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Tips to Sell Unwanted Gift Cards

Your quest to find an appropriate website to sell unwanted gift cards ends right here. This Buzzle article will not only give you some important tips to sell them, but also provide you with details about a few gift card exchange websites.
Heard of Gift Card Exchange Day?

On December 26 every year, a one-day event is hosted at giftcardexchangeday.com. It aims at making the consumer aware about trading gift cards for cash. Visit the website to see how you can get best deals for the Christmas gift cards that you intend to exchange for cash.

So you got $100 gift cards of Target, but you would have been more than happy to get some of Banana Republic. You don't have to leave the cards in your closet and forget about them. You can sell these unwanted gift cards, and go ahead to buy discounted ones for Banana Republic. This way, you will also get a cost benefit if you sell your cards just in time for Banana Republic's end-of-season sale. There are many people all over America who end up getting gift cards for stores they will never shop at. According to statistics sourced from askelainez.com, about a billion dollars worth of gift cards are sold annually. However, about 40% of these go unused. Imagine the kind of money involved in it. Instead of wasting these coupons, you can sell them or swap them to get something that will be of use for you. Here are a few tips to sell unwanted gift cards.

Timing

The week following Christmas is the most appropriate time to trade in the gift cards. This is because the gift card exchange websites want to update their stock for high-demand cards which get traded most during the holiday season. Hence, you can expect to get better prices during this period.

Partially Used Cards

Not all exchange websites will buy a used gift card with some odd balance on it. Hence, approach a retailer who will allow you to trade in even your partially used cards.

Minimum Balance

Some gift card exchange websites will not allow you to trade a card below a certain amount. They require to have a minimum balance. Even the actual merchants may offer to pay you $5 to $10 of your balance. Hence, do not waste your time opting for those vendors, rather go for others who do not have such requirements.

Comparison is the Key

With so many websites, one tends to be confused about which one is the right option for him. It is recommended that you compare the prices offered by various websites and try to sell the card at maximum payout price.

High Demand Cards

Remember that high-demand gift cards with top brass brands tend to offer you maximum price. Hence, make the most of it by selling them at their maximum price range.

Swap Your Cards

I am sure like you, even your family members must have received gift cards which they will hardly use. Try to exchange them between yourselves. This way, you will save a lot on the processing fees levied by the gift card exchange websites. You may even exchange a gift card that has a face value of $50 for $50, which is not possible at all with these retail websites. By swapping, you get the benefit of the entire amount of the gift card, whereas selling it online will decrease its value.

Check Reviews

Check online reviews for the gift exchange websites. Many people will be discussing the processes and rules of these companies. Also, check their BBB rating to know that you are trusting your gift cards in the hands of the right people.

Security

Watch out for the security practices and procedures followed by these websites. The last thing you would want is to fall prey to fraudulent transactions which will take away all your gift cards.

Credibility

Ensure that the website you are dealing with has been around for quite some time, and enjoys the backing of a big player as an affiliate partner or parent company. This will lend a lot of credibility to your trading. Ideally, opt for a company that makes special provision for consumer protection.

Actually Exchanging Cards

Many companies have partners throughout the US where you can go and exchange gift cards for cash. However, ensure that the company has an outlet near your location and deals in the cards belonging to your merchant. Also, beware that many times when you are physically exchanging cards, you will not get as much value for them as you can get if you mail them.

Beware of Restrictions

Sometimes, there may be restrictions on the type of cards they accept and the maximum amount of face value of the cards. Also, there may be restrictions on how many cards a person exchanges on a particular day. Read the policies and terms carefully before dealing with the exchange website.

Following are a few places where you can sell your unwanted gift cards:

eBay

Why it works

It is a well-known brand, has been around for a long time, and has credibility.
It allows you to sell gift cards as well as gift coupons.

Why it doesn't

A percentage of sales price will be charged as eBay insertion fees.
A percentage of fees will also go to paypal.com.
You won't be able to redeem more than 80-90% of the gift card value.
You will also be charged with final value fees.
The gift card cannot be priced more than $500.
You can only deal with one gift card in a matter of 7 days.
You cannot process electronic gift cards and codes.

Website: eBay.com

Cardpool

Why it works

Its online redemption option will allow you to sell your gift card in an electronic way without mailing them.
You can receive up to 92% of the face value of the card.
Cardpool purchases and sells the cards themselves, so the transaction is secure.

Why it doesn't

They only carry gift cards that do not have fees or expiry date.
It will take about a week for the check to reach you.

Website: cardpool.com

Gift Card Granny

Why it works

There are absolutely no fees charged.
There are a number of websites available; hence, you can get a competitive quote.
You will get cash even before your card sells.
You have the option to compare and select a buyer that will give you maximum price.
A free app is also available for your mobiles.
Sign up for their alerts for your favorite merchants, and you will receive information about new discount gift cards.

Why it doesn't

It takes about 7 business days for you to get the check, so there is no instant cash.
Some websites will not allow you to trade the card if its value is below $25.

Website: giftcardgranny.com

Alula

Why it works

It allows you to get instant cash for your cards.
Operating Alula kiosks is hassle-free and convenient.
Every transaction is guaranteed.
You will get a voucher against the gift card, and you will have to exchange it for cash at the grocery store.

Why it doesn't

There may not be a kiosk near your location.
You will have to submit personal information.
You won't be able to trade a card that is lesser than $20 of value.
Visits to the Alula kiosk and exchange gift cards by an individual are limited.

Website: alula.com

Raise

Why it works

You will get to set your own price irrespective of the merchant of the card or its expiry date.
Multiple search is possible.
You can even sell partially used cards.
You can also earn rewards from their referral program.

Why it doesn't

You will not get the money until your gift card sells.
It levies 15% seller fees, which is a lot of money.
In addition, a listing fee of $1 is charged per card.

Website: raise.com

CardCash

Why it works

You will get to exchange your gift card for another one which you will use.
It is a trusted name in the gift cards' industry.
It is accredited by the BBB.
Every transaction is guaranteed, as it will buy the card and sell it.
The information you enter will be kept confidential.

Why it doesn't

You have to be a member of paypal.com
The transaction fees will range between 3-30% of the face value of the cards.

Website: cardcash.com

Apart from the ones mentioned above, you can check out the following websites too.

  • GiftCardo
  • GiftCardRescue
  • CardSnagger
  • Junkcard
  • Giftcard Zen
  • Gift Card Monkey
  • Monster Gift Card
  • Card Avenue
  • GiftCardGiver
  • ABC Gift Cards
  • Swapagift

Also, if you want to donate your gift cards to a good cause, you can donate them at giftcardgiver.com. Now that you know how to sell or swap unwanted gift cards, do it wisely so that you will get a good amount of money to buy something you really want.
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Published: December 27, 2013
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