Unfortunately, as much as $5 billion in gift card balances will go unspent this year, potentially resulting in a windfall to the merchants who sell the cards. Although the rules vary, depending on where you live and what type of card you have, the safest course is to use the balance of the gift card or gift certificate within a year from its issuance.

Now is a particularly good time to take advantage. Many retailers have slashed prices in the wake of a Christmas season, and a struggling economy might mean even more motivation to move inventory. If you don’t enjoy shopping, check to see if you can use your gift card online.

If you really cannot see yourself using that your card, within a year, check out resale sites like plasticjungle.com, giftcardrescue.com, or swapagift.com. Plasticjungle.com, for example, allows you to sell your cards with a minimum value of $25 for up to 85 percent of the balance, exchange them for credits at other websites, like Amazon.com, or donate them to charity.

So do not forget about that gift card eating a hole in your wallet. Take advantage of sales, shop online, or exchange it for cash because yes, gift cards do expire in some states.