Gift cards. They’re often touted as the perfect gift, offering flexibility and choice. But what happens when you receive a gift card to a store you never frequent, or for a service you don’t need? Instead of letting that plastic languish in your wallet, you can easily convert those unwanted gift cards into cash. This guide will walk you through the top proven methods to get money for your gift cards, ensuring you get the best value and convenience.
Why Sell Your Gift Cards?
Receiving a gift card can feel impersonal if it’s not tailored to your tastes. Maybe you received a gift card to a clothing store when you prefer to shop online, or perhaps you’re trying to declutter and minimize your spending at certain retailers. Whatever the reason, selling your gift cards allows you to:
- Get Cash for What You Need: Turn store credit into usable funds for bills, groceries, or anything else.
- Avoid Unnecessary Spending: Prevent yourself from feeling obligated to shop at a store you don’t like just to use the gift card.
- Declutter Your Wallet: Reduce the number of cards you carry around and simplify your finances.
- Recoup Value from Unused Gifts: Don’t let the value of a thoughtful gift go to waste.
Top Methods to Get Cash for Gift Cards
Several platforms and methods exist to help you exchange your gift cards for cash. Here are some of the most effective options:
1. Online Gift Card Marketplaces: Quick and Convenient
Online marketplaces are the most popular and convenient way to sell gift cards. These platforms act as intermediaries, connecting sellers like you with buyers looking for discounted gift cards. Here are a couple of leading platforms:
a) CardCash: Hassle-Free Selling
CardCash is a well-established platform that offers a straightforward selling process. You simply enter the gift card details (merchant and balance), and CardCash instantly provides an offer. If you accept, they’ll buy the card directly from you.
How it works:
- Enter Gift Card Details: Visit the CardCash website and input the merchant name and the balance on your gift card.
- Receive an Offer: CardCash will instantly calculate an offer based on the card’s value and demand.
- Accept and Get Paid: If you’re satisfied with the offer (which can be up to 92% of the card’s value, but varies by merchant), accept it.
- Choose Payment Method: CardCash offers various payout options, including:
- Direct Deposit (ACH): Funds are deposited directly into your bank account.
- PayPal: A fast and secure online payment method.
- Check: Mailed to your address.
Pros of CardCash:
- Fast and Easy: The process is quick and user-friendly.
- Guaranteed Sale: You sell directly to CardCash, so you don’t have to wait for a buyer.
- Wide Range of Accepted Cards: CardCash accepts gift cards from a vast number of retailers.
- Trade-in Option: You can trade your gift card for another retailer’s card and potentially get up to 11% more value.
Cons of CardCash:
- Lower Payout than Face Value: You won’t receive the full face value of the card; CardCash needs to resell it at a discount to make a profit.
- Payout Varies: The percentage you receive depends on the merchant and current demand. Cards from popular retailers generally get better rates.
b) Raise (GCX): Marketplace for Higher Returns (Potentially)
Raise (formerly GCX) operates as a marketplace where you list your gift card for sale and set your own price (discount). This can potentially lead to a higher return than selling directly to a site like CardCash, but it requires more effort and there’s no guarantee of a sale.
How it works:
- Create a Listing: Sign up for a Raise account and list your gift card for sale, specifying the merchant, balance, and discount you’re offering.
- Set Your Price: You decide the selling price. Raise provides guidance by showing current listings for similar gift cards.
- Wait for a Buyer: Your listing is visible to buyers on the Raise marketplace. You’ll only get paid when someone purchases your card.
- Payout Methods: Raise offers payouts via:
- ACH Direct Deposit: Direct bank transfer.
- PayPal: Online payment platform.
Pros of Raise:
- Potentially Higher Returns: You control the discount, so you could get more than with instant-offer sites if you price competitively and find a buyer quickly.
- Established Platform: Raise is a reputable and well-known gift card marketplace.
Cons of Raise:
- No Guaranteed Sale: You have to wait for someone to buy your card, which might take time, or it might not sell at all if your price is too high.
- Fees: Raise charges a 15% fee on sales, which reduces your net earnings.
- More Effort Required: Listing and managing your gift card sale requires more effort than instant-offer sites.
2. Gift Card Exchange Kiosks: Limited Availability
While less common than online marketplaces, gift card exchange kiosks used to be found in some supermarkets or shopping malls. Coinstar, known for its coin-counting machines, previously operated gift card exchange kiosks under the name Coinstar Exchange. However, Coinstar no longer offers gift card exchange services.
As of now, physical kiosks are not a readily available option for selling gift cards. The online platforms offer much broader reach and convenience.
3. Selling Gift Cards in Person: Local Options (Proceed with Caution)
You could try to sell your gift cards in person, but this method comes with significant drawbacks and risks:
- Pawn Shops: Pawn shops might buy gift cards, but they are likely to offer very low prices, as they need to resell them for a profit and account for potential risks.
- Local Classifieds (e.g., Craigslist, Facebook Marketplace): You could list your gift cards for sale locally. However, this carries risks of scams and requires meeting strangers. Exercise extreme caution and prioritize safety if you consider this route. Meet in a public place and be wary of suspicious offers.
It’s generally recommended to avoid selling gift cards in person due to lower returns and safety concerns. Online platforms provide a safer and more efficient alternative.
4. Trading Gift Cards for Cash at Retailers (Limited)
Some retailers may offer a program to buy back their own gift cards for cash, but this is rare. Typically, retailers are focused on selling gift cards, not buying them back. It’s worth checking the retailer’s website or customer service, but don’t expect this to be a widely available option.
5. Gift Card Exchange Apps: Mobile Convenience
Mobile apps like Prepaid2Cash offer another way to exchange gift cards, primarily focusing on prepaid cards.
Prepaid2Cash:
- Focus: Primarily accepts prepaid cards (Visa, Mastercard, American Express, Discover) and select retailer gift cards.
- Process: Download the app, enter card details, and receive an offer.
- Payout: Offers various payout options, including bank transfer and PayPal.
- Limitations: Has restrictions on card types (no registered cards, promotional cards, etc.) and balance limits ($25-$1000).
While Prepaid2Cash is an option, it’s more geared towards prepaid debit cards than traditional retailer gift cards. For most gift cards, CardCash and Raise are more versatile.
6. Selling to Friends or Family: Simple but Limited
A straightforward approach is to simply ask friends or family if they would be interested in buying your gift card at a discount. If you know someone who shops at the relevant store, this can be a quick and easy transaction. However, your reach is limited to your personal network.
Maximizing Your Return When Selling Gift Cards
To get the most money for your gift cards, consider these tips:
- Compare Offers: Check multiple platforms (CardCash, Raise, etc.) to see who offers the best rate for your specific gift card.
- Sell Popular Brands: Gift cards from popular retailers (Amazon, Walmart, Target, major department stores) generally fetch higher returns.
- Sell Quickly: Gift cards don’t appreciate in value. Sell them sooner rather than later to get cash in hand.
- Understand Fees: Be aware of any fees charged by the platform (like Raise’s 15% fee) and factor them into your net return.
- Consider Trade-ins: If CardCash offers a trade-in for a gift card you would use (like Amazon), this can be a valuable option to get slightly more value.
What About Buying Discounted Gift Cards?
The platforms mentioned for selling gift cards (CardCash, Raise) also allow you to buy discounted gift cards. If you know you’ll be shopping at a particular store, purchasing a discounted gift card can save you money. This is essentially the reverse of selling – you’re taking advantage of someone else’s unwanted gift card.
When buying discounted gift cards:
- Verify Card Balance: Reputable platforms guarantee the balance on the gift cards they sell.
- Use a Rewards Credit Card: Maximize your savings by using a credit card that earns rewards on all purchases, like the Citi Double Cash® Card, Chase Freedom Unlimited®, or Wells Fargo Active Cash® Card.
Conclusion: Cash in on Unwanted Gift Cards
Don’t let unwanted gift cards gather dust. By using online marketplaces like CardCash and Raise, you can efficiently convert them into cash. While you won’t receive the full face value, getting a significant portion back is much better than letting the gift card go unused. Compare offers, choose a reputable platform, and turn those unwanted gifts into something you truly need or desire.
Disclaimer: CNBC Select may have a financial relationship with some of the platforms mentioned in this article.
Please note: This article is for informational purposes only and does not constitute financial advice. Always do your own research and due diligence before using any gift card exchange service.
