How to Sell Your Unwanted Gift Cards For Cash- A Comprehensive Guide

We've all been there – you receive a gift card for a store you rarely visit or a restaurant that's not your cup of tea. Instead of letting these cards collect dust in your drawer, why not turn them into cold, hard cash? This guide will walk you through the various ways to sell your unwanted gift cards, helping you make the most of those well-intentioned but mismatched presents.

Understanding the Gift Card Resale Market

Before diving into the selling process, it's important to understand how the gift card resale market works.

The Value of Unwanted Gift Cards

Did you know? According to the National Retail Federation, Americans spend over $160 billion on gift cards annually, with an estimated $3 billion going unused.

This creates a thriving secondary market for gift card resale, where you can typically expect to receive anywhere from 50% to 92% of the card's face value, depending on its popularity and demand.

Factors Affecting Resale Value

• Brand popularity
• Card balance
• Expiration date
• Physical vs. digital cards

Online Gift Card Exchange Platforms

One of the easiest ways to sell your unwanted gift cards is through dedicated online platforms.

Popular Gift Card Exchange Websites

1. CardCash
2. Raise
3. ClipKard
4. GiftCash

These sites act as intermediaries, connecting sellers with buyers looking for discounted gift cards. They typically offer two options:

1. Sell directly to the platform for a quick payout
2. List your card for sale to other users, potentially earning more but taking longer to sell

How to Use Gift Card Exchange Websites

1. Create an account on your chosen platform
2. Enter your gift card details (brand, balance, card number)
3. Receive an offer or set your selling price
4. Ship physical cards or transfer digital codes
5. Get paid via direct deposit, PayPal, or check

Selling Gift Cards on Marketplace Platforms

Another option is to sell your gift cards on general marketplace platforms.

Popular Marketplaces for Gift Card Sales

• eBay
• Facebook Marketplace
• Craigslist

Tips for Selling on Marketplaces

1. Be transparent about the card's value and expiration date
2. Take clear photos of physical cards
3. Use secure payment methods like PayPal
4. Meet in public places for in-person transactions
5. Be aware of potential scams and fraudulent buyers

Local Options for Selling Gift Cards

If you prefer face-to-face transactions, consider these local options:

Coinstar Exchange Kiosks

Found in many grocery stores, these kiosks allow you to instantly exchange gift cards for cash. However, be prepared for lower payouts compared to online options.

Pawn Shops

Some pawn shops may be willing to buy gift cards, but expect to receive a lower percentage of the card's value.

Local Buy/Sell Groups

Check Facebook or community bulletin boards for local buy/sell groups where you can connect with potential buyers in your area.

Maximizing Your Gift Card's Value

To get the most bang for your buck, consider these strategies:

Timing Your Sale

Gift cards for certain retailers may be in higher demand during specific seasons. For example, home improvement store cards might fetch better prices in spring when people start their DIY projects.

Partial Usage

If you can use part of the gift card's value, do so before selling the remainder. This can be especially useful for cards to stores you occasionally shop at.

Bundling Cards

Some buyers may be interested in purchasing multiple gift cards at once, especially if they're for the same retailer. Consider bundling your cards to make them more attractive to potential buyers.

Safety Considerations When Selling Gift Cards

When selling gift cards, especially to individuals, keep these safety tips in mind:

• Never share the full gift card number and PIN until you've received payment
• Use secure payment methods and avoid cash transactions with strangers
• Be wary of overpayment scams where buyers offer to pay more than the card's value
• Trust your instincts – if a deal seems too good to be true, it probably is

Legal and Tax Implications

While selling gift cards is generally legal, there are a few considerations to keep in mind:

• Some states have laws regulating gift card resales
• If you're selling gift cards in large quantities, you may need to report the income on your taxes
• Be aware of potential issues with selling store credit or merchandise credit, which may have different rules than standard gift cards

Conclusion

Selling unwanted gift cards is a great way to turn those well-meaning but ill-fitting presents into cash you can use anywhere. Whether you choose to sell online, through a local kiosk, or to individuals in your community, there's a method that will work for you. Remember to prioritize safety, do your research to get the best value, and consider the timing of your sale to maximize your returns. With this guide in hand, you're well-equipped to navigate the gift card resale market and put that unused plastic to good use!

Gift Cards Frequently Ask Questions
 

Q1: What are the best ways to sell unwanted gift cards for cash?

A: There are several good ways to sell unwanted gift cards for cash. You can use online gift card exchange websites, sell them to friends or family, trade them at local pawn shops, or use gift card kiosks at grocery stores & malls.
 

Q2: How much money can I expect to get for gift card?

A: The amount you’ll get for your gift card depends on the retailer, card balance, and demand. Generally speaking, you can expect somewhere between 60% to 90% of the card's value. It varies quite a bit!
 

Q3: Are there any fees involved in selling gift cards online?

A: Yes, some gift card exchange websites charge a small fee for their service. This fee usually gets deducted from the final payout. Make sure to read the terms & conditions before using any service.
 

Q4: Is it safe to sell gift cards online?

A: Selling gift cards online can be safe if you stick with reputable exchange websites. Check out sites with positive reviews, secure payment methods (very important), and clear policies. These things ensure a smooth transaction.

Q5: Can I sell partially used gift cards?

A: Yes, many services will accept partially used gift cards. But keep in mind, cards with higher balances often get better rates. So it might be worth checking your balance first.
 

Q6: How long does it take to receive payment after selling a gift card?

A: The time it takes varies depending on how you choose to sell it. Online exchanges typically process payments within 1-3 business days. Instant cash options like kiosks or in-person sales give you money right away.
 

Q7: What types of gift cards are most valuable to sell?

A: Gift cards from popular retailers, restaurants, & online marketplaces usually hold the most value. Cards from Amazon, Walmart, Target – even major restaurant chains – often fetch higher rates.
 

Q8: Can I sell e-gift cards or only physical gift cards?

A: Many exchange services accept both physical and e-gift cards. However, some might have different processes or verification steps for e-gift cards just to ensure security.
 

Q9: What information do I need to provide when selling a gift card?

A: Usually, you'll need to provide the gift card number, PIN (if applicable), and the card's balance. Some services might also ask for proof of ownership or purchase – just to be thorough.