Gift cards, often given as presents, can sometimes miss the mark. Instead of letting them gather dust, you can easily exchange these cards for cash. Several platforms specialize in turning your unwanted gift cards into dollars, offering a practical solution when a gift card isn’t quite what you need. This guide explores how to navigate the process of exchanging gift cards for cash, ensuring you get the best value and convenience.
Sites like GCX, a subsidiary of Raise, and CardCash provide avenues for converting gift cards to cash. These platforms operate differently, impacting both convenience and the return you can expect. Understanding these differences is key to choosing the right service for your needs.
Alt text: A variety of gift cards from different retailers are fanned out on a wooden surface, representing the concept of exchanging gift cards for cash.
Selling Your Gift Cards Online
Several websites act as intermediaries, allowing you to sell your gift cards for cash. Each platform has its own process and fee structure, so understanding these variations is important to maximize your return.
Marketplaces vs. Direct Buyers
Platforms like GCX function as marketplaces. Here, you list your gift card for sale, setting your desired discount. You can see what discounts others are offering for similar cards to gauge market value. However, you only receive payment once your card is purchased by someone else. GCX charges a 15% fee for using their platform, meaning the highest return you can expect is 85% of the card’s face value. While the fee is on the higher side, GCX’s established reputation can be reassuring for first-time sellers. Payout options include ACH direct deposit and PayPal.
Alt text: Close-up of a smartphone screen displaying the Raise.com website, highlighting the option to sell gift cards for cash online.
In contrast, sites like CardCash act as direct buyers. They remove the selling burden from you by purchasing your gift cards directly. Once they verify your card’s value, they pay you and handle reselling it themselves. CardCash often offers higher returns than marketplace sites, potentially up to 92% of the gift card’s value. However, the percentage varies significantly depending on the retailer. For example, a $100 Walmart gift card might yield $85.50, while an Apple Store card might fetch $77.50, and a Microsoft card even less.
CardCash is known for accepting a wide range of gift cards, with standard exclusions like expired cards or promotional cards with limited usage. Their acceptance list is generally broader than GCX. Even for less popular gift cards, CardCash can provide some cash return, which is better than no return at all. CardCash also offers the option to trade your gift cards for other gift cards, sometimes increasing your value by up to 11%. Popular trade-in options often include Amazon, Airbnb, and Chewy gift cards. Trading for an Amazon gift card, with its vast selection, can be almost as convenient as cash.
Buying Discounted Gift Cards
The same platforms that facilitate selling gift cards, like GCX and CardCash, also offer the opportunity to purchase discounted gift cards. This can be a smart strategy if you regularly shop at specific retailers. Buying discounted gift cards is essentially getting free money off your purchases.
When buying discounted gift cards, consider using a credit card that maximizes your rewards on all purchases, as these transactions typically don’t fall into bonus reward categories. Cards offering a flat rate cash back on all purchases are ideal. Some examples include:
- Citi Double Cash® Card: Known for its straightforward 2% cash back on all purchases (1% when you buy and 1% when you pay).
- Chase Freedom Unlimited®: Offers a base of 1.5% cash back on all purchases, with higher rates in rotating categories or through Chase Travel℠.
- Wells Fargo Active Cash® Card: Provides unlimited 2% cash rewards on all purchases.
These cards ensure you’re earning rewards even when purchasing discounted gift cards, maximizing your savings.
Frequently Asked Questions
Do Coinstar machines exchange gift cards?
No, Coinstar machines no longer offer gift card exchange services. Coinstar Exchange, the service that previously allowed gift card exchanges, has been discontinued.
Which gift cards are accepted by Prepaid2Cash?
Prepaid2Cash generally accepts prepaid cards from major brands like MasterCard, Visa, American Express, and Discover, as well as gift cards from many popular retailers including Starbucks, Walmart, and Best Buy. Cards must have a balance between $25 and $1,000 and cannot have restrictions. Prepaid2Cash typically does not accept registered cards, non-transferable or promotional cards, paper gift certificates, cards with dormancy fees, or merchandise credits with expiration dates. For specific details and the most up-to-date information, it is best to consult the Prepaid2Cash website directly.
Can I exchange gift cards for cash using Cash App?
No, Cash App does not currently offer a service to buy or Exchange Gift Cards For Cash.
How quickly does CardCash process payments?
CardCash typically sends payments within one to two business days after your order is approved and the gift card verification process is complete, according to their website.
Conclusion
Exchanging unwanted gift cards for cash is a practical way to recover value from gifts that don’t suit your needs. Platforms like GCX and CardCash provide different options, with varying fees and payout speeds. Choosing between marketplace and direct buyer platforms depends on your priority: maximizing return or prioritizing speed and convenience. By understanding the nuances of each service, you can confidently exchange your gift cards for cash and put those funds towards something you truly desire. Consider exploring these options next time you find yourself with a gift card that isn’t quite right for you.
