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Unused gift cards, Seinfeld, and my advice
According to this MSNBC article, Home Depot reported on June 2nd that it has taken $43 million in income from gift cards that are unlikely to be redeemed. It's the first time Home Depot has recognized this gift card breakage.
The article gives the stat that about 10% of the value of gift cards sold goes unused due to being lost, forgotten, or expired.
At least Home Depot's gift cards don't have expiration dates or fees for nonuse. The $43 million is just an accounting thing. Since the cards are older than 2001, they figure it's very unlikely that much of that will be redeemed.
Most other retailers consider the unused cards as liability, and thus, they justify having expiration dates or nonuse fees.
I tend to agree with consumer advocate Clark Howard's opinion about gift cards:
"They are a terrible waste of money and a complete rip-off. Basically, you're taking real American money and turning it into a piece of plastic that can only be used in one store."But I have to admit it's more personal than cash and a lot easier and less risky than a physical gift. One always feels bad when you get someone the wrong gift whether it's something they already have or something that they don't really want. And there's something just not right about giving cash. Why give anything in that case? Let's just take $50 and pass it to the next friend or family who has a birthday.
As Kramer said to Jerry in that Seinfeld "The Deal" episode where Jerry gives Elaine cash for her birthday:
"Cash? You gotta be kinding. What kind of gift is that? That's like something her uncle would get her."BTW, that's the episode where Elaine and Jerry make "the deal" in which they agree to be intimate without a relationship. But Elaine's birthday is the final straw that broke that camel's back.
So here's my advice about gift cards. Keep the amount small (like under $30). Remember that it's the thought that counts. Adding more money to a gift doesn't increase the thought.
