmart gift cards .
I know someone who was scammed out of $30k from a IRS gift card scam!
Hahahaha
Do people prefer giving gift cards because it feels more polite and considerable than giving straight up cold hard cash?
Gift cards are a way to not actually put forth the work and effort to look for a specific gift a person might like, a gift card is a way of half assing it. It looks like you put some effort into making a gift personal, without really putting forth any effort to do so.
Sylvia Park yes that’s a large part of it. Also, they are a very popular gift for teenagers that are “hard to shop for” or like to shop for their own clothes.
I give cash to responsible adults and gift cards to kids or people that are battling addiction.
I always give gift cards to people from businesses I know they shop at like if my friend shops at Starbucks a lot, I'll give them one. I usually give them a gift card because I know they like that place but don't know what they want specifically.
i got some of those chinese red packet envelopes just for giving cash
I feel like Starbucks gift cards are the go to teacher gift.
Lol yeah
They like them too
And sophomore white girls
Jack Benson in Canada it’s Tim’s
Ik and funny enough a lot of teachers actually hate them and would want money for something more useful 😂
I feel like I’m being punched when the narrator speaks
😂🤦♀️🤣🤣 I thought I was the ONLY one who noticed his odd way of speaking... its like you can just picture the fckd up facial movements/expressions made from every word spoken
ALLxTAE exactly! It was so rough. I couldn’t finish watching.
Thank you I was waiting for someone to point this out
A young Woody Allen.
Play at 1.5x and it doesn't sound so bad
This is why i don’t buy them. It’s just restricted money
Dan Groves ua-cam.com/video/uhjIl86yXsk/v-deo.html
yea, I always prefer to give an actual gift, I'll just ask someone what they would like, I like people to actually want the things I'm buying them.
Louie Horwood i just give people actual cash because then it can be put towards anything not just a specific store
Get a visa gift card
BennettDev or i could not get a gift card and use cash or a credit/debit card which i can use everywhere and the money on it will never expire
Cashier: Do you want to buy a gift card?
Me: Ah yes i would LOVE to exchange my money. Money that is accepted by all businesses for a card that can only be used in your shop within a limited time period befor it expires.
I must tell you I am a complete nob.
You are telling straight facts. 👍🏻👍🏻
Jimmy Carr had a joke like that
Most gift cards don’t have an expiration date. Visa gift cards are typically the only ones these days with an expiration date and they’re usually several years out.
100% agree with you!
Honestly idk why peeps think it’s bad to give money for someone’s birthday
Cash is the best “Gift Card”.
True
Yes indeed! I'd rather get cash so I can pay utility bills or my mortgage. You know, important stuff. I don't want to be forced to spend the money at one place, for things I don't need. I don't understand the stigma of giving cash.
Until cash is fazed out in the near future
@Matthew Harrup Yeah, but there's something "real" about cash. It feels more like money versus a plastic card.
True. I pretty much prefer cash over gift cards. I can't tell you how many times I end up with the issue of getting the small odd ball amount on a gift that that in which gets rejected by a registers card reader.
I said years ago , Walmart loves those lil cards. If someone has a less than a dollar lotsa folks throw them away. PURE PROFIT
Yeah true most people do but I just tack it on to another purchase. I save it with the balance receipt in my wallet. If I’m spending $20 in Walmart, i take out the $1.82 card to add to the balance. I’m not leaving any money on the table!
@@genwilson7741 Same, I have a McDonalds card with $0.06 on it and have full intent on using it.
Nicole Cullen yes!!! Leave no coin behind!!!
@@genwilson7741, but that's still a win for them. At walmart, it's harder to see it that way, but it is. Try to picture it with something a little less versatile.
Someone gives you a gift card for $75 at a picture frame shop. If you find a frame there that you really like for $72, what are you going to do? You can either let the $3 go as pure profit to the store or you can spend more in the store than you intended to, whether that's an upgrade to your current purchase or coming back to buy something else.
that's why you make it a gift card where they go to anyway, that way it just replaces the cash rather than adding purchases.
What kinda gift card does Santa give naughty children?
коlh's
CORNY!!!! But that was HILARIOUS 😂😂😂😂
niiiiiiiice.
Tapisar Singh kolhs = coals
i hate this comment 🤣💀
Lunerai I still don’t understand?
Gift cards are genius, companies make billions for selling credit!
And somehow some states think it's their money instead of the company's money. No one is without greed.
There's nothing wrong with that. I think its a genius but also pretty cool.
Credit is money you don’t yet have.
Gift cards are pre-paid...the exact opposite of credit
“The wealth generator” ... probably not an accurate name for someone who doesn’t understand the core principles of finance lmao
KMo I said credit, as in STORE CREDIT, like when you return something you get a card with STORE CREDIT! Gift cards aren’t credit cards they are cards with prepaid STORE CREDIT!!
Interest free too.
It can't expire for 5 years, but usually after 1 year they're start charging a monthly fee to eat away at the balance until it's all gone by 2 years...
Really???
What do you mean it can’t? There’s no law saying tgat
@@JohnSpartan2032 its not on cards. Also, it is illegal www.ncsl.org/research/financial-services-and-commerce/gift-cards-and-certificates-statutes-and-legis.aspx. If that happens to you simply call up a lawyer or that business and cite your states law. They'll give your money back and maybe even more.
You're so wrong
I work in gift cards industry. Expiry is pretty much a sham anyway. We knew that if a gift card hasn't been spent within the first 6-12 months or so, statistically speaking it is almost certain that the card will expire unused. Having a shorter or longer expiry isn't going to change that, and in fact longer expiry cards or cards that don't expire often have higher breakages, because people don't feel the urgency to actually spend them. Even though it sounds nasty, imposing fees on unused balances actually works to the customer's favour, believe it or not, because it pushes the card recipient to spend those cards instead of sitting on it.
The reason we have expiry at all is mainly accounting purposes. Having a set expiry makes it possible close the books and credit the remaining balance as revenue, instead of keeping what is essentially a debt in the books. Accounting for gift cards that doesn't expire is much more complicated, as you have to do maths and probabilities to claim some amount of those unused balances as breakages, without necessarily being able to actually impose an unused balance fees.
Gahhhhh, that narration is like a student driver who keeps mixing up the gas and brake pedal
He sounds to be like the guy from Canadian in a T shirt
Booya Thats very specific
I'm part of the unused Starbucks gift card club. I try to pass them on to other people, but during quarantine they're sitting in a pile in a drawer.
Along with the itunes cards 😂
I don't mind if I can get a gift card from you. Thanks in advance
hay why hey ill give you a gift card
i too would be grateful if i could get one of those
Ight u can give them to me 😂
Nobody:
UA-cam recommendations:
Do you want see what happens to the gift cards that are unspent?
How original
MY NAME IS GYOUBO MASATAKA ONIWA lmao
I spend every PENNY that is on the gift card.
I would prefer to give cash and receive cash it is cheaper to give and get.
My relatives give me money because they don't know what I want and it's so much better than gift cards, which is just money with extra steps.
CASH:. The Universal Gift Card.
People usually tell me it's because they don't know what to give but don't wanna give cash. I never really understood why gifting cash is seen as bad but gifting a giftcard is somehow different and counts as a valid present.
@@reistje It's about the "sentiment" lol. We humans are debilitatingly irrational.
@Richard - .... It allows someone to spoil them selfs. If I get $100 cash I will spend it on bills. If I get Gift card for Nike or restaurant, now I have to get a product I would not have bought. Thats why I like giving gift card to places a person does not normally go so they can splurge. Instead of walmart, target and etc.
The money for the customer expires, while the profit still reaches the corporations. There is a reason why cash exists.
they don't care since they already got your money....
I never see any purpose in them. Why spend $20 on a 20 gift card than just using $20?
Right, and waste plastic. They just get throw away. I wish they made them in paper at least.
Sometimes you can get a small discount on buying the cards. 5 to 10% is a nice sale on a large project.
@@boricuamom87 easier to forge so they wont do it
@Bri - It is ? Everyone feels different but Lol... I live here and don't mind money gifts. I like showing the person what I spent it on, which usually makes them happy.
I only give money as a gift if I know the person will appreciate it more.
@@boricuamom87 what do you expect?
America even sells orange in plastic box.
Why i ask as orange doesn't have cover on it.
Oh boy I can’t wait to spend money to get less money with a expiration date that I can only spend at curtain places
Stuff like gift cards are usually impracticable if you are just getting it to spend yourself.
One exception I know of where it might not be, is if you don't have a bank account or credit card, and you were trying to convert your cash into something you can spend online or over the phone.
I’d always take a visa gift card or cash over a store specific one.
Answer: they turn to Raid Shadow Legends gift cards...
True.
Best believe me im spending every penny
Probably more than the original amount. Exactly what the company wants.
In Asia we look at them and immediately think, thats a rip off.
I’ve heard the words “gift cards” so many times it’s lost all meaning
For me, 'member card' is more suitable. I thought gift card is to send on birthday,... at first
I agree. I work at Tim Hortons (Canadian version of starbucks) and a lot of the time when I tell customers their card only has 1-2$ left on it, they ask me to throw it away. I'm talking multiple times per shift. Sad I can't keep it.
many people don't realize gift cards from big retailers, like walmart, costco, etc. can be converted to cash by simply buying an item more than the gift card and pay with credit, debit, etc. and just return the item afterwards, and the whole balance on the receipt is returned onto the payment card as per the receipt.
This why scammers love gift cards because they are scams just like them
How are they "scams"?
Scammers like them because as the video said, gift cards are untraceable.
Louie Horwood facts
honestly i used to love those visa giftcards when i was too young to have a debit card. I would save up to buy one so i could buy presents online without my family knowing
Seriously in middle of pandemic you are worried about gift cards
That’s so AMERICAN 😂
Bro I got $50 in movie gift cards from Christmas I don’t want it going to waste 🥴
It's a great distraction from all the depressing stuff the world is dealing with. Police brutality, racism and death from the pandemic.
I buy unwanted gift cards from those sites all the time. Great way to save money.
May I ask what sites do you use?
I want to know what website you use to buy unused gift cards too!
@@keyanaclark526 Check out Gift Card Wiki. Just search the store and you'll see which site is offering the best discount.
John Yong - Explain more how so please?
Why on earth would you BUY unused GIFT CARDS. It's a scam. It's not like your getting it for free. Nothing is free.
Gift cards only exist because for some reason it’s not socially acceptable to give cash as a gift anymore.
No one goes “You jerk! Why did you give me free money instead of a gift card!”
I feel like what left on giftcard after 2 years should be added up and go to help for homeless or school or both
The narrator's voice is very distracting... It's like getting punched every time he says "and".
Gift cards are just money that's worth less than money and that expires. It's a hoax
It's not really a hoax. People like gift cards because they seem more like gifts. Giving cash to someone can be considered inconsiderate or uncreative.
Gift cards are a nice way to get scammed, or do money laundering.
@@jwinthepro why do you think people think of them as better gifts? People have been conditioned into it. I for one would always take real cash over plastic cards :)
@@Karrppu Oh I agree 100%. Everyone interpreted my generalized statement as my opinion. I like cash!
I think everyone clicked on this video because of this image which is the one all youtubers use when they say do you want to join my free giftcard giveaway.
I’m proud of you CNBC. This is useful information. Good job; keep it up.
I lost a $100 fry’s giftcard 😢 a long time ago
sidharth chand ua-cam.com/video/uhjIl86yXsk/v-deo.html
Im going to document this before we all forget...
When I was young and gift cards 1st came out, they would only last 30-90 days. There's was so much money that would be forgotten the fed govt forced companies to allow customers a few years before they expire.
Just imagine the $3billion a year of unspent giftcards, now imagine of giftcards still expired in 1 month and not 5 years. Crazy business.
I use to watch a lot of dumpster diving videos and I remember one couple grabbed gift cards and checked them the time you have to put into them to see if they have anything I thought was just to much but it really makes me rethink that lol. There was one time when one of them had 50 dollars so I was maybe I'll try it one day 😂
Why does he sound like he's spitting
Angela C ua-cam.com/video/uhjIl86yXsk/v-deo.html
At this point somebody out there has definitely already written a PhD thesis on the psychology of wanting to be first in the comments.
No one:
CNBC: what happens to unspent gift cards?
Think of all the unused postage stamps being held by stamp collectors.
Money spent for a service which the Post Office will never have to perform.
Same with collector coins.
I WENT STRAIGHT TO THE COMMENT AND SO DID YOU 😂
My family buys gift cards if we want to buy things online.
I got mail in rebate gift card from purchases through newegg that expires in like a year. And after 6 months they take out inactivity fees.
Life hack: I gave my friend a 50 dollar gift card that works anywhere.
IT'S CALLED A FIFTY DOLLAR BILL.
I thought they ended up with the sox that get lost in the dryer.
You know what could have used some breakage? The length of this video.
They : "you have earned 20% off gift card voucher".
Your inner voice : "I have not earned that gift card. You made a purchase for me."
I check every card when I pick bottles. Usually there's like $0.50 left. It's unfair to pickers when we're asked for a password, and the card gets deemed lost as soon as we contact the business.
Dumpster Dave lol it’s not unfair you scoundrel. it’s not your money, people didn’t buy it for you so you aren’t entitled to it.
About 2 years ago I found a gift card on the floor (Nike) and it I decided to check the balance, it had $98 in it
😮
I personally hated the A holes who gave me gift cards on my wedding
Don’t get me wrong I appreciate the thought but just give me the cash in the envelope
At weddings, I give stuff directly from the registry or cash. The ONLY time I've ever given gift cards at a wedding was when I knew there was an addiction issue.
@@---cr8nw addiction like?
@@aizfaizie919, I knew the groom had a coke habit. I wasn't about to give him cash.
But, they still gave you money. Even if it’s limited credit, you’re calling someone who gave you money an A hole. They didn’t have to give you anything, they did it because they wanted to give you a gift.
I never forget to use gift cards, but always forget to use coupons 😂
Lowe’s demands that your ID matches with using the card when you returned an item. This is complete BS and makes it difficult to redeem when your family doesn’t remember who returned the item.
Even though I do not like Starbucks, if I had the Starbucks gift card. I would definitely use it instead of letting it go on waste or I would give it to my friend but ya I wouldn't want to make the retailer richer by letting them claim unredeemed money.
Meanwhile in India...
You guys have gift cards?
how many times can they repeat “how much money is left unused in the US”
A neat trick I love to do with those Visa gift cards is once they are spent I use them to sign up for a free month of netflix or a trial of anything that auto pays after the trial. This way I don't have to bother with a deliberately complicated process of cancelling something after the trial ends.
Oh, great idea thanks!
The ultimate giftcard: Money.
I put them in my wallet if I keep forgetting to use it
Me too but I still end up not using it
My parents contributed to a great deal of this in terms of Wal-Mart gift cards like a decade ago just for their designs
CNBC, great video! Valuable information! Enjoy your week!💯🙏👐
Hmm I better spend my gift cards
So, who think to buy gift card for graduation gift 🎁
CNBC video editor/effects person. I liked the little partnership logo switch back in the top right corner. The unobtrusive partnership ad with Acorns was good.
Gift card revenue is not recognized until it’s spent. Therefore, it’s a liability in companies books.
In order to provide clean financial statements to investors. The company needs to recognize revenue. Assets-liabilities=$$$
It’s not only for investors but taxes also
Deciding when do we pay taxes on the revenue earned. Ex. Bought a gift card 2019 but used it in 2021.
Even thought the gift card was purchased in 2019. It’s not recognize as revenue until you use it 2021
Stop giving each other gift cards, people! It literally is the dumbest thing to do.
Well if you redeem a amazon gift card to your account it can’t go “unused”
Just a Friendly reminder to cook your own food & NOT eat out today. Save your coins. Did y’all know it’s impossible to breathe while smiling?
Kidding just wanted y’all to smile 😊. If you’re reading this bruv (or bruvette), understand that you are amazing bro, have a blessed week and don’t let nobody ruin your day bro. Stack and act broke. Get ya bread and all the crumbs too 🤧💰💯
I have a yeast infection which is really weird because I’m a man
i can't focus with the narrator talking like that lol
hello, i had pancakes for breakfast today :) very nice video also!!
Stfu and watch the.video
Narrator has sloshy Rs and weird punchy rhythm
The FASB is actually the FINANCIAL Accounting Standards Board-not Federal. Pls fix
Lol then find me something at Starbucks that costs a dollar so I can finish my cards
This dudes voice bothers me so much
Me too. Definitely not a professional VO artist.
It's just a voice. I think you might find it attractive perhaps, closethed man. Either way, there's no need to go after the man's livelihood.
No views
No likes
No comments
But you don't care do you
im those people have 3 amc gift cards and one walmart😂
Why does the narrator speak so weirdly ?
Anybody else noticed ?
I never had a gift card, and I’m not fool to spend my money in a coffee shop, I would rather make my own for way less. Companies love spending culture
I OFFER YOU THIS even still, I would rather spend my money more wisely even in gift cards!
I've always wondered what this. Lo behold you guys are the perfect ones to answer my question.
who is speaking to me like im a toddler? chill
The narrator sounds like he has ADHD
His accent is annoying and goofy sounding.
0:05
*india* : hold my tech scammer consumer market
Gift cards are the one which help us not to avoid discretionary spends. All the time because of this concept, I end up spending lot. There should be very tight regulations in place so that consumer wont end up losing.
Answering questions I never thought of asking
The thumbnail is screaming "Wanna join my free giftcard giveaway"
I’m reluctant to buy retail gift cards from most stores because so many of them are going out of business. Carson Department Store went out of business. But when new investors reopened Carson, they refused to accept my Mom’s old Carson gift card. And some bank gift cards like Visa or MasterCard will dwindled down to ZERO value if left unused for 6 months to a year.😕
Giftcards: one of the biggest retail scams ever
Unused gcs, lost gcs and breakage is all free money for the retailer
I don't understand the Amazon and Starbucks ones going unused. It is super easy to just place it on the account for use the next time you buy something. Other ones where you have to carry this card around and remember to use it.
For some companies, those gift cards do get used! On Roblox for example, people have developed and are selling tools that snipe unused/recently bought cards. This means that the code is stolen, and the stealer can use the code.
thankfully i redeem all the gift card that i bought and make sure that theres no left overs lol
I was just thinking about this. Thanks for the interesting story
i wonder if it is possilbe to redeem the left over money in my gift card which my sister have bought it and sent to me to the cash? or should my sister go to the retailor to redeem it into the cash?
I have a relative who constantly gives me gift cards to brands I don't often use.
Apple: over 5 years and have only spent $10 of the $25 balance.
Starbucks: took two years to spend the $30
Target: spent it when visiting another state on the other side of the country
Best Buy: traded it with a friend for cash
lemme tell you about this one time at walmart”
Nobody should let this man narrate anything ever again
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