The $23 Billion Problem Sitting in Your Junk Drawer

I found a Target gift card in my jacket’s pocket last winter. I received it two Christmases ago. Never used it. Not because I forgot I had it — I just kept forgetting to bring it with me.

Turns out I'm not alone. Not even close.

According to PBS News, Americans are sitting on $23 billion in unused gift cards. Not spent, not refunded, just sitting there. And 47% of US adults have at least one unspent card gathering dust right now. The average unused balance? $187. That's not pocket change. That's a nice dinner out with the family, a tank of gas for a month, or maybe even rent money for some of us.

So why does this happen? It's rarely about not wanting to use the card. It's about friction. The card's in your car, you're at the mall. It's in a drawer at home, you're at the mall. It's in an email somewhere, and who's digging through their inbox during checkout?

We’ve been thinking about this problem for a while, and we’re working on something we think makes it a lot easier. More on that soon…