Are you tired of receiving gift cards that you’ll never use? Or perhaps you’re looking for a way to make some extra cash? Luckily, there are several options for turning those unwanted gift cards into money. In this article, we’ll share some tips and tricks for cashing in on your unwanted gift cards. From selling them online to trading them in for cash, we’ll explore the various ways to make the most out of your gift cards.
1. Why Should You Consider Cashing in Your Unwanted Gift Cards? – Because it’s a quick and easy way to get money for items you don’t want or need.
2. Where Can You Sell Your Unwanted Gift Cards? – You can sell them online on websites such as Cardpool, Raise, and Gift Card Granny, or in person at kiosks like Coinstar.
3. What Percentage of the Gift Card Will You Receive? – The amount you’ll receive varies depending on the retailer and the marketplace, but typically ranges from 60-90% of the card’s value.
4. Can You Exchange Your Gift Card for Cash at the Retailer? – Some retailers offer cash back for gift cards, but it’s often at a lower rate than what you could get by selling it online.
5. What Should You Look for When Choosing a Gift Card Marketplace? – You should consider the fees, customer service, and reputation of the website before choosing where to sell your gift card.
Cashing in on unwanted gift cards can be a great way to turn clutter into cash. By following these tips, you can make the most of your unwanted gift cards and turn them into valuable resources. Whether you sell them online, trade them in for other gift cards, or use them to buy something you really want, there are many ways to cash in on unwanted gift cards and make the most of your resources. With a little bit of research and some smart strategies, you can turn your unwanted gift cards into real money and enjoy all the benefits of a clutter-free life.
But will you? About 6 percent of all gift cards are never used, according to Anduro Marketing. Rather than losing money, why not sell the card? The market has greatly consolidated in the last year. Most gift card websites now focus on selling cards at a discount or buying in bulk. The two main sites that still buy unwanted gift cards from individuals are Raise and Cardpool and they have very different business models. Cardpool buys cards directly from consumers. Raise lets you list the cards you want to sell on their marketplace. Founded in , Cardpool buys physical and e-gift cards from about major retailers, including clothing and department stores, movie theatres, jewelry and electronics stores, restaurants, pet and auto parts stores, and supermarkets. The process is simple and quick. Just enter the brand, card code and balance. Once that information is verified, Cardpool will make you an offer. There are two payment options Amazon eGift card or a check in the mail. In the next few months, the company plans to offer a few other payment options, such as Venmo, PayPal and Western Union. Cardpool CEO Jones pointed out that the company received some bad reviews last year. The site now has new management, he noted. Raise is a marketplace for selling gift cards. It accepts listings for thousands of major brands for free. You get to set the price. If the card sells, Raise collects the money from the buyer, deducts a 15 percent fee and forwards the balance via check, PayPal Funds or ACH direct deposit. Since Raise acts as the middleman in the transaction, neither the seller nor the buyer should worry about fraud. How much of a discount do you need to offer to get that card to sell? Raise can help you with that. If you want your card to sell in a couple of hours, you might want to be more aggressive with your discount. Otherwise, you could get burned. Remember A thief can drain the money stored on a card even if you have the piece of plastic in your possession if they trick you into giving them the number on that card. Want more tips like these? Sign up for our newsletter and follow us on Facebook , Twitter and Instagram. IE 11 is not supported. For an optimal experience visit our site on another browser. Better Logo. Share this . NBC News Logo. Follow better. Search Search. By Herb Weisbaum. How to tackle post-holiday bills Jan. Good Cents Holiday credit card bills rolling in? Here are 3 things you can do to pay them off. Herb Weisbaum.
For the 12th year running, gift cards remain the most popular items on wish lists , according to the National Retail Federations annual holiday report. Gift cards topped all other potential presents, including jewelry, clothing, books, movies, music, electronics and sporting goods. The NRF polled more than 7, adults in October. The survey has a margin of error of 1. Enter gift card exchanges. Sites such as Cardpool and Raise help you trade in those unwanted cards for cash. Despite gift cards being the most desired Christmas and holiday present year after year, Dec. The problem arises when recipients dont get the exact gift card they wanted, said Mike Jack, the general manager of Cardpool. The resale value can vary dramatically but generally ranges from below 70 percent to over 90 percent, depending on the popularity of the card and its availability. Some of the most valuable cards include iTunes, Starbucks, Target and Walmart, according to Cardpool. Alternatively, savvy shoppers can score the gift cards they desire at steep discounts through the same online marketplaces. As for making the most of the ones you plan to hold on to, Consumer Reports offers these tips . Use em or lose em. The biggest mistake many people make is to put their cards in a drawer and forget about them. Instead, keep them handy in your wallet or purse so you have quick and easy access when you are out shopping. Keep in mind that gift cards do eventually expire, generally after five years, or you could get hit with an inactivity fee after one year. Reduce your risk. The Federal Trade Commission warns that some issuers wont replace lost or stolen gift cards while others will for another fee. Gift-card givers should give recipients the original purchase receipt along with the card, the FTC advises. If the card is lost or stolen, some issuers will require the receipt as proof of purchase to provide a replacement card with whatever balance is remaining. Additionally, promptly report a lost or stolen card to ensure you recoup the entire value or whatever is left. And, of course, be wary of gift cards from retailers in or nearing bankruptcy. Spend every penny. After youve used some of the value on a gift card, you can liquidate small unspent balances by requesting a split tender payment the next time you shop at that retailer. First, pay with the gift card to use up the balance, and then pay the rest with cash or a credit or debit card.