Gift cards are a great gift option, but they can also be a source of frustration if they go unused. They can also become a liability if they expire before they are used. Rather than letting your gift cards go to waste, you can sell them and get more value out of them. This article will cover how to sell gift cards, how to get the most value for them, and what to keep in mind when selling gift cards.
What are Gift Cards, and How do They Work?
A gift card is a prepaid debit card that can be used to purchase goods or services from the issuing retailer. They are popular gifts because they allow the recipient to choose what they want to purchase. Gift cards can be purchased from the retailer or online, and they can be redeemed in-store or online.
Benefits of Selling Gift Cards
Selling your gift cards can be a great way to turn an unused asset into cash. If you have gift cards that you know you will never use, selling them can help you recoup some of the value that would have been lost if the card expired. Additionally, selling gift cards can also help you free up space in your wallet or purse, as they can be bulky items to carry around.
Online Gift Card Marketplaces
Online gift card marketplaces, such as Cardpool and Raise, are popular options for selling gift cards. These marketplaces specialize in buying and selling gift cards, and they offer a convenient and easy way to sell your gift cards. When you sell a gift card through an online marketplace, the marketplace will typically buy the card for less than its face value, but you will receive cash in return.
Some retail stores, such as Target and Walmart, will buy back gift cards. However, the amount you will receive for your gift card may be less than what you would receive if you sold it through an online marketplace. Additionally, not all retail stores will buy back gift cards, so it is important to check with the store before attempting to sell your gift card.
How to Get the Most Value for Your Gift Card
To get the most value for your gift card, you will need to do some research. Start by checking the balance of your gift card and researching the current value of the card. Then, compare the prices offered by different marketplaces and retailers to determine where you will get the most value for your gift card.
What to Keep in Mind When Selling Gift Cards
When selling gift cards, there are a few things to keep in mind:
- Be sure to check the balance of the gift card before you sell it. If the balance is low, it may not be worth selling.
- It is important to keep your gift card in good condition, as damaged gift cards may not be accepted.
- Be sure to keep track of the sale of your gift card and the amount you received for it, as this information may be important for tax purposes.