I-Team: Gift card warnings

CHICAGO (WLS) -- It's estimated that about $750 million will be given back to retailers, all in unused gift cards. Many gift cards get lost or expire if you don't use them quickly enough. There's also a threat that a gift card could have already been spent without the intended recipient knowing about it.

The international business analyst group CEB TowerGroup estimates that $124 billion was spent on gift cards in 2014.

Retail experts and the Better Business Bureau are reminding people that not only do most gift cards expire, but some of them can charge an inactivity fee after a year, so it's best to know policies and use them right away.

If you really want to hold on to your gift cards' value, you can store and manage them on smartphone apps.

Anyone who receives a gift card should try to register them online and keep gift card receipts which may help with a replacement card if the original gets lost or stolen.

Always check the back of gift cards to make sure the codes haven't already been scratched before going to use them. Gift cards in open displays can give thieves access to information and numbers and allow them to make an online purchase with the recipient's balance.

If you don't like your gift card, Wal-Mart is offering an alternative. The mega-retailer says they will give you a Wal-Mart eGift card, which never expires, with up to 97 percent of the original value in exchange for another gift card from more than 200 other stores and restaurants.

Customers can visit Walmart.cardcash.com to exchange gift cards.