Kiosk of gift cards with denominations for stores and restaurants available to purchase . (Photo by: Deb Cohn-Orbach/UCG/Universal Images Group via Getty Images)
It's estimated that billions of dollars go to waste every year simply because people forget about the gift cards they were given, or lose them before they can use them.
This Saturday, Jan. 20, retailers, restaurants and nonprofit organizations around the country are observing National Use Your Gift Card Day, encouraging consumers to dig up their old gift cards and treat themselves to something nice.
That includes companies like Macy's, Ace Hardware, Applebee's, Carrabba's Italian Grill, and more.
Here's how you can participate in National Use Your Gift Card Day:
Step 1 – Find your unused gift cards.
Step 2 – Check if the store or restaurant is running a sale online or in-store to maximize your gift card and save money.
Step 3 – Treat yourself.
Step 4 – Do something for others! Donate any unwanted gift cards or cards with low balances to a local charity. Or, leave it with a cashier to pay it forward on the next stranger's bill.
Do gift cards expire?
According to the Federal Deposit Insurance Corporation (FDIC), a gift card "cannot expire until at least five years from the date it was activated."
However, it is legal for a card issuer with a clearly stated policy to charge an inactivity fee if the gift card goes unused for at least one year. You could be losing money and not even know it.
How do you know if a gift card is expired?
Check the back of your gift card. The Gift Card Integrity Act of 2005 requires gift cards sold in Georgia to clearly display a date that indicates when the card can no longer be used.
How to check your gift card balance
There should be a website printed on the back of your activated gift card. If you visit that card balance site and type in your gift card number and security code, it will tell you how much money you have left on your card.