Got a pile of gift cards gathering dust? Maybe you received a gift card to a store you don’t frequent, or perhaps you’re simply in need of cash more than another sweater or kitchen gadget. Whatever the reason, turning those unwanted gift cards into cash is easier than you might think. This comprehensive guide will walk you through the various methods for selling your gift cards, helping you get the most value and the quickest turnaround.
Why Sell Your Gift Cards?
Before diving into the how-to, let’s consider why selling gift cards is a smart move. Here are a few compelling reasons:
- Immediate Cash: The most obvious benefit is the immediate access to cash. Instead of letting a gift card sit unused, you can convert it into funds you can use for bills, groceries, or anything else.
- Avoid Expiration: While many gift cards no longer expire, it’s still a risk. Selling your card ensures you don’t lose its value due to inactivity fees or an expiration date you forgot about.
- Prevent Loss or Theft: A physical gift card can be easily lost or stolen. Selling it eliminates this risk and provides you with a more secure form of value.
- Unwanted Retailers: Sometimes, you simply don’t need or want anything from the store the gift card is for. Selling allows you to use the value elsewhere.
- Budgeting: Selling gift cards can be a useful budgeting tool. It allows you to access funds when you need them without incurring debt.
Methods for Selling Your Gift Cards
There are several avenues you can explore when selling gift cards, each with its own pros and cons in terms of value, speed, and convenience. Let’s explore each option in detail:
1. Online Gift Card Marketplaces
Online marketplaces are the most popular and generally the easiest way to sell gift cards. These platforms act as intermediaries, connecting you with potential buyers. They typically offer a range of gift cards from various retailers, making it easy for buyers to find what they’re looking for.
Popular Online Marketplaces:
- Raise: Raise is one of the largest and most reputable online gift card marketplaces. They offer a seller-friendly platform with a wide range of buyers. You can list your gift card for sale at a price you choose, and Raise takes a commission upon successful sale.
- CardCash: CardCash is another leading marketplace that buys gift cards directly from sellers. You can get an instant offer for your card, and if you accept, CardCash will purchase it directly. This offers a faster turnaround than listing on a marketplace.
- Gift Card Granny: Gift Card Granny is a comparison site that aggregates offers from multiple gift card buyers. This allows you to quickly compare prices and choose the best offer for your card.
- ClipKard: ClipKard is a marketplace that focuses on both buying and selling gift cards. You can either list your card for sale or get an instant offer from ClipKard.
- Cardpool: Cardpool is a well-established player in the gift card market. They offer a convenient way to sell your cards, either online or at physical kiosks.
Steps for Selling on Online Marketplaces:
- Choose a Marketplace: Research different marketplaces and compare their fees, payout options, and reputation. Consider factors like the types of gift cards they accept and the speed of payment.
- Create an Account: Sign up for an account on your chosen marketplace. You’ll typically need to provide your email address, name, and other basic information.
- Enter Gift Card Details: Provide the gift card’s brand, value, and card number (and PIN, if applicable). Be accurate with this information to avoid issues later.
- Set Your Selling Price: This is where you need to do some research. Check the marketplace to see what similar gift cards are selling for. Consider lowering your price slightly to attract buyers. Remember that the marketplace will take a commission, so factor that into your price.
- Choose Your Payout Method: Most marketplaces offer several payout options, such as PayPal, direct deposit, or a check. Choose the option that works best for you. Note that some methods may have fees associated with them.
- List Your Gift Card: Once you’ve entered all the necessary information, list your gift card for sale. The marketplace will typically verify the card’s validity before making it available to buyers.
- Wait for a Buyer: Once your card is listed, you’ll need to wait for a buyer to purchase it. The time it takes to sell can vary depending on the popularity of the retailer and the price you’ve set.
- Confirm the Sale and Receive Payment: Once your card sells, you’ll receive a notification. Confirm the sale and the marketplace will process the payment. The funds will be deposited into your chosen payout method.
Tips for Selling on Online Marketplaces:
- Price Competitively: Research the prices of similar gift cards and set your price accordingly. Be willing to lower your price slightly to attract buyers.
- Provide Accurate Information: Ensure that all the gift card details you provide are accurate. This will prevent issues and delays.
- Use High-Quality Photos: If the marketplace allows it, upload a clear, high-quality photo of the gift card. This can make your listing more appealing to buyers.
- Be Patient: It may take some time for your gift card to sell. Don’t get discouraged if it doesn’t sell immediately.
- Read the Fine Print: Familiarize yourself with the marketplace’s terms and conditions, including fees, payout options, and dispute resolution procedures.
2. Gift Card Exchange Kiosks
Gift card exchange kiosks are physical locations where you can sell your gift cards for cash. These kiosks are typically found in malls, grocery stores, and other high-traffic areas. They offer a convenient and quick way to sell your cards, but the payout is often lower than online marketplaces.
Popular Gift Card Kiosk Companies:
- Cardpool: As mentioned earlier, Cardpool also operates physical kiosks where you can sell your gift cards.
- ecoATM: While primarily known for recycling electronics, some ecoATM kiosks also accept gift cards.
Steps for Selling at Gift Card Exchange Kiosks:
- Locate a Kiosk: Find a gift card exchange kiosk near you. You can typically find kiosk locations on the company’s website.
- Scan Your Gift Card: At the kiosk, you’ll be prompted to scan your gift card. The kiosk will read the card’s information and provide you with an offer.
- Review the Offer: Carefully review the offer from the kiosk. Keep in mind that the payout will likely be lower than what you could get on an online marketplace.
- Accept or Decline the Offer: If you’re happy with the offer, accept it. If not, you can decline and take your card elsewhere.
- Receive Payment: If you accept the offer, the kiosk will dispense cash.
Tips for Selling at Gift Card Exchange Kiosks:
- Compare Offers: If possible, visit multiple kiosks to compare offers.
- Be Aware of Lower Payouts: Understand that kiosks typically offer lower payouts than online marketplaces due to their operational costs.
- Check for Fees: Some kiosks may charge fees for using their service. Be sure to check for any fees before accepting an offer.
- Verify the Cash: Before leaving the kiosk, verify that you’ve received the correct amount of cash.
3. Selling to Friends and Family
Selling your gift cards to friends and family is a simple and straightforward option. It’s a great way to help someone you know while getting some cash for yourself. This method often involves a more personal transaction and can lead to a better price than selling to a third party.
Steps for Selling to Friends and Family:
- Identify Potential Buyers: Think about your friends and family members who might be interested in the gift card you have. Consider their shopping habits and the stores they frequent.
- Offer a Discount: To make the offer appealing, consider selling the gift card at a discount. For example, you could offer a $100 gift card for $90.
- Explain Your Situation: Be honest about why you’re selling the gift card. This can help build trust and make the transaction smoother.
- Verify the Gift Card’s Value: Before completing the transaction, verify the gift card’s value with the buyer. You can do this by calling the store or checking the balance online.
- Receive Payment: Once the buyer is satisfied, receive payment in cash or through a digital payment app like Venmo or PayPal.
Tips for Selling to Friends and Family:
- Offer a Fair Price: Be reasonable with your pricing. Offering a discount will make the gift card more attractive.
- Be Transparent: Disclose any information about the gift card, such as its expiration date or any restrictions.
- Use a Secure Payment Method: If using a digital payment app, ensure it’s a secure platform.
- Document the Transaction: For your own records, consider documenting the transaction, including the date, amount, and the buyer’s name.
4. Selling on Social Media and Online Forums
Social media platforms and online forums can be a useful resource for selling gift cards. Many online communities have dedicated buy/sell/trade groups where you can list your gift cards. This method can be effective, but it also requires caution and awareness of potential scams.
Popular Platforms and Forums:
- Facebook Marketplace: Facebook Marketplace allows you to list items for sale within your local community.
- Craigslist: Craigslist is a classifieds website where you can post ads for items you want to sell.
- Reddit: Many subreddits are dedicated to buying, selling, and trading items, including gift cards.
- Local Online Groups: Check for local online groups on platforms like Facebook or Nextdoor.
Steps for Selling on Social Media and Online Forums:
- Choose a Platform: Select a social media platform or online forum where you want to list your gift card.
- Create a Listing: Write a clear and concise listing that includes the gift card’s brand, value, and your asking price.
- Include Photos: Add a photo of the gift card to your listing. This will make it more appealing to potential buyers.
- Set Your Price: Research the prices of similar gift cards and set your price accordingly.
- Communicate with Buyers: Respond promptly to inquiries from potential buyers.
- Arrange for Payment and Delivery: Agree on a payment method and delivery method with the buyer. Consider using a secure payment platform like PayPal.
Tips for Selling on Social Media and Online Forums:
- Be Cautious of Scams: Be wary of potential scams. Avoid dealing with buyers who are unwilling to meet in person or who ask for unusual payment methods.
- Meet in a Public Place: If meeting in person, choose a safe, public location.
- Use a Secure Payment Method: Use a secure payment platform like PayPal to protect yourself from fraud.
- Verify the Buyer’s Identity: If possible, verify the buyer’s identity before completing the transaction.
- Document the Transaction: Keep a record of the transaction, including the buyer’s name, contact information, and the date of the sale.
5. Trading Gift Cards
Instead of selling for cash, you could trade your unwanted gift card for one you’d actually use. Several online platforms facilitate gift card trades, providing a convenient way to swap cards without losing value.
Popular Gift Card Trading Platforms:
- GiftCardSwapper: GiftCardSwapper is a dedicated platform for trading gift cards.
- SwapGift: SwapGift allows you to exchange gift cards with other users.
Steps for Trading Gift Cards:
- Choose a Trading Platform: Select a gift card trading platform that meets your needs.
- Create an Account: Sign up for an account on the platform.
- List Your Gift Card: Provide the details of the gift card you want to trade.
- Browse Available Cards: Browse the platform for gift cards you’d like to receive in exchange.
- Initiate a Trade: If you find a suitable trade, initiate the exchange.
- Verify the Trade: Both parties will need to verify the details of the trade before it’s finalized.
- Exchange Gift Cards: Once the trade is verified, exchange the gift cards with the other party.
Tips for Trading Gift Cards:
- Choose a Reputable Platform: Select a reputable gift card trading platform to ensure a safe and secure transaction.
- Verify the Value of the Cards: Before agreeing to a trade, verify the value of both gift cards.
- Read Reviews: Check reviews of the trading platform and other users before initiating a trade.
- Be Clear About Expectations: Be clear about your expectations for the trade.
- Document the Transaction: Keep a record of the trade, including the details of both gift cards and the date of the exchange.
Maximizing Your Gift Card Value
No matter which method you choose, here are some tips to help you get the most value for your gift cards:
- Act Quickly: The sooner you sell your gift card, the better. The value of gift cards can decrease over time, especially if the retailer is struggling financially.
- Check the Balance: Always check the balance of your gift card before selling it. This will help you avoid any surprises or disputes.
- Consider the Fees: Be aware of any fees associated with selling your gift card. Marketplaces and kiosks typically charge fees for their services.
- Compare Offers: Don’t settle for the first offer you receive. Shop around and compare offers from different buyers to find the best price.
- Be Realistic: Understand that you’re unlikely to get the full face value of your gift card. Most buyers will offer a discount to account for their profit margin.
- Sell Popular Brands: Gift cards from popular retailers are generally easier to sell and fetch higher prices.
- Keep the Physical Card (If Applicable): If you have a physical gift card, keep it in good condition. A damaged or worn card may be harder to sell.
- Be Honest and Transparent: Always be honest and transparent about the condition and value of your gift card. This will build trust with potential buyers and prevent any issues down the road.
Potential Risks and How to Avoid Them
While selling gift cards can be a convenient way to get cash, it’s important to be aware of the potential risks and take steps to avoid them:
- Scams: Be wary of scams, especially when selling online. Avoid dealing with buyers who are unwilling to meet in person or who ask for unusual payment methods.
- Fraudulent Gift Cards: Ensure that your gift card is legitimate and has not been tampered with. Check the card’s security features and verify the balance before selling.
- Low Payouts: Be prepared to receive less than the full face value of your gift card. Marketplaces and kiosks typically offer discounts to account for their profit margin.
- Stolen Gift Cards: Do not attempt to sell stolen gift cards. This is illegal and can have serious consequences.
- Expired Gift Cards: Check the expiration date of your gift card before selling it. Expired gift cards are worthless.
- Marketplace Issues: Be aware of the risks associated with using online marketplaces, such as disputes, delays in payment, and fraudulent buyers.
How to Mitigate Risks:
- Use Reputable Platforms: Stick to well-known and reputable gift card marketplaces and kiosks.
- Read Reviews: Check reviews of the platform and other users before buying or selling.
- Use Secure Payment Methods: Use secure payment platforms like PayPal to protect yourself from fraud.
- Verify the Buyer’s Identity: If possible, verify the buyer’s identity before completing the transaction.
- Meet in a Public Place: If meeting in person, choose a safe, public location.
- Keep Records: Keep a record of all transactions, including the buyer’s name, contact information, and the date of the sale.
- Report Suspicious Activity: If you suspect any fraudulent activity, report it to the marketplace or kiosk and to the authorities.
Alternatives to Selling Gift Cards
If selling your gift cards isn’t appealing, consider these alternatives:
- Regifting: Pass the gift card on to someone else who might appreciate it.
- Donating: Donate the gift card to a charity.
- Using It: Find something you need or want from the retailer and use the gift card yourself.
Conclusion
Turning unwanted gift cards into cash is a smart way to unlock value and put money in your pocket. By understanding the different methods available and taking precautions to avoid risks, you can successfully sell your gift cards and get the most for your money. Whether you choose to sell on an online marketplace, at a kiosk, to friends and family, or on social media, remember to do your research, compare offers, and prioritize safety. With a little effort, you can transform those unused gift cards into something truly valuable – cash!