Martin Lewis explains why you should never buy gift cards as Christmas presents

| Assistant Lifestyle Editor Published September 16, 2026 11:29am Updated September 16, 2026 11:32am The MSE founder says cash is a better option (Picture: Getty) Apologies if you’re not ready to give up on summer just yet, but you’ve officially now got less than 100 days left to prepare for Christmas. In the latest edition of his newsletter, Martin Lewis urged readers to start getting ready now, as there’s only a few paydays to go before festivities commence. But there’s one thing the Money Saving Expert (MSE) founder warns against, and that’s buying gift cards and vouchers. On Martin’s list of 15 ‘ho, ho… oh no!’ savings tips, he advised people to ‘beware’ of this ever-popular present, which 43% of Brits put under their loved ones’ trees each Christmas. ‘Many find giving a gift card more socially acceptable than cash — I get it, cash gifts just aren’t very British!,’ said the consumer finance guru. ‘Yet unfortunately, vouchers have risks.’ First off, if the store you got them from goes bust, your vouchers ‘usually become worthless’, effectively meaning you’ve thrown your cash down the drain. More than one in 10 Brits let gift cards expire in a single year (Picture: Getty Images) This doesn’t just happen with small businesses either. Over the last year, major retailers including L K Bennett, Quiz, and Russell & Bromley all closed for good, following on from the likes of Homebase and MatchesFashion in 2024. According to Which?, administrators ‘can decide to stop honouring gift vouchers at any point’ after they’re brought in to manage a company’s insolvency. You can try to make a claim in writing to get the money back, and in some cases, gift cards may be honoured for a limited period of time (for example, as a gesture of goodwill or if the firm is saved by a buyout) but there’s ‘no right to a refund’. Do you think Martin Lewis is right to warn against buying gift cards as presents? Absolutely, it makes sense.Check No, I think gift cards are convenient.Check Sign up to Metro's The Slice newsletter for your guide to what's on in London, with trusted reviews, offers and giveaways. Ask Metro Use AI to go deeper into the stories you care about – powered by Metro and trusted publications. Next up, Martin highlights the thorny issue of expiry dates ‘which often aren’t made clear enough.’ In an Ipsos study, more than one in 10 UK adults admitted they’d let vouchers expire unused in the past 12 months, with the total amount wasted averaging at £75.30 per person. As such, Martin advises: ‘Think carefully about the likely financial strength of the retailer, and how quickly they’ll be used. Deals of the Day Topman’s new-season collection has arrived and prices start at just £10 An Instagram mattress left me with back pain – this one completely changed my mind Book Val d'Isère, Val Thorens and Tignes for less in Club Med's ski sale Save 25% on red light therapy masks, sauna blankets and sleep gadgets in Bon Charge sale The viral LED face mask with over 350 lights that's currently discounted by £100 ‘If in doubt, cash (or money in the bank) is the ultimate gift voucher — it’s totally flexible and usable anywhere.’ UK retailer gift card expiry dates Amazon: 10 years from issue Argos: Typically 24 months from issue, but this can vary, so check the printed date on your gift or e-gift card to confirm ASOS: 24 months from issue Boots: 24 months from issue Dining Out: 24 months from issue Dunelm: 24 months from issue John Lewis: 24 months from issue or last use Lifestyle Ultimate Gift Card: 18 months from issue Love2shop: 12 months from issue for standard gift cards, but terms may differ for paper vouchers or e-gift cards M&S: 48 months from issue or last use Next: 24 months from last use or balance check One4all: None, but after 18 months, 90p is deducted monthly until balance reaches 0 Sainsbury’s: 24 months from issue or last use Tesco: 5 years from issue or last use Ticketmaster: 12 months from issue Nando’s: 18 months from issue or last use Correct at the time of writing. The Slice Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.