Key Takeaways
- Gift cards are much less convenient to spend than real money.
- Digital gift cards can be sold using third-party platforms, such as CardCash, Raise, and Gameflip.
- Offline options for selling gift cards include local pawn shops, offering them to your friends or on social media, and using cash-for-gift card programs.
- Check the gift card provider’s terms and conditions before selling them.
- Be aware of the possible scams when selling gift cards online.
There’s no point in hoarding unwanted gift cards if you aren’t planning to purchase anything. Whether they were earned online, acquired from promotions, or gifted as presents, their value might add up to a significant sum.
There’s little time to waste if you are not planning to buy from the specific provider of your gift card. Unused gift cards may even expire completely. You can sell or exchange most types of gift cards for money in order to use their value.
Why Sell Your Gift Cards?
Gift cards are more convenient to give than to spend. Unused gift card value is counted in billions, and according to Statista, most are unspent because of the various hurdles involved.
- Gift cards are exclusive to only a few brands or retail stores
- It might be difficult to find items to purchase
- Options available with the gift card aren’t necessarily interesting
- Gift cards may involve technical problems
- You might be required to sign up for something first
- Gift card might be lost or forgotten about
While the last reason could also be applied to cash, it’s clear that there’s no comparison to real currency. You simply don’t have as much freedom with gift cards as with money, and that’s the main reason most want to exchange their gift cards for money.
Selling gift cards might be a bit unpleasant since it’s not what the gifter intended. But if you earned them from paid gift card surveys, for example, there’s not even a moral dilemma here.
Best Ways to Sell Gift Cards Online
You don’t even need to go out of your home to sell digital gift cards for money. All that can be done online using third-party platforms that offer such an opportunity as a service. They work a bit differently, and you’ll likely lose a fraction of the gift card’s value, so choose wisely.
CardCash
CardCash gives you up to 92% of your gift card value in cash. The return might fluctuate a bit depending on the retailer, but you won’t need to sell gift cards yourself. CardCash simply buys gift cards from you and sells them to others.
All you need to sell gift cards is to visit the CardCash website and enter the relevant details (usually, gift card number and PIN code). After that, you get an offer, choose a payment method, and receive a check or money to your bank account or PayPal.
Raise
Raise is a gift card marketplace for users to exchange gift cards with one another. They take a 15% commission from each transaction, so you’re likely to receive less than with CardCash. The advantage is that you can set your own price and sell less popular gift cards more easily.
You only need to create an account at the Raise website and list your gift cards with all the relevant details. After your gift cards are verified, buyers can purchase them, and Raise will transfer the money through direct deposit, PayPal, or check.
Gameflip
As the name suggests, Gameflip is oriented towards gamers. You can sell games, skins, in-game currency, and other collectibles. There’s a dedicated section to sell gift cards. The platform is straightforward, has many users, and takes a small (as little as 8%) commission, but most gift cards that are there are from gaming platforms.
After verifying your account, simply list your gift cards on Gameflip. You can set your own price, but below 2% to 15% of the face value is recommended. Once someone buys your gift cards, you can withdraw money using Wise, Payoneer, Skrill, Bitcoin, or by purchasing at Gameflip.
Offline Options for Selling Gift Cards
Some vouchers, especially physical gift cards, are difficult to sell online because buyers are afraid of the card being already out of funds. Online platforms have a strict verification policy to fight such scams, but it only creates the hassle of providing your ID documents, which isn’t for everyone.
Coinstar exchange kiosks used to be the fastest offline option to sell gift cards, but they no longer provide such services. An alternative is to check your local pawn shops or currency exchange offices to see if they can help.
Another safe way to sell gift cards offline is by offering them to friends and family. You’ll likely get the best deal and the least risk of getting scammed. If you run out of acquaintances, another option is to use social media and then meet in person to exchange gift cards for something else.
The most legitimate way to exchange your gift card for real money offline is by using a cash-for-gift card or a similar program from the provider itself. Some US states, California and Oregon, for example, require gift cards to be exchanged for real money, but the process isn’t straightforward.
In many cases, it’s against the terms and conditions of the gift card provider to sell gift cards for money unless there is some official program. Be sure to check all the laws and terms you agreed to before selling your gift cards.
How to Get Paid Instantly for Gift Cards
Besides legal considerations, it’s important to decide on how you’ll want to get paid for your gift cards. Getting instant cash for your gift card is only possible for offline in-person exchanges; other options might involve additional fees and inconveniences.
- Bank transfers are the most reliable option but might involve long delivery times and additional charges or taxes.
- Checks still remain a popular payment method in the United States, and some gift card exchange platforms use them.
- PayPal may be less costly than bank transfers and almost instant unless you are selling gift cards from abroad.
- Other mobile payment platforms, such as Venmo, Wise, Payoneer, and Skrill, are generally as fast as PayPal and incur similar charges but are less used when selling or purchasing gift cards.
- Bitcoin or other cryptocurrencies are instant and have small fees, but you must have a crypto wallet and understand how to exchange them into dollars.
Another option applicable to online gift card marketplaces is to use them for purchases there. You’ll simply exchange your gift cards for other purchases or gift cards without having to worry about transfer fees.
Tips for Maximizing Your Gift Card Value
- Timing. Your gift cards will have the most value during the holiday season or when there are good discounts or promotions at the retail store or brand of your gift card.
- Expiry date. The more time there is until the expiry of your gift card, the greater value it will have when you try to sell it.
- Gift card format. Physical gift cards in good condition tend to have a higher value as they are better as presents. Just make sure to protect your gift card from any damage or restore it before selling.
- Gift card brand. Gift cards from popular stores, like Walmart and Amazon, or those that are closest to real cash in spending restrictions, such as Visa gift cards, are often valued the highest. Consider this if you have an option when choosing gift cards.
- Combine different gift cards of the same brand. Selling gift cards of the same or similar brands in bulk might increase their value.
- Research the market demand. If there are a lot of the same or similar gift cards already on sale, consider choosing a different platform or selling your own gift cards a bit later.
Avoiding Scams and Ensuring Platform Legitimacy
Common tips for selling online apply to gift cards, but you’ll need to be extra careful as gift cards are commonly targeted by scammers. Be sure to never provide any of your personal data or send the goods in advance when selling gift cards. If anything seems suspicious, stop the contact immediately.
If you want to avoid the hassle, it’s recommended to use gift card-selling platforms, but their legitimacy must also be tested. Check reviews about them on websites like Trustpilot and online forums to ensure they are legitimate.
There is a risk of illegitimate platforms stealing your gift card details without paying you any money. A trustworthy gift card marketplace will have a track record of paying users with secure payment methods and responsive customer support.
Lastly, illegitimate buyers or platforms will offer unrealistically good offers. Keep in mind that you are unlikely to sell gift cards at their face value without a loss and commissions.
Conclusion
Selling gift cards gives much more flexibility in exchange for some lost value, but there are a couple of caveats. Check whether the gift card provider allows it, and be cautious about scams. It’s best to sell your gift cards to someone you know, but if you can’t, use only credible platforms.
