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Report: More gift cards are electronic, which is good news for forgetful millennials

 
istockphoto.com
istockphoto.com
Published Nov. 6, 2014

Scatterbrained millennials rejoice!

A study from bankrate.com reports that 59 percent of gift cards are now available electronically, up 18 percent from 2010.

This is good news for millennials because they are "more than twice as likely to lose traditional plastic gift cards than older adults," bankrate.com says in a news release.

The release says that 40 percent of 18- to 29-year-olds admit to losing a gift card and that mobile gift card usage among millennials is double that of older adults.

"They are much harder to lose than traditional plastic cards," the release says.

"There are lots of reasons why electronic gift cards appeal to customers," bankrate.com credit card analyst Jeanine Skowronski said.

"For starters, they're a quick fix for anyone who needs a gift on the fly. Second, unlike their plastic counterparts, they don't take up excess real estate in your wallet. And though it may seem counterintuitive, a digital gift card can be easily personalized."

Electronic gift cards can be accessed via email and smartphone apps.

About 84 percent of Americans have received a gift card, and 72 percent have given one. Most of the cards are between $25 and $50.