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Starbucks Cards Have More Money on Them Than Some Banks Have in Deposits
A new study by The Wall Street Journal reveals what many of us have intuited already: That there are way too many Starbucks cards floating around. But it’s still kind of surprising that there is a reported $1.2 billion loaded up onto the cards and the company’s mobile app, which is more than a lot of banks have in consumer cash.
This means that consumers are putting more of their money into Starbucks cards than they are the bank, which kind of makes sense – when was the last time you could get a waffle cone frappe at the bank? It also means that there’s a lot of cash put into Starbucks cards that will never be spent, although what you can do with that information I couldn’t tell you. You can see exactly how the cards stack up against other banks and financial institutions in deposits via the graph up at the top.
The Wall Street Journal is behind a paywall, but you can read up on the report in question right here. And if you’ve been having financial problems lately, just think – a good arsenal of Starbucks cards is just another way of maintaining a healthy savings account.