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The tale of gift-giving has always been an act that requires a lot of thought. What does the person like? What’s the budget? Will you have enough time to buy it? With all these thoughts in mind, the gift-giver may look for simpler routes. One of the easiest options out there?
The trusty gift card.
Efficient, right? It allows the recipient to buy whatever they like from the store. It allows you to choose an exact budget. It saves time.
However, choosing the right gift card is also an art. If it is a gift card from a store that the recipient doesn’t really shop from, it can go unused. No wonder, a vast number of gift cards sit unutilized every year. So, if you’re sorting through your email and you find one you haven’t used, don’t be surprised. Instead, put it to use. Sell the gift card.
Selling the gift cards you got that you don’t really want makes sense as you tend to unlock value in a way that can now be put to use. Third party platforms like Raise and CardCash allow you to sell gift cards online and help you recover most of the value, after deducting the discount and the site fee. These sites cover a wide range of brands where gift cards are usually purchased from and therefore work as an effective marketplace for you to sell your gift card.
Raise allows you to list your gift card on their marketplace and set an attractive price. On this platform, you receive money minus the discount you’ve set and the site fee, once someone buys the card. CardCash, on the other hand, verifies your gift card and pays you the amount minus the discount and the site fee. The responsibility of selling the gift card is taken care of by them. The payment that you receive for selling the gift card varies, depending on the site you sell it on along with its site fee, and the brand of the gift card.
Gift cards are a highly practical gift. For the buyer, it is an easy gift to purchase. It saves time and energy. It can also be a thoughtful gift if you can narrow down the store/brand that the recipient likes. For the recipient, gift cards can be convenient to use, helpful if it is a store they frequently purchase from, and easy to choose whatever they actually wish to buy rather than having to return a gift they already have or don’t really have a use for. From a retailer standpoint, gift cards help the business enhance their customer base by allowing existing customers to introduce the brand to their social circle. It also boosts customer loyalty and sales if it is a brand the recipient is already familiar with.
TLDR: Gift cards are a win-win in the gift-giving category.
If you’ve ever received a gift card that you know you may not use, there are convenient ways of selling them too. With platforms built specifically for the purchase, sale and exchange of gift cards, you can easily put your gift to good use and create resources for yourself that would have otherwise gone unutilized.
By selling your gift card online instantly on one of the platforms for a slight discount, you can mobilize your resources into cash which can then be used for any of your needs or you can put them aside as savings.
Additionally, by selling your gift card, the recipient of the gift card can utilize the full market value of the gift card, and ensure it doesn’t go unused.
The best way to check the balance of your gift card is to refer to the customer care number or the website that is given on the card itself. Once you find the website, it should have a list of instructions that will help you determine the balance. Beware of scam websites that are not connected to the gift card in any way.
Another way of finding out the balance is to visit the store and ask the customer service representative to help you out.
Gift cards may come with restrictions. From amount, expiration dates and inactivity fees in compliance with the law, state-specific regulations, promotions, locations, in-store/online usage, transferability restrictions, product range to other types of restrictions, it is recommended to check the gift card for terms and conditions beforehand.
It is also prudent to check the gift card selling platform you use, for their rules around restrictions for the gift cards they allow.
Every platform has its own set of rules when it comes to buying, selling and exchanging gift cards. Websites like Raise allow you to decide your own selling price, while also suggesting a price. It makes sense to check what other similar gift cards are priced at to get an understanding of what price you could set for your card. For other websites like CardCash, they handle the reselling of the card themselves. CardCash also lets you exchange your gift card for another gift card (selected brands). This option is known to bring in more value over selling your card.
Like any other product, the more features a gift card has, the better it gets. The ability to use it both in-store and online, a wider acceptance across locations, added advantage in the form of promotions, convenient usage, among other features, helps in making the gift card more appealing.
Every platform has its own rules when it comes to restrictions. There may be restrictions in terms of expiration dates, locations or product range. It is best to check the platform through which you have chosen to sell the gift card, and peruse their specific guidelines and legal requirements for the kind of gift cards that are acceptable on the site.
There are a number of platforms that are available for buying and selling gift cards, each with their own features. It is pertinent to find the perfect fit for your needs. It is also important to do thorough personal research to understand which sites are reputable and to beware of scams.
However, there are a few gift card selling platforms which are popularly used:
Raise functions like a marketplace where you can set a price for your gift card based on how similar gift cards are priced. Once the card is sold, you receive the payment minus 15% site fee. Raise is known for its strong reputation.
CardCash operates on a different model whereby they verify your gift card and offer you a price for it. They take on the onus of selling the card themselves. It has an easy-to-use site and has more than 1100 retailers.
When transferring a gift card to a buyer, the most important factors are security and convenience for both parties.
For physical gift cards, in-person handoff is ideal, allowing the buyer to verify the card's condition and balance immediately. If meeting in person isn't possible, using a tracked shipping method with insurance is advisable. For added security, only reveal the full card number and PIN after confirming receipt of payment.
For digital gift cards, the transfer process is often simpler but requires careful handling of sensitive information. Many e-gift cards can be forwarded directly via email, but it's crucial to ensure the buyer's email address is correct. Alternatively, you can provide the gift card code and PIN through a secure messaging platform or a reputable online marketplace designed for such transactions. Some gift card resale platforms offer buyer protection and act as an intermediary, holding the funds in escrow until the buyer confirms the gift card's validity.
Gift cards of any brand become more appealing, when they can be used against a wide variety of products, or accessibility to store locations is high, or there is an ability to shop online/ in-store, etc. Based on these criteria, there are a few brands whose gift cards are certainly appealing. This list includes brands like Starbucks, Sephora, Target, Disney, Chick-fil-A, iTunes, Fandango, Visa, eBay, Home Depot, Nike, etc.
So, the next time you find yourself looking at a gift card that you already know you won’t use, you know what to do next. Look for a reliable platform to sell your gift card for instant payment. Ensure that you do your due diligence about the site before making a listing. Work out a competitive price by researching the prices of other similar gift cards. It is also important to ensure that your transactions are secure. While listing your gift card, make sure you fill out all the necessary information about the gift card, so that it is easier for the buyer to make an informed decision. Once the sale is complete, providing proof of transfer is necessary to build trust with the buyers.
Yes, some sites do allow this. However, there are rules each site follows. Depending on the site you choose, do remember to look up the specific guidelines for partially-used gift cards.
Yes. There are certain platforms that allow exchange of gift cards as well. It is important to research the site you choose for their terms and conditions around the exchange of gift cards.
It is always important to put in time and research to check the platform you use to sell your gift card. A few preliminary points you can check are the company’s Trustpilot reviews and Better Business Bureau profiles. You can also check customer ratings of people who have already used the platform before you to get to know their user experience. You can even check the app store ratings to get a better understanding.
It depends on the site you choose. Some sites allow for both digital as well as physical gift cards whereas some sites allow only digital ones. It is important to check the terms and conditions of the site to understand the rules around the type of gift card they allow to be sold on the platform.
While there are a few platforms which are safe to sell gift cards, there is no single safest platform. It is always best to do thorough research first and find a platform that suits your requirement the best.
