Holidaymakers are being urged to make an important check before splashing out on summer clothes.
It comes as leading fashion retailers disclosed they’re sitting on millions of pounds in unspent customer funds. New research from credit card firm thimbl.com shows that high street fashion heavyweights ASOS and Next are holding onto £125 million in unredeemed gift cards. Company accounts reveal online fashion retailer ASOS has £11.1 million in revenue tied to unspent gift cards, while Next reported a staggering £114.6 million.
Consumer specialists say millions of shoppers gearing up for summer holidays, festivals, and spontaneous getaways may already have cash lying forgotten in old inboxes, handbags, drawers, or digital accounts without even knowing it.
The alert comes as households right across the UK start spending heavily on holiday gear, sandals, swimwear, airport essentials, and children’s summer clothing ahead of the busy summer travel period. Countless shoppers rush to purchase new outfits online without first checking whether they’ve already got gift cards or unused credit lying dormant from Christmas, birthdays or past refunds.
Joe Lytwyn, finance expert at thimbl.com, explained that many people mentally separate gift cards from “real money”, rendering them considerably easier to overlook than cash held in a bank account.
Joe said: “Vouchers are one of the easiest forms of forgotten money, because they are often given at Christmas or birthdays, then quickly buried in inboxes or left in wallets for months.
“A lot of people will be shopping for summer holidays over the next few weeks without realising they may already have £20, £50 or even £100 sitting unused on an old gift card or digital voucher. With household budgets still under pressure, taking a few minutes to search through emails and drawers could genuinely save families money this summer.”
Joe urges shoppers to search their inboxes using keywords including “gift card”, “voucher”, “store credit”, “ASOS”, “Next”, “refund” and “e-gift”, while also checking old purses, wallets and cashback apps for overlooked balances. Numerous consumers also lose track of digital vouchers stored within retailer apps or connected to online accounts they no longer frequently access.
Joe says another widespread problem is consumers presuming gift cards have expired when they may still be useable. “Many retailer gift cards remain usable for long periods, although expiry dates and conditions vary between businesses. Some shoppers may also have partial balances remaining on cards they believe have already been fully used.
“I recommend screenshotting digital vouchers when they arrive and storing them in a dedicated phone album or email folder to make them easier to find later. Another tip is to use gift cards strategically during seasonal promotions or summer sales, which allows you to maximise value at a time when many retailers are discounting holiday fashion and accessories.”
Shoppers are also urged not to leave gift cards sitting idle for extended periods, as retrieving funds can become significantly harder if a retailer goes bust. Customers may still be able to spend cards while shops remain open under administration, but failing that, they may have to lodge claims with evidence of purchase.
In certain circumstances, shoppers who purchased gift cards using a credit card may be entitled to seek protection via Section 75 of the Consumer Credit Act for purchases exceeding £100, while smaller transactions could potentially be challenged through chargeback schemes provided by banks and card issuers.
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Joe adds: “A lot of people don’t think of vouchers as part of their household finances, but they absolutely are. When money is tight, forgotten balances can be one of the quickest and easiest ways to reduce spending without cutting back on summer plans.
“It only takes a few minutes to check, but many shoppers could end up finding money they had completely forgotten existed.”