How to convert unwanted gift cards into cash
Now that Christmas is over and the bills are rolling in, you may notice that you have gift cards that you can not use, or do not want. And let’s face it, sometimes you just want the cash. In 2019 Americas purchased $171 Billion worth of gift cards, ranging from Starbucks, to Wal-Mart to Apple, not all of these cards can be winners.
With all of these gift cards out in the market, chances are, if you don’t use a gift card within the first few months of it being given to you, you simply won’t use it all.
This got me thinking about how much money has not been used on gift cards, according recent financial filings of US based corporations, unused gift cards have amounted to a lot of money that is on their books, here are a few examples:
Wal-Mart: $1.9B (2019)
Amazon: $2.8B (2018)
Starbucks: $1.6B (2018)
Target: $727M (2018)
You don’t have to be stuck with a gift card that will endlessly sit in your wallet. You can do 3 things with these unwanted gift cards: you can Sell them, Trade them or even Exchange them at a gift card kiosk.
How to get cash for the gift cards:
1- Sell the cards
Now that you have decided to sell your gift cards, there are several companies like CardCash, Card Pool, CardSwap and GiftCard Granny who let you sell gift cards for up to 90% of their cash value. Eventhough you will not get back 100% of the value of the card, you will be sent a cheque. These sites ensure that the gift card to cash transactions stay safe with money-back guarantees and fraud protection.
There are several places to sell giftcards online, some sites let users bid on your gift cards, while others will purchase your gift card and sell it themselves.
Depending on the service you choose, you can receive a cheque in the mail, a Paypal payment or a more useful gift card.
Paypal might be a quick form of payment, but keep in mind fees if you want to maximize your payout. Cheques may take a little longer to mail out, but they’re basically cold, hard cash. And depending on your spending habits, another gift card might be the best choice, as the conversion rate is going to be the highest.
Each selection has its own perks, so choose whichever best fits your needs.
The Best Websites to sell gift cards
To get a quote on your gift card, all you need to do is input the brand and balance. On most of these sites, there’s an option to enter the gift card number to sell it and receive payment electronically — no need to mail anything.
Rates will vary depending on the service and the brand, so I thought it would be fun to see which would offer the best price for gift cards.
I did some research online and found the following chart that outlines 5 different online gift card buyers and checked the fees on different gift cards, it shows what they would offer for $25 gift cards from Starbucks, Banana Republic and Target.
2- Trade the gift card
Card Cash, for instance, lets you trade in your gift cards for the same value or up to 13.5 percent more. Using this method, not only are you making money on a gift card you otherwise wouldn’t use, but you get a couple of extra dollars to spend at a store or restaurant where you’d actually like to treat yourself.
Some retail stores, like Target, also have trade a program where you can bring in gift cards from a variety of stores and trade them in for a Target gift card.
3- Find a Gift Card Kiosk
If you’re looking to get a fast payout for your gift cards, you can bring your cards to kiosks that offer instant money in exchange for the cards.
These kiosk’s are usually located inside grocery, department stores or check-cashing stores. Here is the place to find the CardPool giftcard exchange kiosk nearest to you.
While you won’t always be offered the full amount of cash that the gift card is worth, but it’s a great way to unload the cards and get money fast.
Summary
So there you have it, rather than keeping unwanted gift cards in your wallet, find the method that works for you and your needs and turn the giftcard into cash that you will actually use.