Consumers Can Trade in Unused Gift Cards for Money. Here’s What to Know
Do you have a stack of gift cards sitting in your wallet or drawer, unused and collecting dust? Well, good news! You can actually trade in those unused gift cards for money. Yes, you read that right. Many retailers and online platforms now offer the option to sell your gift cards for cash. So, if you’re looking to declutter and make some extra money, here’s everything you need to know about trading in unused gift cards.
1. Why Trade In Unused Gift Cards?
Before we delve into the details of how to trade in your unused gift cards, let’s talk about why you should consider doing it in the first place. We all have received gift cards at some point in our lives, and while they can be a great way to treat ourselves or pick up something we need, sometimes we end up with gift cards that we have no use for.
So, instead of letting those gift cards go to waste, trading them in for money is a practical solution. It allows you to free up space in your wallet and put the value of the gift card to better use.
Additionally, trading in unused gift cards can be a great way to save money. If you’re in need of cash but don’t want to dip into your savings, selling unwanted gift cards can provide you with the funds you need without having to take on additional debt.
2. Where Can You Trade In Unused Gift Cards?
Now that you’re convinced that trading in your unused gift cards is a smart move, let’s talk about where you can go to make that happen. There are several options available, both online and in-store.
2.1 Online Gift Card Marketplaces
One popular option is to trade in your gift cards through online marketplaces that specialize in buying and selling gift cards. These platforms connect buyers and sellers, allowing you to list your gift card for sale and receive offers from potential buyers. Popular online marketplaces for gift card trading include Raise, Cardpool, and GiftCardBin.
Each marketplace has its own process for selling gift cards, but generally, you will need to create an account, list the gift card(s) you want to sell, and set your selling price. Once a buyer is found, you will be sent instructions on how to send the physical gift card or provide the necessary information for an e-gift card. Then, you’ll receive payment for the value of the gift card (minus any fees charged by the marketplace).
2.2 Retailer Trade-In Programs
Some major retailers also offer their own trade-in programs for gift cards. These programs allow you to bring your unused gift cards to the retailer and exchange them for store credit or a different gift card that you will use. Walmart, Target, and Best Buy are just a few examples of retailers that offer trade-in programs.
When using retailer trade-in programs, keep in mind that the value you receive in exchange for your gift card may be lower than the face value of the card. The retailer is essentially buying the card from you at a discounted rate, which allows them to resell it and still make a profit.
3. Tips for Maximizing Your Returns
While trading in unused gift cards is a straightforward process, there are a few tips and tricks that can help you maximize your returns.
3.1 Research Gift Card Buyers
Before listing your gift card(s) on an online marketplace, take the time to research the different buyers available. Look for the marketplace that offers the best rates and has a good reputation for secure transactions and prompt payments. Reading reviews and comparing offers can help you make an informed decision.
3.2 Check for Expiration Dates and Fees
Before trading in your gift cards, make sure to check for expiration dates and any associated fees. Some gift cards might have an expiration date or lose value over time, which can impact the cash value you receive when trading them in. Additionally, be aware of any fees charged by the marketplace or retailer for using their services.
3.3 Consider Selling in Bulk
If you have multiple gift cards that you want to get rid of, consider selling them in bulk. Some online marketplaces offer the option to sell multiple gift cards together, which can lead to higher offers and save you on transaction fees.
Hot Take Away
Trading in unused gift cards is a smart way to declutter, save money, and put the value of those cards to better use. Whether you choose to sell your gift cards through an online marketplace or take advantage of retailer trade-in programs, make sure to do your research and consider any associated fees. With a little effort, you can turn those unused gift cards into cold hard cash in no time!
Now that you’ve learned more about this subject, feel free to read this recent news article on the topic: This popular holiday gift often goes unused: Here’s how to turn it into cash
