As the Christmas season approaches, a staggering £300 million in unredeemed gift card balances is sitting idle among M&S and John Lewis customers. New research from credit card company thimbl.com reveals that thousands of shoppers may be missing out on using this “forgotten money” in time for the holidays.
Joe Lytwyn, personal finance expert at thimbl.com, warns: “Unused gift cards often get lost in emails, glove boxes, or kitchen drawers. Once the expiry date passes, the retailer typically keeps the remaining balance.” He advises shoppers to check their old vouchers immediately, pointing out that even small amounts, such as a £20 Costa or £50 M&S card, can add up to valuable savings.
Lytwyn recommends staying organized by adding gift cards to phone wallets or retailer apps, which can provide reminders before cards expire. He also suggests re-gifting or exchanging unwanted cards via trusted platforms like Cardyard, so the value doesn’t go to waste.
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A John Lewis Partnership spokesperson emphasizes flexibility, sharing that their gift cards are valid for 24 months from issuance and that expiry dates can be extended by making a transaction or simply checking the balance. “Whether customers are saving for a big purchase or treating themselves during sales, we want to provide maximum convenience,” the spokesperson said.
Financial commentator and broadcaster Martin Lewis has long cautioned about gift card use. He highlights two key concerns: first, if a retailer goes out of business, gift vouchers typically become worthless. Shoppers should consider the financial stability of the store before buying voucher gifts. Second, many gift cards come with expiry dates, often just a couple of years long. To avoid losing value, Lewis suggests buying something inexpensive near expiry to generate a new voucher with a fresh expiry date.
Ultimately, Lewis advises that cash or money in the bank remains the most flexible and secure gift option, usable anywhere without restrictions. With millions at stake and holiday shopping in full swing, customers are encouraged to check their gift cards now and make the most of their festive spending power.