There are many ways you can convert a gift card into cash or their equivalent. We have selected several sites where you can sell unwanted gift cards. You could sell a gift card online for cash, e.g. with instant paypal payout, or you could sell them even for bitcoins if you’re into more exotic stuff.
Did you know: unused gift cards having over $1 billion go into waste every year. This is because gift cards have become very popular, especially during festivities as a way to give presents to employees, colleagues, friend and family. However, if the card itself gives you no use, you may find it challenging to convert a gift card into cash. Instead of allowing a gift card to go into waste, there are various means you can use to make it bring you money.
Tips on how to sell a gift card
Have the following in mind while selling your gift card online.
- Sell your gift card digitally instead of physically to avoid shipping costs.
- It is also possible to sell a gift card that is partially used and if possible, opt to trade a gift card instead of selling it.
- Finally, since gift cards do not have expiry dates, you can wait to sell it at your preferred price.
1. Sell gift cards online for cash
There are several sites where you can sell unwanted gift card like CardCash, Cardpool or Raise.com. However, usually you will sell a gift card cheaper than its face value. All you need to do is to state the merchant of your card and then check for the highest offer. The price of the card depends on how popular the card is. Different gift cards have different procedures for selling.
We have selected for you some marketplaces where you can consider selling your gift card. Be aware that you will be paying a small fee or commission at most online gift card exchange sites. Therefore you also may want to look into the options to sell your gift card locally.
Gift Card Granny
Gift Card Granny is among the best and easy places to sell a gift card. You are in a position to compare the prices of various consumers. You can get up to 92 percent of the face value of a gift card that is in high demand. All you need to do is to choose: Sell It Now, Name Your Price or Trade In. If you need cash immediately, select the option Sell It Now and you will get cash deposit through PayPal or direct deposit.
Cardpool allows you to sell gift cards and get cash immediately. You can sell your gift card to a self-service kiosk or a person. Here, you can get up to 92 percent of the face value of the gift card. You also have an option to quote your price.
Here, you have an option to sell or trade at CardCash. When you trade, you are in a position to get up to 14 percent of the card face value. When you sell the card, you can get up to 92 percent of the card face value. Payment is through PayPal or direct deposit. You can also check within 48 hours when you choose to trade.
CardKangaroo does not allow you to sell digital gift cards but they do accept physical gift cards. You can either trade or sell a gift card. When you agree to sell your gift card, you mail it for free and you get your payment within 48 hours.
Raise.com is among the best and largest online marketplaces for gift cards. Selling of a listed gift card takes place within 24 hours of listing. Payment is through PayPal or direct deposit. You get cash within 48 hours after selling your gift card. You have an option of quoting your price and there are no listing charges. However, you will pay 12 percent of the selling price after making a sale.
2. Sell your gift card nearby for cash
A Garage Sale may also be a good option to sell your gift cards. This is really useful when you find it difficult to sell a gift card online or in-person kiosk. It is not sure whether you will make a profit because it depends on the interest the prospective shopper intends to make. Request your potential buyer to dial 1-800 number which is free to confirm the card balance.
Craigslist is a local gift card selling app. It is the best place to sell gift cards for local businesses. Before selling it, it is critical that the buyer confirms the card balance. Other local gift card apps include the Letsgo.
Trade it in
In case you have received a gift card other than the one you had targeted, you can exchange it and get your target gift card. Several stores deal with the exchange of gift cards. Even in instances when you have used some part of a gift card, you can still exchange the remaining part. You can ask people within your circle if they would consider exchanging their gift cards.
3. Hand over the gift card to the retailer
Handing over the gift card to the retailer is one of the better options to get your cash, but most retailers make the process too complicated. In various ways, they discourage people from using this option. Before returning a gift card to the issuer, understand the return policy of the issuer or you can request the person who gifted you to assist you with the receipt. Returning a gift card to a retailer will result in the following options.
- The retailer will exchange the gift card a lower value compared to the face value.
- You will be required to have the purchasing receipt while returning the gift card.
- The retailer can offer you an in-store credit. The disadvantage is that you will need to shop in their outlets.
4. Give the card to charity
Instead of letting a gift card to go into waste, you can gift it to a charity instead of giving cash. When you give a gift card to a charity, you get an added advantage of $35 direct tax benefit for a gift card worth $100.
How to get cash in hand
It is a simple procedure to post and sell your gift card. Follow these simple steps.
- State the brand of your gift card.
- State the gift card balance.
- Send the card number and its pin.
- Select your selling price.
Once you have submitted the above information, verification takes place immediately. After a short while the service has checked your information, upon which the listing goes live. The card usually sells within 24-48 hours. Most online market places convert physical gift cards to digital gift cards and the send the card balance to the buyer after a sale.
Which is a profitable option, selling or trading a gift card?
When you have a gift card in high demand like that of Amazon or iTunes, it is better to trade it than to sell it. It is more profitable since you only need to swap the balance at a small fee.
How to stay safe when selling gift cards
Among the best sites to sell your gift card is a marketplace like Raise. They verify the card balance and also offer protection both to the buyer and the seller. Ones you have sold the gift card, it is essential that you keep it for up to 180 days just in case the buyer is unable to redeem the card balance.