Like most people, you probably have a couple of long-unused and almost forgotten gift cards lying around in your house. Maybe you have one for a store that’s out of town or a brand that doesn’t really match your style.
Whichever the case may be, don’t throw out those cards yet! Aside from donating gift cards or regifting them to family and friends, there’s one other thing you can do to make the most of your cards: sell them!
In this guide, we’ll walk you through the steps on how to resell gift cards and turn them into cash safely and conveniently. We’ll also discuss where you can sell your cards and what you’ll need to get started.
- Is It Possible to Resell Gift Cards?
- What Is the Value of Gift Cards?
- Things to Consider When Reselling Gift Cards
- Where to Resell Gift Cards
- What You’ll Need to Resell Gift Cards
- How to Resell Gift Cards: Step-By-Step Instructions
- Can You Make Money Flipping Gift Cards?
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Is It Possible to Resell Gift Cards?
Gift cards are in consistent demand among shoppers for their added convenience and flexibility. This is especially true during the holiday season. Retailers also consider them as an integral part of their business as they drive up sales and encourage people to visit their stores.
So if you have an unused gift card or two lying around in a drawer, know that it’s possible and even potentially profitable to resell them.
What Kinds of Gift Cards Sell Well?
The latest industry data reveals that the top-selling gift cards come from major retailers and restaurant chains. These include Walmart, Target, Amazon, Chipotle, and Starbucks. Both digital gift cards and physical gift cards from these merchants are popular among customers.
Gift cards from other major food, clothing, and technology companies are also in high demand. These include Apple, Best Buy, Nordstrom, Sephora, Chick-fil-A, Uber, Lowe’s, and Steam gift cards.
What Is the Value of Gift Cards?
The value of a gift card depends on factors like the card balance, retailer popularity, and number of cards available. On average, most gift cards have a cash value of 50–90% of their face value.
To get an estimate of how much a card is worth, you can drop by gift card outlets to inquire. You can also input its merchant name and value on a gift card exchange site.
Do Gift Cards Lose Value Over Time?
The majority of gift cards don’t expire until after five years, however, they can lose value over time due to rising inflation. The amount of value that a gift card loses depends on the item, as some goods, such as food, fuel, and airfare are more prone to inflation than others.
Another reason for gift cards’ loss of value is the monthly service fees that some cards incur after a certain period of time.
Things to Consider When Reselling Gift Cards
Are you ready to start reselling your gift cards? Not so fast! Here are a few things to keep in mind before listing your items on the marketplace:
1. Scams and Fraudulent Activity
Like any other line of business, scammers are rampant in the gift card resale industry. If you aren’t careful, you may agree to trade your gift card for one with no value in it.
It’s also possible for individuals to steal your gift card code or compromise your banking information. So, make sure that you transact with verified users and use secured platforms only.
2. Marketplace Fees and Conditions
Every gift card marketplace has its own set of selling fees, terms, and conditions. These can affect the amount of profit you get to keep from each sale and the security of your transactions.
They can also influence how fast you’re able to sell your items, payment methods, and available shipping options. So, choose your selling platform wisely!
3. Shipping and Payment Methods
Use a reliable courier or delivery service that helps you save up on shipping, as high costs can eat up your profits. Avoid giving your personal address to local buyers and complete the sale in a public place instead for safety purposes.
Safer alternatives to receiving payment through your bank account include PayPal, Apple Pay, and other secure online wallets.
4. Competitive Pricing
If you’re in a rush to get your card sold, providing a large discount will attract a lot of buyers and can make your card sell in a matter of hours.
But, if you want to make the most of your gift card, consider researching the value of similar items in different marketplaces. This can help you set an optimal price that’s still attractive to customers.
Where to Resell Gift Cards
You can quickly and conveniently resell your gift cards on any of the following online platforms:
Raise operates as a secure marketplace where you can list your gift cards for sale and compare the prices of similar gift cards. This highly reputable site has around 3 million customers and accepts listings for thousands of brands and merchants.
What Makes This Option Great
Unlike other platforms, Raise allows you to set the price of your gift card. You can resell cards with partial balances, with a minimum balance of $10 for physical cards and $5 for digital cards.
- Fees/Commission: Free listing, 15% commission
- Payment Methods: ACH direct deposit, PayPal
CardCash is another online gift card marketplace that allows you to buy, sell, and trade your unused gift cards. The platform accepts over 1,100 retailers and offers to pay up to 92% of your card value.
What Makes This Option Great
CardCash is one of the most convenient websites for gift card resale. You only need to input the retailer and balance of your gift card to receive an offer. Once you accept, your payment will arrive within 24–48 hours.
- Fees/Commission: 8% or more of your card’s value
- Payment Methods: Mailed check, ACH deposit, PayPal, or Trade-in for another gift card
ClipKard is a trusted online platform that buys physical and e-gift cards from major retailers for up to 90% cash and also sells them to users for up to 35% off. The platform offers free USPS first-class shipping for both sellers and buyers.
What Makes This Option Great
ClipKard makes the process of selling your gift cards fast and easy. All you have to do is input the brand, quantity, number, and balance of your card. The platform automatically verifies the info and will send you an offer soon after. You’ll receive payment within 24 hours of card receipt.
- Fees/Commission: 10% or more of your card’s value
- Payment Methods: Mailed check or PayPal
What You’ll Need to Resell Gift Cards
Here are some things that’ll come in handy when selling your gift cards online or to a local buyer:
- Valid Gift Cards: Ensure that your physical or digital gift cards are usable and haven’t expired. Take note of important details like your gift card balance and gift card number.
- Phone or Laptop With Internet Connection: You’ll need a device where you can access gift card selling platforms and market your available items.
- Gift Card Website Account: Most online gift card platforms, including Facebook marketplace, require you to create an account to be able to list and sell your gift cards.
- Banking or Online Wallet Information: Have your PayPal account, eWallet account, or banking information ready to receive payment from your gift card buyers.
How to Resell Gift Cards: Step-By-Step Instructions
Follow these steps to transform unused and unwanted gift cards into valuable spending money:
1. Do Your Research
Finding the best deals for your gift cards involves doing some digging on the market.
Discover the latest trends, top-selling retailers, and the most cost-effective marketplace and shipping option for your items. This step will also help you learn how to properly price your gift cards and make the most profit out of them.
2. List Your Card on the Market
Once you’ve found the best marketplace and set an optimal price for your gift card, it’s time to list it for sale. Try to be as accurate as possible in providing relevant information about your card, and upload high-quality pictures when necessary.
Note that some sites, such as CardCash, take care of the reselling aspect completely, and will provide you with an offer right after you input the retailer and balance on your card.
3. Ship or Scan Your Card
Depending on your card type and marketplace, you’ll either have to ship your physical card to the buyer or provide details such as your card number and pin by manually entering them or scanning the card.
To ensure your buyer’s convenience, ship your gift card within a reasonable time and choose a courier that lets you track the status of your shipment.
4. Collect Your Payment
Expect to receive your payment within 1–2 days of the sale to a buyer. If you approved an offer on a gift card platform, payments take a similar amount of time to be processed. Select a secure and convenient way to receive your payout.
Common options include checks, ACH deposits, PayPal, Venmo, and Western Union. Some platforms allow you to trade in your gift card for another one from your choice of vendor.
Can You Make Money Flipping Gift Cards?
Considering that the gift card market was valued at $884.76 million in 2021 and is estimated to reach $2,097.13 billion in 2030, there’s definitely a high earning potential that comes with gift card arbitrage or flipping gift cards.
Millions of shoppers worldwide use gift cards to purchase items every day, so it’s no surprise that the industry is booming. With enough experience, market research, and an understanding of supply and demand, flipping gift cards can be a worthwhile and lucrative business venture.
What Is a Gift Cards Resale Business?
A gift card resale business engages in the practice of acquiring gift cards for less than their original face values and reselling them to customers for profit. A business focused on reselling gift cards has two functions: sourcing free or discounted cards and attracting a potential buyer.
Most resellers get started by selling unwanted gift cards of their own or cards from family members and friends. You can also buy cards on sale from a popular retailer or a gift card exchange site online. Then, use your payout to source more cards and grow the business.
Is Reselling Gift Cards a Good Way to Make Money?
Whether you treat it as a side hustle or a full-time business, reselling gift cards can be an excellent opportunity to earn money. You won’t need to invest a lot of capital to get started, and it doesn’t require much of a time commitment for you to succeed.
By taking advantage of free gift cards, a gift card sale, or a discounted gift card, you can get paid in cash instantly and receive a steady stream of income in the long run. However, you’ll need to be constantly on the lookout for profitable deals and be wary of scammers.
Frequently Asked Questions
Do you want to learn more about selling gift cards? Take a look at the answers to some common queries about this side hustle:
What App Pays Instantly for Gift Cards?
Prepaid2Cash is an app that pays instantly for gift cards. In as fast as 15 minutes, you’ll receive cash in your bank account or debit card after scanning your unused gift cards. This app supports cards from Visa, American Express, Nike, Target, and various other brands.
Can I Convert a Gift Card to My Bank Account?
Yes, you can convert a gift card to money in your bank account using apps such as Prepaid2Cash, CardSell, and GiftCash. On most platforms, you’ll have to create an account and provide your gift card details before receiving a direct deposit to your account.
Similar Tutorials to Check Out
The resale industry is booming, which means there are plenty of in-demand items that you can sell for instant cash. If you’d rather skip the process of selling gift cards, there are plenty of other options to choose from! Check out our helpful guides on the following:
- Resell Tickets: Do you have extra tickets for an event you can’t attend? List and resell them quickly and easily.
- Resell Structured Settlement: Convert steady monthly payments into a lump sum amount by selling structured settlements.
- Resell Apple Devices: Earn additional income by letting go of your used iPhones, iPads, MacBooks, and other Apple electronics.
Whether you intend to let go of a few unwanted gift cards or start a thriving card-flipping business, the abovementioned steps will help you resell gift cards quickly and conveniently! Remember to prioritize safety and always stick to secure marketplaces when transacting online.
Do you have any questions or gift card flipping tips on your mind? Comment them down below! Don’t forget to share this article with your family and friends to help them make the most of their unused cards as well!