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Tango Card Is A High Tech Solution For Lost Gift Cards

12/22/2011

Retailers will sell about $80 billion dollars worth of gift cards this year, with a disproportionate amount sold during the holidays. Since gift cards first came on the scene about 15 years ago retailers have found that about 10 percent of all gift cards purchased are never redeemed. Cards get misplaced, forgotten about or lost.

What happens to this money? Gift card purchases are put into escrow by the selling retailer who doesn’t “recognize” the revenue until the card is redeemed. Balances not redeemed three years after issuance are likely never to be redeemed. At that point the retailer “recognizes” the unredeemed balance – at nearly 100 percent profit margin.

To avoid losing track of your gift cards you can designate a gift card storage area or you can use Tango Card to organize your gift cards. Tango Card users can register their gift cards (from Target, Gap, Starbucks and other retailers) and receive reminder emails with balance updates. Gift cards can be purchased on the Tango Card site from retailers such as REI, Amazon, Zappos and Home Depot. And the iPhone app allows you to check balances when you’re in the store and making decisions about purchases.

Tango Card has their own gift card that can be used at a number of retailers, which allows recipients more flexibility than store issued cards. Another terrific feature of the Tango Card is that unredeemed balances can be donated to nine charities including the USO, Habitat for Humanity and the National Park Foundation.

Don’t let your gift cards remain unredeemed. Tango ’em!

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