If your gift cards are about to expire or no longer desirable, there are safe ways you can convert them to cash. Look for trustworthy online exchanges or marketplaces offering cash in return for a portion of their value – typically 10%-20% of its total worth.
Stick with trusted platforms, like GCBUYING, Raise or CardCash. Many offer multiple payout methods such as direct deposit or PayPal.
1. Check the Balance
Gift cards can be the ideal solution when it comes to finding gifts for others, but they also pose the danger of overspending if left unused in your wallet – according to one recent Bankrate study, nearly half of Americans carry around an average $244 worth of unused gift cards in their pockets!
Consumers can avoid being trapped by overspending by keeping track of their gift card balances, Hunter says. Most retailers provide instructions on how to do this on the back of their cards or through an 800 number that goes directly to customer service agents, she notes.
If you have an unwanted gift card that’s gathering dust, consider trading it for cash or another card. Resale sites such as Raise, CardCash and eBay sell cards at up to 95% of their original value, says Hunter. However, some services have been subject to fraud; she recommends researching reviews online as well as Better Business Bureau reports before selling or buying one.
Alternative Options – Donate It Charity-wise If you’d rather donate it directly, donate your gift card to charity instead. Various nonprofits often need gift cards in order to purchase goods that benefit specific causes – for instance groceries for food banks and restaurant gift cards for first responders and teachers – Jenkin advises. You might even get a tax write-off!
2. Sell on a Resale Site
If you have unwanted gift cards that you no longer use, there are numerous websites that will take them off your hands for cash. Some act as marketplaces where you can list your card for sale while others purchase and resell them themselves. Some charge a single percentage of its value as commission fee once your gift card sells while others will provide immediate payment in cash (or another card at a reduced value).
Gameflip is an e-commerce and auction site tailored specifically towards gamers that allows you to list digital and non-digital cards from Amazon, iTunes, Google Play, and other retailers for sale on its platform. Once listed, buyers will know exactly how much money can be paid out with each gift card they purchase; funds will then be transferred into your Gameflip wallet so you can withdraw them using Wise, Payoneer or Skrill depending on your preference.
Be wary when selling on eBay, Craigslist or Facebook Marketplace as scammers may lurk. Selling directly to friends may also work well but may take longer and require meeting up in person. When selling unwanted gift cards it’s essential that records of each transaction be kept. Keeping receipts will help guarantee that you receive their full value and avoid any issues quickly if any arise.
3. Exchange for Another Card
If you own gift cards to stores you don’t regularly visit, third-party exchange websites offer ways for you to exchange them for another card from another retailer – for instance an Applebee’s gift card could be traded in for one from Target or Sephora; transaction fees typically cost much less than selling them on resale sites.
These sites also serve as intermediaries between buyers and sellers, screening sellers for bad reputations or providing money-back guarantees to ensure buyer satisfaction. Money-back guarantees can especially prove helpful when selling cards that have been bought at less than their value; though traders should exercise caution when selling gift cards directly online like Craigslist ads often promise fully loaded cards but send empty or partially used ones instead;
Notably, many retailers make their gift cards nonrefundable regardless of your use; therefore, it’s wise to read your card’s terms and conditions to understand your options. Some stores like Lowe’s permit returns of physical gift cards or cancellation of scheduled e-gift card deliveries; you could also sell them through third-party marketplaces like CardCash and Raise; however this approach usually requires taking a cut of its value as compensation.
4. Get Cash
If your gift card has become obsolete or you need the cash, selling it to third-party sellers might be an option. Platforms and apps like CardSell provide a structured way for selling cards at a percentage of value plus fees for processing the transaction.
These services may be an attractive solution for individuals looking to avoid the hassle of advertising gift cards on social media and local marketplaces, while receiving quick payment in return. Just be wary of offers that seem too good to be true – only trust reputable exchange sites or apps with clear policies regarding user safety and privacy protection.
Many companies also allow you to trade gift cards for another card instead of cash. This option typically helps preserve more value while giving you access to something special you really want – you can do this both online or at stores with kiosks dedicated to gift card trading such as Walmart and Target.
Making gift cards you don’t want into cash can be practical, but it can allow you to cut down on the quantity of cards that are not used that you carry around and increase their usage. When you understand the differences between the convenience of cash, payment and time, you’ll be able to decide which method is best for you to make use of those cards that you’ve never used.