Have you received gift cards to stores you don’t visit from friends and family? You put them aside and over time they are forgotten or lost. It would be great if you could take your gift cards to the stores and get a refund. But as you know stores don’t refund their own gift cards.
Trading Your Gift Card For Cash
Unwanted gift cards can be traded for cash or can be traded for other gift cards. Here are a few things you should know.
- In almost all cases, you will not get 100% of the value of the card. That’s because the websites where you sell the gift cards charge a commission of around 10%.
- When you sell your gift card matters. If you sell them right after the holidays when everyone has gift cards to sell, there is more supply than demand. So you are likely to get lower value than other times.
- Some gift cards are more valuable than others. Gift card trade approximately between 50% and 90% of the card’s value. Gift cards for Walmart, Amazon, and grocery stores have the highest resale values.
- Online platforms verify the balance on the credit card before approving the transaction. They also have fraud prevention mechanisms. So if you are selling your gift card, you can be certain that you can get your money.
Where can you sell your gift cards?
Giftcardgranny
Giftcardgranny allows you to sell gift cards on their website. Choose the best offer and get paid by PayPal, direct deposit to your bank, or a check.
You also have the option to name your price – this typically takes longer as you have to wait for an offer to buy at your price.
You can also trade your gift cards for other cards. Gifcardgranny also has some physical locations where you can exchange your gift card for cash instantly.
Raise
Raise is the largest online gift card market place. You can name your own price if you would like. Raise will take 12% of the selling price and you keep the rest.
If a gift card needs to be mailed, you will be charged 1% or $1, whichever is higher.
CardPool
CardPool allows you to sell your gift cards at select stores and self-serve kiosks and get cash instantly.
CardCash
CardCash is another place where you can sell or trade your gift card. CardCash gives you up to 14% more if you trade for another credit card.
Other Alternatives
If you don’t like to sell your gift cards online, here are a few other alternatives.
Craigslist
You can list your gift card on Craigslist and sell them there just like any other item. It is best to meet the buyer at a safe place – preferably at the store (whose gift card you are selling), verify the balance, and complete the transaction.
Garage sale
If you prefer not to sell your gift cards online or sell it at a physical store, you can sell them at a garage sale. Encourage potential buyers to verify the balance on the card by calling the toll-free number at the back.
The downside is that you may not get many buyers and you may not get a good value for your cards.
Bottom Line
There are many ways to convert your gift cards into cash. Online platforms allow you to sell your gift cards with just a few clicks. Selling gift cards online is generally safe. But if you prefer to sell them in person, you can visit certain stores or you can sell them on your own through Craigslist or garage sale.