Gift cards, often given with the best intentions, can sometimes miss the mark. Instead of letting those less-than-perfect gift cards gather dust, did you know you can easily turn them into cash? If your recent birthday or holiday haul left you with gift cards you won’t use, you’re in luck. There’s a thriving market for selling gift cards for money, and understanding your options is the first step to recouping their value.
Top Platforms to Sell Your Gift Cards Online
Several online platforms specialize in buying and selling gift cards, each with its own approach and benefits. These platforms offer a convenient way to convert your unwanted plastic into spendable cash. Let’s explore some of the leading options:
Online Gift Card Marketplaces: Taking the Driver’s Seat
Marketplaces like GCX, a subsidiary of Raise.com, act as intermediaries, connecting sellers directly with buyers. Think of it as eBay, but specifically for gift cards. With GCX, you are in control of setting your asking price, essentially choosing the discount you’re willing to offer. You can browse existing listings for similar gift cards to gauge the market and price your card competitively.
Pros of using marketplaces:
- Potential for Higher Returns: If you price your gift card strategically, you might get a slightly better return compared to instant-offer sites.
- Control Over Pricing: You decide the discount, giving you flexibility.
Cons of using marketplaces:
- Slower Payout: You only get paid once your gift card sells, which can take time, or it might not sell at all if the discount isn’t attractive enough.
- Fees: Marketplaces charge fees for using their platform. GCX, for example, levies a 15% fee on sales, meaning the maximum you can realistically expect is 85% of the card’s face value.
- More Effort Required: You’re responsible for creating the listing and managing the sale.
GCX provides payout options via ACH direct deposit and PayPal, offering flexibility in how you receive your funds. While the 15% fee might seem steep, the established reputation of GCX and Raise can provide peace of mind, especially for first-time sellers who value security and a well-known platform.
Instant Gift Card Buyers: Quick Cash, Less Hassle
For those prioritizing speed and convenience over potentially maximizing returns, CardCash and similar sites offer a streamlined process. These platforms act as direct buyers, eliminating the need for you to find an individual purchaser. You simply enter the gift card details, and CardCash provides an instant offer. If you accept, they verify the card and send you payment.
Pros of using instant buyers:
- Fast Payment: Once your gift card is verified, payment is typically processed quickly, often within 1-2 business days.
- Convenience: The process is incredibly simple and fast. No listing, negotiation, or waiting for a buyer.
- Guaranteed Sale: If CardCash offers to buy your card, the sale is guaranteed (assuming the card is valid and as described).
Cons of using instant buyers:
- Lower Returns: Instant buyers typically offer a lower percentage of the gift card’s value compared to marketplaces, as they need to factor in their profit margin and the risk of reselling. CardCash states they offer up to 92% cash value, but this varies significantly depending on the retailer and current demand.
- Variable Rates: The percentage offered fluctuates based on the brand and the platform’s current inventory and demand. For example, a popular retailer like Walmart might fetch a higher percentage than a less sought-after store.
CardCash stands out for accepting a wide variety of gift cards, including those from less common merchants. While the return on niche gift cards might be lower, it’s still better than having a card you won’t use. CardCash generally avoids cards with expiration dates or promotional restrictions, which is standard practice in the industry.
CardCash also offers the option to trade your gift cards for gift cards from other retailers, sometimes with a bonus value of up to 11%. Trading for a versatile gift card like Amazon, which carries virtually everything, can be a practical alternative to cash, especially if you regularly shop on Amazon.
Maximizing Your Return When Selling Gift Cards
To get the most cash when selling gift cards, consider these key factors:
- Understand the Discount: Accept that you won’t receive the full face value. The discount reflects the platform’s fees and the need to incentivize buyers to purchase secondhand gift cards. Compare offers from multiple platforms to find the best rate.
- Brand Popularity Matters: Gift cards from popular retailers with broad appeal (like Amazon, Target, Walmart) generally command higher resale values than niche or less desirable brands.
- Timing Can Play a Role: Demand for certain gift cards might fluctuate seasonally. For example, restaurant gift cards might be more popular around holidays. However, generally, it’s best to sell sooner rather than later, as gift cards can sometimes be forgotten or lost.
- Payment Options and Speed: Consider how quickly you need the cash and the preferred payment method. Marketplaces might offer slightly higher potential returns but take longer, while instant buyers prioritize speed.
Buying Discounted Gift Cards: A Smart Shopper’s Secret
The same platforms that allow you to sell unwanted gift cards also offer the opportunity to buy gift cards at a discount. This can be a savvy strategy to save money on your regular purchases. If you plan to buy discounted gift cards, using a rewards credit card can further maximize your savings. While gift card marketplace purchases might not qualify for bonus category rewards, using a credit card that offers a solid flat-rate cash back on all purchases is a smart move. Consider cards like the Citi Double Cash® Card, Chase Freedom Unlimited®, or Wells Fargo Active Cash® Card, which offer competitive cash-back rates on everyday spending. (Links to these cards are included in the original article for your reference.)
FAQs About Selling Gift Cards for Cash
Do Coinstar machines buy gift cards?
No, Coinstar machines no longer offer gift card exchange services. Coinstar Exchange, which previously offered this service, has been discontinued.
What gift cards does Prepaid2Cash accept?
Prepaid2Cash accepts a wide range of prepaid cards (MasterCard, Visa, American Express, Discover) and gift cards from numerous popular retailers, including Starbucks, Walmart, and Best Buy. However, there are limitations. Cards must have a balance between $25 and $1,000, cannot be restricted, and Prepaid2Cash typically does not accept registered cards, non-transferable cards, promotional cards, paper cards, or merchandise credits with expiration dates.
Does Cash App buy gift cards?
Cash App does not currently offer a service to buy gift cards for cash.
How quickly does CardCash pay you?
CardCash typically processes payments within one to two business days after your order is approved and the gift card is verified.
Ready to turn those unwanted gift cards into cash? Explore platforms like GCX and CardCash to find the best option for selling your gift cards and unlock the value trapped in your wallet. Visit money-central.com for more expert financial tips and strategies to make the most of your money.
Disclaimer: While we strive for accuracy, terms and conditions of gift card platforms can change. Always verify the latest information on the platform’s website before making a transaction.
