New Yorkers bought and didn't use $55 million in gift cards.

After the holidays, many people are left with gift cards. New York State Comptroller Thomas DiNapoli has simple advice: use them as soon as possible. The city has tens of millions of dollars in unused gift cards, and getting that money back can be difficult. NYTimes reveals how much money is left on New Yorkers' gift cards.

According to DiNapoli's office, there is nearly $55,5 million in gift cards in New York City. Of that, $15,5 million are cards that were last used before 2021.

Manhattan residents have the largest unspent balance, with a total of $21,8 million over all years.

Brooklyn comes in second, with the amount approaching $13 million. Queens follows with $9,7 million, the Bronx with over $9 million, and Staten Island with just under $2 million.

How the state is trying to get money back to owners

State law requires gift card companies to report balance information to DiNapoli's office. His staff is working with retailers to locate people owed unclaimed funds.

On the subject: Where to get free gifts and food on your birthday in New York City

However, the controller's office can only send a notification if they know who and where to look. This is possible if the card was registered with the merchant or if the purchase was made with a traceable credit or debit card.

Registering a gift card simplifies the refund process.

"If you forget about your card, having a registered card makes it easier to return the money to the owner," DiNapoli noted.

If the card has not been registered, the owner can still contact the controller's office and check the availability of funds.

Why are gift cards so popular?

Gift cards remain one of the most popular gift options. Two-thirds of shoppers said they spent money on gift cards last year. This is the same percentage they will spend in 2024.

One reason for its popularity is convenience. For many gift-givers, it's a way to avoid the hassle of choosing a gift. About 24% of the 335 survey participants reported giving gift cards to people who are difficult to find a gift for. The company noted, "It's a gift that's hard to mess up."

The study also found differences by age. Generation Z and millennials are more likely to choose cards from service providers, such as Uber or DoorDash, as well as sports-related cards. Older shoppers prefer restaurant gift cards.

Fraud warnings

Consumer agencies are warning about gift card scams. A New York state law requires retailers to post warnings about potential gift card fraud. A similar rule was passed in New Jersey last year.

Fraudsters can remove gift cards from store shelves and copy the numbers and PINs. They often open the packaging and then reseal it before returning the card to the shelf. The scammer then waits for someone to purchase the card and activate it.

Then, using software, the fraudsters write off funds from the card.

Consumer agencies advise against purchasing or using gift cards if there are signs that the packaging has been opened or damaged.