How to Sell Gift Cards for Cash

- How to Sell Gift Cards for Cash, by Rosie2010 -
- How to Sell Gift Cards for Cash, by Rosie2010 -

For people who have busy schedule and just do not have the time to go shop for a gift, gift cards are great last minute gift. Gift cards can be bought anywhere, any place, anytime. Just about all stores or restaurants offer gift cards for sale. Favorite restaurant gift card is a great gift for couples. A day at the spa gift card is a most welcome gift for women. A gift card from the beer store would get you a big hug from your boyfriend, husband, brother, the mailman, or just about any man in the planet. If you gave your son an iTunes $100 gift card, he might not jump up and down, but he might say, "Cool, Mom!"

A lot of companies give their employees coffee house gift cards to show appreciation for a job well done. I know that's cheap, but let's not go there. Here in Canada, we love Tim Hortons gift cards, just as much as Americans love Starbucks gift cards.

Gift cards from big box stores like Walmart, Target and Business Depot are also very popular. Oh puhleeze, don't tell me you don't shop at Walmart. Everyone shops at Walmart.

But, what happens after you received a gift card? You tack it away in your wallet or put the gift card in the drawer where you put all your other gift cards, happy with the thought that you are going shopping one day. The problem is that shopping day sometimes never come, and the gift cards would be forgotten, and heaven forbid, expire. There are gift cards that have expiry dates, so you better check each gift card that you had tacked away for expiry dates.

And what about those gift cards from stores that you don't normally go shop? Like someone just happen to give you a $100 gift card to Home Depot, and you've never been to Home Depot, let alone shop at Home Depot. Or the dreaded Walmart - shoot me now, why don't you!

Well, it just so happen that Walmart and Home Depot gift cards are in demand. What about if I tell you that you can go and exchange your Walmart gift card to a day at the spa gift card? Or sell your Home Depot card and get cash in return? Wouldn't that be great?

How to Sell Gift Cards for Cash, by Rosie2010
How to Sell Gift Cards for Cash, by Rosie2010

Gift Card Exchange

Yes Virginia, there is a Santa Claus. We call it gift card exchange. You can sell gift cards for cash or purchase discount gift cards. You can even donate your gift cards to charity or organize a gift card fundraiser, if you are so inclined.

There are many online sites that offer these services, such as PlasticJungle.com, CardPool.com and GiftCardRescue.com. You can sell gift cards to these sites for a portion of the face value, then they will resell them to consumers at a discount of 3% to 30%, depending on the merchant. You can also buy the discount gift cards and use them at the full face value of the card, or use the discount gift card with other store coupons or sales and get extra saving.

According to Bruce Bower, CEO of PlasticJungle.com, the gift card exchange concept appeals to people who have specific plans to shop at a particular store at a given time, like the back-to-school season. Some parents knew they would be shopping at Old Navy or Target, so they would buy Old Navy or Target discount gift cards at 5% saving, and use them in combination with stores sales 30% discount. That's a pretty good saving if you are a parent of two or more kids going back to school.

The gift cards exchange is also great for special occasions such as Mother's Day, when you usually buy flowers at double or even triple the price. You can then buy a discount gift card and buy your Mother's Day flowers at a discount price using your discount gift card at its full face value.

Supply and Demand

The amount you can get for selling your gift card or the savings you would get in buying a discount gift card will vary according to supply and demand. The popular gift cards from retailer or brands with wide consumer appeal, such as Walmart, Target, Home Depot or grocery brands, will be easy for the gift card exchange to sell. So, if you have these gift cards, they will be easy to sell and you get more money in exchange. However, if you are buying these discount gift cards, you are not going to get much saving as they are in demand. You might even have to put your name on the waiting list with the gift card exchange site, so they can notify you when they get them.

Whereas gift cards that can only be used in your area might get you less money because there will be less people wanting to buy them.

Kwame Kuadey, CEO and Founder of GiftCardRescue.com, gives us a great tip. He says there’s also a seasonal element on discount gift cards. He says after Christmas, they get a lot of restaurant gift cards and because they have a huge inventory, you're more likely to get a huge discount on restaurant gift cards. And during summer, it’s hard to find restaurant gift cards, but you see a lot of department store gift cards.

So there you go... don't let those gift cards in your wallets and drawers get wasted.. turn them into cash. Discount gift cards are also a great way to save money.

How to Sell Gift Cards for Cash, by Rosie2010
How to Sell Gift Cards for Cash, by Rosie2010

Caveat Emptor - Let the buyer beware

However, you have to be aware that not all gift card exchange sites are alike. Before you use any of them you have to check the site's reputation. Gift card exchange sites are not like eBay or Craiglist, where the buyer deals directly with the seller. Most gift cards sites are just the middleman, so you have to do a lot of research before you use them.

Here are some tips on checking out gift card exchange sites:

  • Check whether the site guarantees the value of the card you are buying.
  • Read their "About" page and see how much the site discloses about themselves - the more information the better for you.
  • Check out the contact page for an email and a phone number. If the site only offers an email address for contact, it might be hard to get in touch with them if you need to.
  • If a phone number is given, call that number to test it out.
  • Check if the gift card you are buying has any fees or expiration dates attached.
  • Check if the site allows consumers to return gift cards for a full refund within certain days if they change their mind.
  • Check if the site offers free shipping. If not, make sure the shipping costs do not negate the savings of the gift card.

In other words, buyer beware.

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Comments 4 comments

Rosie2010 profile image

Rosie2010 5 years ago from Toronto, Canada Author

Hiya Pam, thanks for dropping by. Oh yes, there are gift card exchange sites and the three I mentioned are top three reputable ones. I've never used them as I always use my gift cards, but it's nice to know they exist. I'm glad you found my gift card hub informative. Cheers!

Have a nice day,

Rosie


Rosie2010 profile image

Rosie2010 5 years ago from Toronto, Canada Author

Hiya Steve, thanks for dropping by. I'm so glad you enjoyed reading my hub on gift cards. You might have your own gift card exchange in the UK. We have them here in Canada. Cheers!

Have a nice day,

Rosie


Pamela99 profile image

Pamela99 5 years ago from United States

I didn't even know there was a place to exchange gift cards. Thanks for the information.


SteveAston 5 years ago from Bury, United Kingdom

Great hub as usual, I'l certainly be looking into whether sites like the ones you mention service the UK.

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