Chances are you have more than a few gift cards lying around your home that you’ve received over the years. Some of them are also probably for restaurant chains, stores, and services you just don’t like.
Instead of letting those gift cards gather dust, one simple solution that will take them off your hands — and make money in seconds — is to check out a gift card exchange.
What’s a gift card exchange?
A gift card exchange is a marketplace where you can buy or sell unused gift cards. You can either earn cash for the gift cards you sell, or you can exchange it for a gift card you’ll actually use. These sites have three key players: You, another gift card buyer or seller, and a broker who acts as a middleman for the transaction.
Brokers take a cut of whatever the price of the card is, so gift cards will never sell for their original amount. That said, you can still get at least half of any gift card’s value, if not more.
Understandably, some gift cards also have more demand than others. Gas stations, grocery stores, and big general retailers like Walmart tend to have higher resale values than more niche brands or businesses.
Where can I exchange gift cards?
There are a number of websites that offer gift card resales, including CardCash, Raise, and GiftCash. A site called GiftCardGranny is also a helpful resource for comparing numbers from different exchange sites.
You may find other sites, but try to focus on using ones that have actual customer support for when something goes wrong and a low level of complaints.
Are gift card exchanges safe?
As with any enterprise that deals with exchanging money or physical goods like a gift card, these exchange sites do come with some risks.
The Better Business Bureau (BBB) recommends doing your research beforehand and looking up companies on their database before doing business with them. Read up on customer complaints and issues, keep track of any account information related to a gift card you’re selling, and know a website’s refund policy before you get started.
If you’re buying a gift card yourself, make sure to spend it quickly once you get it. Especially in this pandemic, you never know how businesses are doing or when they could go under. The last thing you want is to hold onto a gift card for a company that’s no longer around. Now go out and earn that cash!