Unfair expiry dates on gift cards could be causing Kiwi shoppers to lose millions of dollars each year, says Consumer NZ chief executive Sue Chetwin.

A recent Consumer NZ survey shows more than 70 per cent of shoppers regularly buy and receive gift cards, but once they expire retailers keeps any remaining money which can add up to millions of dollars.

Consumer NZ chief executive Sue Chetwin says gift cards are a quick fix for shopping dilemmas, but unfair expiry dates on cards mean many consumers are getting stuck with cards they can't redeem. File Photo.

The meanest gift card was Ticketek's as it ran out after just six months, says Sue.

'We found one in five gift card recipients had been left empty-handed after the card expired before they could redeem its full value,” she says.

'Based on the typical gift card value, we estimate consumers could be losing as much as $10 million annually.”

Sue says other countries have already taken action to get rid of these unfair expiry dates, adding that most Canadian provinces have banned expiry dates, while gift cards in the US are required to have an expiry date of at least five years.

The majority of Kiwi consumers are in favour of rule changes here.

'Our survey found 54 per cent of those who had a view thought gift cards should have no expiry date. Thirteen per cent thought if there was a date, it should be up to five years.”

Recently Consumer NZ contacted 10 major brands asking them to lead the way and ditch the expiry dates on their cards. Those brands are: Briscoes, Countdown, Kathmandu, New World, Noel Leeming, Paper Plus, Prezzy Card, Ticketek, Toyworld and Westfield.

Consumer NZ wants to hear from shoppers who have been stuck with an expired card. Shoppers can also register their support for change at consumer.org.nz

Gift card facts

• 77 per cent of consumers regularly receive gift cards.
• The most common gift card value is $50 to $70.
• 24 per cent of gift card users have been stuck with a card they can't fully redeem because it's expired or the store has gone out of business.
• The majority of shoppers unable to redeem a gift card had more than $20 still unspent.
• 50 per cent of gift card users have experienced problems with their card including finding it hard to check the balance (28 per cent); only being able to use the card at a limited number of stores (19 per cent); and struggling to find something to buy (18 per cent).

All data has been sourced from an online survey of a nationally representative sample of 1029 New Zealanders aged 18 years and over. The margin of error is +/-3.06 per cent.