One survey on holiday consumer spending showed that almost 8 in 10 consumers prefer getting gift cards over other types of presents, even if they are hesitant to admit it. The result is not surprising given that this type of gift allows people to freely choose the products or services that they want without directly asking for them.
If you received numerous gift cards from friends and family this past holiday season, you should consider yourself blessed. But if you have more than what you can use or received several cards from shops that you do not patronize, you can always sell gift cards for cash.
Why Should You Sell Gift Cards?
The people who gave you gift cards want you to enjoy them. Not using them or completely forgetting about them defeats the giver’s purpose.
If you cannot use the gift cards yourself, it would be prudent to exchange them for cash so that you can use the money to buy something that you want. This way, the gift will not be put to waste but will achieve its intended purpose of making you happy.
How Does Selling Gift Cards Work?
There are web applications that allow the hassle-free selling of gift cards. While there may be variations depending on the website, the process can be generally completed in a few easy steps.
Enter or choose the gift card type/the name of the store based on the list provided by the website. If the merchant is not included on the list, you can inform the site so that they can add the name of the store. Once you’re done with this process, continue by entering the remaining balance or the value of the card that you have.
After the site receives the information on your available card balance, it will send you a payout offer. Keep in mind that you will be provided with a certain percentage instead of the total value of the voucher, depending on the merchant type and other factors. For instance, gift cards of popular stores like Costco and Target have higher resale value than lesser-known stores.
If you agree on the offer given, your gift card will go through the verification process. In this stage, you will be requested to enter pertinent details you can find printed on the card. Once the site verified the accuracy and authenticity of your gift card, you will receive notification regarding the approval of payment.
What Are Some Important Points to Remember When Selling Gift Cards for Cash?
To ensure a satisfying experience when you try to sell your unused gift cards, consider the following tips:
- Conduct a background check to ensure the legitimacy of the gift cards to cash exchange company you are considering. Find out if the business is accredited by the Better Business Bureau and if it provides guarantees to protect your interest.
- Consider customer feedback and reviews. Search for online reviews or create a forum to find former clients of the service provider you are eyeing to check their experience in transacting with the company.
- Find the best time to sell your gift cards. Note that the resale value of vouchers tends to dip immediately after the holiday season because of the increase in supply. Wait for a couple of months to sell so that you can get a good offer.
Gift cards have monetary value, so you should not let them go to waste. If you’re not going to utilize them, you should find a reputable gift card to cash exchange service provider that will allow you to sell gift cards, rather than keep them until they lose their worth.