Gift Cards Might Be Convenient, But They Aren't Always Cheap
With the dawning of the gift card age, gift givers thought we had finally moved past the days of fruitcakes and ugly sweaters. Because you can't go wrong with plastic, right?
Maybe you can. It turns out that much of our good intentions are still going unused. But instead of going in the trash or to the thrift store, our gifts are going to making businesses richer. Retailers call it breakage, the portion of gift cards and certificates that never get spent. And breakage is no chump change. Most retailers like to keep it on the hush-hush, but here's an idea of how much we're "donating" to stores each season. Home Depot made $37 million off gift cards last year, while Best Buy brought in $38 million, according to the NY Times.
For shoppers on an already tight budget, it's an insult.
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