Treasurer Fitzgerald's Gift Card Advice: Don't Let Them Go to Waste

DES MOINES, IA (03/23/2021) (readMedia)-- State Treasurer Michael Fitzgerald wants Iowans to get the most out of gift cards they receive and ensure it doesn't end up as unclaimed property. "Gift cards are easy and convenient gifts to give and receive throughout the year; so odds are you or someone you know has received one," Fitzgerald said. "If you receive a gift card, resist saving it for a later day. Some retailers won't honor a gift card after a certain period of time, and consumers who spend less than the face value on an initial visit may find they are unable to use the balance later." To ensure Iowa consumers get the full value of their cards, here are some additional tips from Fitzgerald:

• Save the receipt. Keeping the gift card receipt can be helpful if you run into problems with the card.

• Treat gift cards like cash. Report a lost or stolen gift card to the card's issuer immediately.

• Read the gift card's terms and conditions. Some cards expire, while other companies may charge fees – depleting the value of the card.

• Use the card promptly to reduce the likelihood it will be lost, stolen or reduced in value.

As much as 3% of gift card dollars are never redeemed, according to an estimate from the Mercator Advisory Group. "When you add up all the unredeemed gift card balances, it leaves a considerable amount of money the retailers or financial institutions are happily holding on to," Fitzgerald added. "Don't let those gift cards go to waste."

Consumers with questions or concerns regarding an expired gift card may contact the State Treasurer's Office. Provide a copy of the gift card and a brief explanation stating the circumstances. Send the information to the address below or email upreport@tos.iowa.gov.

Michael L. Fitzgerald

Treasurer of the State of Iowa

Iowa State Capitol Building

Unclaimed Property Reporting Desk

Des Moines, Iowa 50319

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