Retailers reaping millions in unredeemed gift cards
A new survey has shown that more than 10 per cent of gift card recipients either lose or forget their presents even exist.
Finder.com.au found up to one in six of shoppers let time run out on pre-paid gift cards and vouchers for particular goods or experiences.
Finder’s Angus Kidman said consumers “don’t realise there’s an expiry date, they don’t spend what’s on the card, or they find out the retailer's gone bust and they can't get anything."
The survey found that 12 per cent of NSW shoppers left credit on gift cards and failed to use vouchers, wasting an average of $40 each.
In WA, 13 per cent of shoppers did the same, wasting average of $52 each.
Choice’s Tom Godfrey labelled “dodgy gift cards” as “an epic rort”.
“Short expiry periods mean you and I lose millions of dollars,” he said.
NSW Fair Trading has introduced reforms. New rules will apply from March 31, meaning cards will now have a mandatory expiry limit of three years.
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But Mr Godfrey noted the NSW laws will work to shoppers’ advantage interstate.
“If the gift card has been purchased in NSW, then the three year minimum expiry period still applies if you purchase through a national retailer,” he said.
Mr Godfrey added that he would like other states to follow NSW’s lead.
