Gift Cards have become the go-to-gift for many gift givers, however 6-10% of gift cards go unredeemed. Rather than letting that gift card sit in your wallet (thus giving an interest free loan to the retailer), you can sell those gift cards for cash. This guide gives you the scoop on how to sell to your unwanted or under-used gift cards.
Tips For Selling Your Gift Cards
There’s a number of sites that allow you sell your gift cards, but we suggest using one of the following sites: Plastic Jungle, Gift Card Rescue, or Cardpool. These sites have been used by TBF Editors (I’m a HUGE fan of Plastic Jungle), so we know they’re reputable. You can also use eBay to sell your gift card, but the process is not as easy (or reliable) as using one of these sites.
Most sites only accept gift cards with at least $25 balance but no more than $10,000 balance. and yes, you can sell a partially used gift card (as long as it has at least a $25 balance), which is great if you have a large gift card that you just can’t seem to use up.
Most gift card exchanges have you follow the same process when it comes it selling your gift cards:
1. You register for the site (usually your name and various contact details).
2. Choose your method of payment (either via check, paypal or exchange). We say opt for check (even though you have to wait longer to receive your cash) as paypal will take a 3-5% chunk of the amount you receive. You can also opt on sites like plastic jungle to exchange your cards for giftcards or credit at Amazon.com. The exchange option gives you a higher payout, but, again, you have to use the credit on Amazon.
3. Enter the details of your gift card (store, gift code and gift card pin).
4. The site then gives you a price at which they’ll purchase your card. Usually the buy offer is between 60-92% of the actual value of the card, but it can go for as low as 50%+ for an unpopular store. However, popular stores like Target, Lands End, etc can command higher fees.
5. Some sites like plastic jungle, allow you to donate a portion to charity AND provide you with a receipt for tax deductions.