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How to Sell Gift Cards for Cash: A Comprehensive Guide

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Gift cards
20th May, 2023
How to Sell Gift Cards for Cash: A Comprehensive Guide

Understanding the Gift Card Market

Before we get into the details of how to sell gift cards, let's take a quick look at the gift card market. According to a CreditCards.com study, 47% of Americans have at least one unused gift card, with the average unused amount being $175 per person. This means that there's a significant market for buying and selling gift cards, and numerous platforms have popped up to facilitate these transactions.

Types of Gift Cards

There are two main types of gift cards:

  1. Physical gift cards: These are the traditional plastic cards you can purchase in-store or online. They often come with a unique code or magnetic strip that can be used to redeem their value at the retailer's physical location or online store.

  2. eGift cards: Also known as digital or electronic gift cards, these are delivered via email or text message and contain a unique code that can be redeemed online or in some cases, in-store.

Sell Gift Cards at High Rates

While both types of gift cards can be sold for cash, eGift cards are generally more convenient and easier to sell as they don't require shipping or handling.

How to Sell Gift Cards for Cash

There are several methods to sell gift cards, each with its own advantages and disadvantages. Let's explore the most popular options.

1. Online Gift Card Exchange Platforms

Online gift card exchange platforms are the most popular way to sell gift cards. These websites connect buyers and sellers, allowing you to sell your gift cards at a discounted rate to someone who wants them. Some popular gift card exchange platforms include:

Each platform has its own fees and payout structure, so it's essential to choose the one that best suits your needs. Here's a brief overview of each platform:

Raise

Raise is a popular gift card marketplace that allows you to list your gift cards for sale at a price you choose. The platform charges a 15% commission on the sale price, and you can choose to receive your payout via ACH direct deposit or PayPal.

CardCash

CardCash is another popular platform that buys your gift cards directly, removing the hassle of waiting for a buyer. They offer up to 92% of the card's value, though the payout depends on the retailer and demand. CardCash also offers the option to trade your gift card for another retailer's gift card with a higher value.

Cardpool

Cardpool operates similarly to CardCash, buying your gift cards directly and offering up to 92% of their value. They also provide the option to trade your gift cards for Amazon gift cards. One advantage of Cardpool is their partnership with several retailers, allowing you to sell your gift cards in-store at participating locations.

2. Peer-to-Peer Platforms

Peer-to-peer (P2P) platforms such as eBay, Facebook Marketplace, and Craigslist allow you to sell your gift cards directly to other users. While these platforms may offer higher payouts than gift card exchange websites, they also come with risks, such as scams and non-payment. To minimize these risks, be sure to follow the platform's safety guidelines and only deal with reputable buyers.

3. In-Store Trade-In Programs

Some retailers, such as Target and Walmart, offer in-store trade-in programs where you can exchange your unwanted gift cards for their store gift cards. While this option may not provide cash, it can be useful if you prefer shopping at these retailers.

4. Check-Cashing and Pawn Shops

Some check-cashing and pawn shops buy gift cards for cash. This option can be convenient if you're looking for a local, in-person option. However, these stores may offer lower payouts than online platforms.

Tips for Maximizing Your Gift Card Exchange

To get the most value from your gift card exchange, consider the following tips:

  1. Compare platforms: Before choosing a platform to sell your gift cards, compare their fees, payout rates, and user reviews to find the best option for your needs.

  2. Sell popular retailer gift cards: Gift cards from popular retailers, such as Amazon, Walmart, and Target, tend to have higher demand and therefore offer better payouts.

  3. Sell your gift cards quickly: Gift card values can fluctuate, so it's best to sell them as soon as possible to maximize their value.

  4. Be cautious with P2P platforms: While P2P platforms can offer higher payouts, they also come with risks. Ensure you follow their safety guidelines and only deal with reputable buyers.

  5. Consider trading for more valuable gift cards: Some platforms, such as CardCash and Cardpool, allow you to trade your gift cards for more valuable ones. This option can be useful if you prefer shopping at specific retailers.

Selling eGift Cards

Selling eGift cards is similar to selling physical gift cards, with the added convenience of not needing to ship or handle a physical card. Most online gift card exchange platforms accept eGift cards, and some even offer higher payout rates for them. When selling eGift cards, ensure you provide the correct gift card code and any additional information required by the platform.

Donating Gift Cards

If you're not interested in selling your gift cards for cash, consider donating them to a charitable organization. Many non-profit organizations accept gift card donations and use them to support their programs or purchase necessary supplies. This option not only helps those in need but may also provide tax benefits.

Final Thoughts

Selling gift cards for cash is a simple and effective way to turn unwanted gift cards into money you can use. By choosing the right platform, maximizing your exchange value, and following our tips, you can easily convert your gift cards into cash or more valuable gift cards. So, the next time you receive an unwanted gift card, remember that you have the power to transform it into something more useful!

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