Have you ever found yourself in possession of a gift card that doesn’t quite match your immediate needs?
Whether it’s from a store you seldom visit or simply not the right fit for you, you’re left with something that holds value but provides no tangible benefit.
That’s where learning how to sell gift cards for cash becomes valuable. Leverage reputable platforms that facilitate selling gift cards for money, such as Gift Card Granny, CardCash, Raise, and Coinstar. Then get paid via ACH direct deposit, Paypal, or check in the mail.
In this article, I’ll walk you through the entire process of selling gift cards for cash. I’ll also provide valuable insights into the advantages and the factors to consider when converting gift cards into cash.
- Why You Should Consider Gift Cards For Cash
- Problems With Selling Gift Cards For Cash
- What You’ll Need to Sell Gift Cards For Cash
- Where To Sell Gift Cards For Cash
- How To Sell Gift Cards For Cash: Step-By-Step Instructions
- Things to Consider When Selling Gift Cards for Cash
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Why You Should Consider Gift Cards For Cash
Selling your gift cards for cash can be a rewarding choice. Here’s why it’s a compelling option.
- Versatility: If you have a gift card you don’t plan on using, converting it into cash provides you with more flexibility. Cash can be used for anything you want, from buying groceries to treating yourself to something you truly desire.
- Financial needs: If you’re in a situation where you need immediate cash, gift cards can serve as a potential source of funds. Selling them for cash provides a quick solution to address your financial needs. Selling cards can be an excellent form of arbitrage too.
- Convenient gifting: Rather than trying to guess what somebody’s preferences are, you can opt for a gift card that allows the recipient to choose what’s meaningful to them. If they prefer cash over a gift card, they can sell or trade it for money and use the funds however they wish.
- Higher value: You may be able to sell your gift cards for a higher amount of cash than the actual worth of the card. This can happen when there’s high demand for a particular gift card, such as during peak shopping seasons or when retailers offer special promotions.
Problems With Selling Gift Cards For Cash
While selling gift cards for cash is a convenient option, there are a few possible things that you may need help with.
By being informed and vigilant, you can navigate these challenges more effectively when selling gift cards for cash.
- Lower cash value: Buyers or platforms that facilitate the selling of gift cards often charge a fee or commission, reducing the amount of cash you receive. This means you’ll get a percentage of the gift card’s original value.
- Potential for scams: The gift card resale market can attract scammers and fraudulent individuals. Beware of platforms or buyers who attempt to obtain your gift card details without providing secure payment.
- Market volatility: The market value of a gift card is influenced by factors such as consumer behavior, preferences, trends, and economic conditions. Such factors can change rapidly, making determining the best time to sell your gift card difficult.
- Privacy concerns: When selling gift cards, you may be required to provide personal information to buyers or platforms facilitating the transaction. This information can include your name, contact details, identification documents, and possibly financial information.
What You’ll Need to Sell Gift Cards For Cash
Selling gift cards for cash is a quick way to make money. Knowing what you’ll need to get started sets the proper expectations and can enable a smooth selling experience.
- Gift cards: You’ll need the physical or electronic gift cards you want to sell. They must be in good condition, valid, and have a remaining balance.
- Online marketplace: This website or platform serves as an intermediary, connecting sellers and buyers and facilitating the transaction process. Online marketplaces support various retailers and brands, allowing you to sell gift cards from popular stores, online retailers, and more.
- Account: An account is typically required when selling gift cards for cash on most marketplaces. An account allows you to manage your gift card listings, track sales, and communicate with potential buyers.
- Payment method: When selling gift cards for cash, you need to have a preferred payment method set up to receive the funds from the buyer.
Where To Sell Gift Cards For Cash
Several options are available to sell your gift cards for cash, including online gift card marketplaces, online classifieds, and gift card exchange kiosks.
Gift Card Granny is a well-established and reputable online gift card aggregator. It collects and displays information from various gift card resellers, allowing users to compare offers from different platforms.
What Makes This Option Great
They’re known for providing a secure and trustworthy platform by implementing measures to facilitate safe transactions and protect users’ information. Its website is designed to be user-friendly and intuitive, making it easy to navigate and list your gift cards for sale.
They have an extensive network of buyers, increasing the chances of finding a buyer for your gift cards. You can compare offers from different buyers, enabling you to maximize the value you receive when selling your gift cards.
- Fees/Commission: Gift Card Granny doesn’t charge sellers a commission or fee directly. However, the individual buyers on the platform have their own fees and commission rates. You typically get 70% to 90% of the face value of your gift card.
- Payment methods: The payment methods for selling your gift cards depend on the buyer. But standard payment options include PayPal, direct deposit to a bank account, and physical checks.
Cardcash is an online gift card marketplace where you can directly sell your gift cards to them. You typically receive an offer from them based on the brand, value, and demand for your gift card.
What Makes This Option Great
CardCash provides competitive offers for gift cards, allowing you to receive a higher value for your cards than other platforms. This makes CardCash a go-to place for sellers who want to maximize the payment they receive from selling gift cards.
They also offer an opportunity to exchange your gift card for one from a different store, potentially with a higher value than your gift card. Gift cards you wish to exchange must have a minimum balance of $10.
- Fees/Commission: After deducting CardCash’s commission and fees, you can expect to receive up to 92% of your gift card’s original value.
- Payment methods: CardCash pays you via check in the mail, ACH deposit, or PayPal.
Raise is a popular online platform with an extensive buyer network, competitive pricing, and control over your listing. Raise provides a convenient and profitable way to turn your unused gift into money.
What Makes This Option Great
It offers a user-friendly platform, making it easy to sell gift cards. The process typically involves listing your gift card for sale, providing necessary details, and setting a competitive price.
Raise allows sellers to set their prices for their gift cards. When listing your gift card on the platform, you can determine the selling price based on your desired value or market conditions.
Gift cards from popular retailers such as Best Buy, Amazon, and Apple typically sell above 90% of their value.
This control over pricing enables you to maximize the earnings from selling your gift cards.
- Fees/Commissions: Listing your gift cards on the Raise Marketplace is free. But Raise deducts a 15% commission from the selling price when your gift cards are sold.
- Payment methods: Raise has two payout methods; ACH Direct Deposit and PayPal.
Coinstar is a leading self-service kiosk company that offers a range of automated retail solutions, including coin-counting machines and gift card exchange services.
What Makes This Option Great
Coinstar kiosks can be found in numerous retail locations across the USA, making it convenient to sell gift cards for instant payment.
No need to list your gift cards or negotiate with potential buyers. You can bring your gift cards to a Coinstar kiosk, follow the instructions on the screen, and then receive an offer for your cards.
Coinstar’s user-friendly interface and step-by-step instructions make the selling process straightforward. You can scan or manually enter your gift card information, and the machine will provide a cash offer.
- Fees/Commission: Fees vary depending on the location. But generally, Coinstar charges a processing fee of up to 12.5% of the gift card’s original value and a transaction fee of 50 cents. It’s possible to avoid these fees by receiving an e-gift card instead of cash.
- Payment methods: Coinstar pays you via cash, e-gift cards, or charity donation.
How To Sell Gift Cards For Cash: Step-By-Step Instructions
Selling gift cards for cash is a convenient way to convert your gift cards into money. The steps outlined below will guide you through the entire transaction, ensuring the process is smooth and secure.
1. Determine the Gift Card’s Value
Check the balance left on the gift card and whether it meets the requirements set by the platform where you plan to sell. The gift card must also be valid to be eligible for sale.
2. Choose a Platform
This step involves researching different platforms and choosing which serves you best. Some factors to consider are the platform’s reputation, fees and commissions, payment options, and customer reviews.
You can use one of the platforms previously reviewed, making this step easier for you.
3. List the Gift Card
Select the option to sell gift cards on the chosen platform. Then provide the required information about the gift card, such as the brand, value, and other requested details.
Accomplishing this step enables the platform to assess the market demand for your gift card and provide you with a reasonable offer.
4. Accept the Offer
When the platform or buyer has finished evaluating your gift card, they’ll provide an offer. You can accept it if you’re satisfied with the proposed amount. Accepting the offer signifies your agreement to sell your gift card at the agreed-upon price.
5. Choose Payment Method
Different platforms offer various payment options, such as direct deposit, PayPal, or check. When choosing a payment method, consider convenience, security, and fees.
6. Complete the Transaction
Follow the instructions provided by the platform to finalize the transaction. This may include verifying your identity and agreeing to the terms and conditions.
Completing the transaction ensures the payment and transfer of ownership of the gift card to the platform or buyer.
7. Receive Payment
You’ll receive the payment according to your preferred payment method. Finally, your gift card has been converted into cash.
Things to Consider When Selling Gift Cards for Cash
When selling gift cards for money, it’s essential to consider various factors to make informed decisions and increase your chances of a rewarding gift card selling experience.
1. Gift Card Value
Assess the remaining balance on the gift card and determine its market value. Consider the popularity and demand of the retailer associated with your gift card. Popular retailers typically have higher demands and fetch higher offers.
2. Selling Opportunities
Choosing a platform that accepts gift cards from various retailers is wise. It significantly broadens your selling opportunities, increasing the chances of having a satisfying gift card sale experience.
3. Fees and Commissions
Understand the fees and commissions deducted by the platform for facilitating the transaction. Doing so lets you know the net amount you’ll receive, avoiding surprises.
4. Payment method
The payment method you choose should best suit your needs. Consider factors such as speed, convenience, security, and associated fees.
5. Security and Privacy
Your security and privacy must be safeguarded when selling gift cards for cash. A trustworthy platform prioritizes protecting customer data and employing a secure payment system.
6. Customer Support
Evaluate the availability, responsiveness, and quality of customer support when selecting a platform. Additionally, consider the platform’s support channels, such as email, phone, and live chat. A good platform always offers good customer support.
Frequently Asked Questions
To help you navigate selling gift cards for cash with ease, you can check the answers to frequently asked questions below.
Can You Sell Gift Cards on PayPal?
No, you can’t sell gift cards on Paypal. Paypal offers various payment services but doesn’t have a dedicated marketplace for selling gift cards.
Can I Return a Gift Card?
Gift cards are considered final sale items. They are typically non-returnable and non-refundable after being purchased.
Do I Need to Mail the Gift Card?
It depends on the platform you’re using to sell your gift cards. Some venues require you to ship the gift card to the buyer, while others facilitate the transaction electronically. It’s advisable to contact the platform’s customer support for clarification.
Do Platforms Require Verification?
Yes, many platforms that facilitate selling gift cards for cash require verification. This is to ensure user security and transaction legitimacy. You might need to provide identification documents or link your bank account or credit card.
Similar Tutorials to Check Out
- How to Sell Tickets on StubHub: StubHub delivers a credible platform for selling tickets with features such as on-time payment, free listing, easy shipping, and more.
- How to Sell Sneakers for Cash: Discover the benefits of selling sneakers for cash on StockX and GOAT apps. You can try other selling apps too.
- How to Sell Basketball Cards: This link isn’t live yet.
Convert your unused gift cards into cash and experience the convenience and financial benefits it brings. Explore reputable platforms such as Gift Card Granny, CardCash, Raise, and Coinstar, enabling you to sell your gift cards quickly.
Don’t let your unwanted gift cards go to waste. Follow my detailed step-by-step instructions to ensure a smooth process. Sell your gift cards for cash today and unlock their full value.
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