Lafayette, LA (KPEL News) - The thought does count, but we've all received gifts that are worthless to us. Because we do all know it, gift cards have become incredibly popular but, in Louisiana and most states in the country, they do lose their value.

A Bankrate.com study released in July 2023 revealed that nearly half of Americans, 47%, have unused gift cards or store credits. Surprisingly, the average unused amount is $187, with $26-50 as the amount sitting on the individual cards that haven't been cashed in.

If you, like I, have found a gift card collecting dust on your dresser or in the bottom of your purse, don't toss it. You may still have time to use it.

WHAT QUALIFIES AS A GIFT CARD OR GIFT CERTIFICATE?

Louisiana statute (La. Rev. Stat. Ann. §51:1423(A)) defines gift cards and certificates specifically as:

"Gift certificate" shall mean a writing identified as a gift certificate or gift card purchased by a buyer for use by a person not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods or services supplied by the seller.

The definition doesn't apply to certificates or rewards, like vouchers or store "money," a customer receives without any money or some other form of currency being exchanged.

HOW LONG DO YOU HAVE TO USE IT?

Louisiana law (La. Rev. Stat. Ann. §51:1423(B)(1)) is actually on the side of the card holder!

A gift card must have an expiration date at least five years from the time of purchase or from the time it was reloaded with funds. And the requirements for how that expiration date is notes are very specific:

Such expiration date shall appear in capital letters in at least ten-point font on the gift certificate.

Don't see an expiration date? Then the card or certificate never expires, unless it's redeemed or replaced.

Federal laws regulating gift cards exist, but the particulars of the laws can differ state to state.

Consider this, too. Inflation affects gift cards. The higher prices go, the less you can buy!

WHAT IF YOU DON'T LIKE TO SHOP AT THAT PARTICULAR STORE?

The value in a gift card, for you, may not be in using it at the particular store for which it's intended. That doesn't mean you can't enjoy the benefit in other ways.

• REGIFT IT - Maybe you know someone who loves the store or the types of products sold there. Make them smile for their birthday, Christmas, or just because.
• SWAP IT - You may have a family member or friend who is in the same boat. Offer to swap with them.
• SELL IT - You are well within your rights to sell that card and get the cash to use at a store you prefer. It may take some finagling or selling it for less than face value, but it's better than the alternative.
• DONATE IT - Find a non-profit organization that can put it to good use.

All that said, be worthy of the gift by using the card. The person who gave it spent their hard-earned money on it, so honor that gift by not letting it go to waste.