Key Facts
- Sales of gift cards have surpassed $160 billion.
- Turning unwanted gift cards into cash can help with costs or investing.
- Various platforms and techniques exist for cashing out gift cards.
The Value of Gift Cards
Gift cards provide recipients choice and flexibility. Many are cherished presents, but many are unused, wasting value. Cashing these cards can provide immediate financial benefits.
Why Cash Out Gift Cards
There are many benefits to cashing out gift cards. Discovering ways to cash out is practical for meeting immediate financial requirements, investing in opportunities, or choosing cash over shop credit.
Selling Vouchers Online
Gift Card Marketplaces
Many internet marketplaces sell gift cards. Unused gift cards can be sold safely on these platforms with low commissions. They offer many product categories, helping retailers access a large audience.
Using Mobile Apps for Quick Sales
Selling is easier with mobile apps. Users can simply sell gift cards, but they must pay a 10%–15% commission.
Listing on E-commerce Platforms
E-commerce businesses sell gift cards for confident internet shoppers. This strategy can entice consumers by offering the card at a lesser price, but these platforms may demand greater transaction costs.
Selling to Individuals
Selling to Friends and Family
Offering unwanted gift cards to friends and family is a safe way to sell them. The solution eliminates online transaction risks and expenses, making it simple.
In-Person Sales Safety
To ensure safety, meet a buyer in public and verify their identity before exchanging card information. Be sure to transact securely.
Other Trading Options
Gift Card Exchange Kiosks
Using exchange kiosks to trade gift cards for cash is simple. Many kiosks give cash amounts from 60% to 85% of the card’s value for rapid conversion.
Trading for Different Store Cards
Gift cards can be exchanged for store-specific cards at kiosks and online. Although not a cash conversion, this method can provide cards for regularly visited establishments, providing value.
Creative Gift Card Uses
Paying Bills and Necessities
Use gift cards for food and gas to save money and reduce financial stress. This method lets you use the card’s value.
Retail Arbitrage
For entrepreneurs, retail arbitrage entails buying inexpensive things with gift cards and reselling them. This strategy is profitable in some marketplaces and online communities.
Alternatives to Cash Conversion
Regifting and Gifting
Unused gift cards can be given to loved ones. This ensures card use and brings joy.
Charitable Donations
Donating leftover gift cards to charity is another option. Organizations often take gift cards and provide tax receipts, which can help during tax season.
Precautions and Tips
Avoiding Scams
Beware of frauds while selling gift cards. Check the buyer or platform’s validity before buying.
Considerations for Value
Cash conversion is tempting, but card value loss must be considered. Sometimes using the card for purchases is better.
FAQ
Best ways to sell leftover gift cards?
Selling leftover gift cards on online markets and mobile apps is safe and easy.
What can I expect while cashing out my gift card?
Depending on the conversion process, you can expect 60% to 85% of the card’s value.
Is selling gift cards in person safe?
Meeting in public and verifying the buyer’s identification before exchanging card details are safety measures when selling in person.
At kiosks, can I exchange gift cards for cash?
Multiple kiosks give cash for gift cards, however the amount varies by value.