Content of the material
- 1. Sell Your Unused Gift Cards for Cash
- 4. Scan or Swipe your Gift Card
- Why did we not list Cardpool?
- Prepaid vs gift cards
- 4. Donate the Gift Card to Charity
- Trade Gift Cards Online
- Get cash for gift cards from these places
- Get the Most Money for Your Gift Card
- Following Precautionary Measures is important:
- Avoid redeeming credit card rewards for gift cards
- Where Can I Sell Gift Cards for Cash in Person?
- Need Help Using Visa Gift Cards Online?
1. Sell Your Unused Gift Cards for Cash
There are websites available that will enable you to sell your gift cards for something very close to its face value. One such site is GiftDeals.com. The site advertises that it will get you the highest price for your gift cards when you sell through the site. They also promise that they “only work with the most reputable resellers to provide top-notch service and prompt payment.”
Once on the site, you simply need to enter the merchant or store on your gift card to see which exchange site will offer you the most money. Just exactly how much you can sell a gift card for through the site will depend on the merchant (which determines the popularity of the card).
For example, gift cards to a popular retailer like Target will fetch as much as $90 for a $100 card. But a $100 gift card to a much more highly specialized retailer, like Bass Pro Shops will get no more than $78.
Still another site where you can sell your unwanted gift cards is Gift Card Granny. There you can sell hundreds of popular (and not so popular) gift cards, and providing you with the option to either redeem the proceeds by mail, or online.
The site advertises that the most popular gift cards can fetch as much as $92 (on a $100 gift card), which is seriously close to the full face value, and they offer free shipping too.
4. Scan or Swipe your Gift Card
When you get to the machine, the first thing you’ll do is scan the bar code on the back of the gift card or swipe the card in the card reader. When the card is recognized, you’ll be asked to confirm the gift card retailer.
Why did we not list Cardpool?
The reason we can’t recommend Cardpool is that it has an F rating with the BBB, the lowest rating they give. Definitely worth taking into account! We read many reviews that suggested Cardpool did not send out cards or pay the proper amount when purchasing from sellers. As such, we cannot recommend this site, but you are obviously free to consider it.
One of Cardpool’s main advantages is its one year guarantee. Unlike competitors such as CardCash, who only guarantee for 45 days. Cardpool also gives you the option of being paid in Amazon gift cards: a unique offer among the companies we reviewed. We particularly liked the Cardpool app, which gives you access to a digital wallet and allows you to buy gift cards on the go; maybe even while waiting in line at checkout. You can pay in-store directly from your phone and get your shop for less.
One disadvantage is the app is only available on the Apple App Store. Popular stores see lower discounts. However, it’s still a good way to save a few bucks if you’re making a bigger purchase and it’d add up over time. We saw much bigger discounts on other retailers such as American Eagle, which offered a 17% discount.
Prepaid vs gift cards
A gift card is essentially like cash you can only spend at a specific store. You use the card until the balance is gone and then discard it, though some retailers allow you to add more money to the card so you can continue spending with it. Not all stores allow you to reload existing cards, and there’s a chance the store could give you a new gift card every time you want to add money. One red flag to look for are fees, as gift cards shouldn’t have any. If a retailer tries to charge you a fee for using a gift card, we recommend using another method of payment or simply shopping elsewhere.
Prepaid cards are designed to be reloadable, and as such, they sometimes carry fees. These vary by card, so it’s important to read the fine print if you go this route. These cards are often available from credit card companies like Visa and can be used on everyday expenses. Wallet Hub found prepaid cards can cost a person up to $311 per year in fees though, so if you can, you should opt for cards directly from a bank because they have fewer fees and a more secure guarantee. Or, you can avoid this quagmire altogether and opt for a gift card. If the person can’t find anything at the store it’s good at, they can use a gift card exchange to swap it for one they’ll love!
4. Donate the Gift Card to Charity
Even if you have no use for a certain gift card, a charity may be able to put it to good use. Instead of giving cash to a favorite charity, donate your unwanted gift cards. If you are going to give cash gifts anyway, the gift cards will represent a recovery of the value of the cards.
You can also get a more direct benefit in the form of a tax write-off. A gift card will be tax-deductible for the face amount of the card. If you have a combined federal and state marginal income tax rate of 35%, you’ll get a direct tax benefit of $35 on the donation of a $100 gift card.
Trade Gift Cards Online
To get cash for gift cards, you can use one of a number of gift card exchange websites that will offer you cash or another retailer’s gift card for your unwanted gift card.
You’ll never get 100% back on online gift card exchanges. That’s because the exchange itself typically takes a small fee, and shoppers using the exchange won’t want to pay full price to buy a gift card secondhand. But if you exchange your gift card online, you should be able to recoup at least half of the full value.
Depending on the type of gift card, the amount, and the supply of similar cards, you could earn anywhere between 54% and 92% of the card’s value via an online gift card exchange, says Mark Romanelli, executive vice president of product for GiftCardGranny.com, the largest aggregator of online gift card exchanges.
Get cash for gift cards from these places
By some estimates Americans end up leaving $1 billion (with a B) worth of store credit, via gift cards, unused because of gift cards they don’t want or can’t use. That’s just ridiculous. Imagine how much you could have bought–or cash you could have received–from these unused gift cards. That’s why I’m offering these three places you can go to get cash–or a gift card you actually do want–for your unwanted gift cards.
Like Raise, Giftcards.com is an online marketplace for buying gift cards at a discount. As far as selling gift cards and getting cash for gift cards you no longer want, Giftcards.com can do that, too.
Get the Most Money for Your Gift Card
To make sure you get the most for any trade, visit a couple of different gift card exchange sites and compare offers.
Start at GiftCardGranny.com. This online gift card aggregator lets you select the merchant of your card and then easily compare offers from other reseller sites, including Cardpool.com and ABCGiftCards.com, to see the best deal among their partners.
Note that each gift card exchange uses different fees and payment methods. Be sure to read the fine print so you know exactly what you’ll get in return for your card.
Following Precautionary Measures is important:
While you plan to sell gift cards for cash, then you must be very particular about maintaining a few things so that you must get the fair deals and get paid in instant cash. While you proceed to sell gift cards, you must keep an eye on the following:
- In case you are trying to sell the gift cards you have, then the chances of getting scammed are always high. Make sure you take care of all the precautionary measures before you get started with a particular service provider. Your ability to maintain these measures can bring you the best and the safest processes for selling cards for cash.
- You must ensure that you do not send the cards until you get the payments. Stick to your point and release the cards immediately after you receive the payment in cash or in your bank account through wire transfer.
- In case you are selling the card of a particular store, then you must prefer to meet the person directly and then proceed with the remaining part of the process. Here, you must check if the card is working or not before you start the process to sell the gift cards for cash.
- If you are planning to sell e-gift cards or vouchers, then make sure to complete the same process as mentioned in the previous step.
- Reading the terms and conditions is very important if you are planning to sell the card using a third-party website. On many occasions, people avoid reading them before agreeing to them and that is where they face the consequences. It may involve the potential risk of scams.
At Cash4GiftCards America, we have the most trusted facilities that most of our clients appreciate. We complete all the necessary procedures before our customers sell gift cards for cash. We follow the official rules and guidelines while handling all the procedures. We follow no shortcuts as they are often risky and are not good for us and for our customers.
So, what are you thinking about? Reach Cash4Giftcards America at the earliest if you are in some kind of hurry for selling gift cards and get paid in cash for the right amount. We offer the right amount as per the standing norms and get your acceptance for that before completing the remaining part of the story!
Avoid redeeming credit card rewards for gift cards
There’s one more thing you need to know about making money from gift cards—in most cases, redeeming credit card points, miles or cash back for gift cards isn’t the best use of your hard-earned rewards. While you can redeem credit card rewards for gift cards, you’ll often get a lower value than you could have earned if you’d redeemed your rewards for statement credits, travel bookings or online shopping.
If you want to maximize your credit card rewards, it’s best to avoid turning your points, miles or cash into gift cards. Instead, take some time to learn which rewards redemption methods offer the biggest bang for your buck. If you have a Chase travel credit card, for example, your points are often worth more when you redeem them for travel through Chase Ultimate Rewards—which means you’re leaving money on the table if you redeem your Chase Ultimate Rewards points for gift cards.
Where Can I Sell Gift Cards for Cash in Person?
Whether you want to sell an unused or a half-used gift card, one of the options you have is to head over to the closest:
While this method enables you to get your money back immediately, the entire process can be rather tedious. Besides having to search for the closest store location on Google, you’ll also have to spend hours:
- Driving to the store or kiosk
- Waiting in lines
- Completing the required paperwork
Another drawback is that you’ll probably have to provide a receipt as proof of purchase if you choose to go to the retailer directly.