Introduction
Stuck with a gift card you’ll never use? Don’t let that plastic collect dust. This paper discusses how one can turn unwanted presents into cash. We will cover where to sell them and how to get the best price and and even explore some alternatives to selling.
Benefits on Selling Unwanted Gift Cards
Gift cards are really quite the thing in gifting and offering great convenience and flexibility to the giver. To the receiver and though and they can sometimes fall into that not quite right category. Maybe it’s a store you just don’t go to and the style doesn’t suit you and or maybe you already have something similar. Rather than having that gift card sit in your wallet and collecting dust and selling it opens up a very extensive set of advantages.
Sell Unused Value for Cash
The most obvious advantage is converting the unused balance on the gift card into real cash and spendable anywhere. It enhances the flexibility in your budget to be able to use the money for what you really need or want.
Give Wallet Space
The crammed wallet is not only bulky it can also be frustrating. Selling unused gift cards helps clean up your wallet and make it slim and easy to get through.
Fund Other Purchases
You can use the cash you obtain from selling your unwanted gift card for many purposes. This can be used to pay off debt and contribute toward meeting your savings goal and or even for pampering yourself.
Avoid Expired Value
Most of the gift cards have an expiration date attached to them. If you sell them before the actual expiration date and you are bound not to lose its full value.
Reduce Waste
Allowing a gift card to go unused is in effect and wasting resources. It lets another individual enjoy its value by selling it and thereby reducing overall wastage.
Selling unwanted gift cards today is a wise decision made to create the most out of such a value and get some extra cash in your pocket when flexibility is one of the prime aspects of finance.
Where to Cash In?
Sell your unwanted gift card for cash and you have so many options at hand. Each of these varies in many aspects and it’s pretty necessary to know the landscape. Here’s a breakdown of popular platforms for selling gift cards
Online Marketplaces
These are websites designed for selling and buying gift cards. Through this one can sell the cards easily from any point. Popular sites include CardCash and Raise and GiftCardGranny.
Varying fees and all brands not accepted on all platforms and differing payout methods.
Brick and Mortar Kiosks
In malls or grocery stores physical kiosks offer an in store alternative to sell gift cards. Most of these kiosks enable a customer to very quickly and easily get cash.Instant cash and without having to wait around for shipping.Lower payout rates and limited selection of accepted brands and inconvenient location for some.
Peer to peer Apps
Apps like Coinstar or Swappa will help you connect directly to a fellow user who is going to buy your gift card. That will end up with competitive rates since it is you who is going to negotiate with the buyer. On the other hand though it requires more effort compared with that needed on other platforms and there is a possible risk of scams. Higher payout rates potentially and flexibility in negotiations. Greater risk of scams and increased effort needed in finding a buyer and slower transaction times.
Pawn Shops
While this is not the best place to sell some pawn shops may take specific gift cards for highly popular brands. However and payout would be very low compared to the other platforms. It can be a quick last resort for immediate cash. Very low payout rates and selection of accepted brands limited.
Choosing the Right Platform
Know what to sell your gift card for by considering the brand and worth of your gift card and payout speed and comfort level with each venue. Online marketplaces generally hold the best balance between ease and competitive rates and while brick and mortar kiosks offer fast cash at lower payouts. Peer to peer apps take more legwork but might produce higher returns. Always research a platform’s reputation and fees and payout methods before you lock in your choice.
What Affects Gift Cards Selling Price?
You will not sell that unwanted gift card for money equal to its full face value. There is a price you can sell it for and determined by several factors and knowing them helps you know how to get the most out of it. Here’s a breakdown of the key players
Brand Popularity
The popularity or demand of the store that the gift card is associated with impacts the selling price tremendously. Gift cards for very sought after brands like Amazon and Apple and or popular restaurant chains would garner a closer percentage to their face value compared to not so well known stores. Why? Buyers are more likely to find these cards useful and so are ready to buy them easily.
Remaining Balance
This may seem obvious but the more money remaining on the gift card and the more money it will garner. A fully balanced gift card will sell for a higher price compared to that which is partially used.
Fees by Selling Platforms
Each of these sell gift card platforms charge different fees for their assistance in selling your gift card. These will lower your final payout. Usually online marketplaces charge a certain percentage of the fee against the value of the card and while brick and mortar kiosks charge a flat fee or even a lower percentage with a minimum threshold for payout. Knowing how their system of fees works before you sell is very important.
Card Type
Indeed and some gift cards like ones having purchase restrictions to use them online or on certain departments and or those that are closed loop cards (usable in a single store only) could bring a lower price because of lesser utility for the buyer.
Demand and Seasonality
Much as with any other commodity and demand for specific gift cards will change with the season or any other current factors. For example a gift card for a sporting goods store may sell at a premium during the holiday season. Knowing seasonal trends can help to time your sale for potentially higher returns.
Maximize Your Selling Price
Keeping these in mind will get you on your way to getting the best price for your unwanted gift card. Cards of popular brands that have a full balance net the best return on low fee sites. If you can and try to time your sale to coincide with periods when demand for the particular store or type of card would be higher.
In other words a small amount of research and planning can make a big difference in the amount of cash you can get for unwanted plastic.
Alternative Uses
Yes and one can cash out unwanted gift cards for money but the path isn’t always taken due to practicality or personal preference. Here are some alternative ways in which you can use unwanted gift cards with respect to the type of card and your preference
Regifting
This old solution simply involves finding a person to whom the gift card will show one’s appreciation. Just think of upcoming birthdays and holidays and or special occasions for friends and family and or colleagues who share similar tastes. Just make sure the person really uses the gift card otherwise and this may seem impersonal in nature.
Try It Yourself
Sometimes you just need to do a little browsing to realize that an unwanted gift card is really much more than you may have initially thought. Maybe that store offers more than you thought of and or maybe it’s an entire part of the store you just haven’t considered. Spend some time scrolling through their online selection or stop into one in person for a visit to see what they really do have that you may want or even need.
Swap with friends or family
A little social barter never hurt anyone If you’ve got some friends or family members with unwanted gift cards at some of the places that you frequent and consider swapping. In this way everyone gets something they can utilize without exchanging any cash.
Donate to Charity
Many charities will take gift cards as a donation. It enables them to purchase essential supplies or merchandise at discounted prices. Look up charities you care about and find out whether they accept gift cards for your particular store.
Combine with Cash
You can use some gift cards and mainly the higher value ones and with some cash to make a bigger purchase. That way one can really make good use of the value in the gift card and earn something that they would otherwise not afford.
Picking the Best Alternative
The best alternative however depends upon the specific gift card and your personal needs and how comfortable you are with various means.
The Future of Gift Cards
The very familiar plastic rectangle and the gift card have been in wallets for quite a while as a convenient method and flexibility in gifting. However redemption through gift cards is going to change dramatically in the future with technological advancement and evolving consumer preference playing their roles. Here is a peek into what the future may look like
Digital Platforms Centre Stage
Physical gift cards could very well now be a thing of the past. Digital platforms for managing and redeeming gift cards are already gaining traction. This allows for ease of storage and balance tracking and redemption via mobile applications or online wallets. Think of the ability to send a gift card via text message or to redeem it with just a single tap on your phone
Universal Gift Card Systems
The present retailer specific gift card landscape can be very restrictive. This may change someday with the introduction of universal gift card systems that will let users redeem their value not only at more stores but also at online retailers. This brings an unprecedented level of flexibility to both gift givers and receivers.
Blockchain Technology Integration
How blockchain technology can change the experience of gift card redemption is through its security and transparency. This would end fraud once and for all and eventually smoothen redemption processes and even facilitate fractional ownership of gift cards to be used for smaller purchases.
Personalized Gift Card Experiences
Gift cards can become more interactive and personal. Imagine gift cards that are interest or budget based and where recipients choose from curated selections of items or experiences. Also augmented reality features can be added so that recipients can virtually try on clothes or see what an experience associated with a gift card would look like.
Focus on Sustainability
With growing concern for the environment and the future of gift cards is most likely to be oriented towards sustainability. Digital platforms can significantly reduce plastic wastes from physical cards. Moreover gift cards can be attached to some eco friendly programs where recipients can use their purchase for sustainable businesses or causes.
The Evolving Landscape
Convenience and Flexibility and Security for All in the Redemption of Gift Cards The future of redeeming gift cards belongs to everyone. Digital platforms are powered by innovative technologies such as blockchain and pave the way toward a new era in gift giving that is efficient and highly personalized and green. Hence and get ready to toss that plastic and open your arms to the new exciting possibilities of gift cards.
Conclusion
Unwanted gift cards really don’t need to collect dust sitting somewhere. This paper has explored diverse ways of turning those plastic rectangles into value usable by you. From selling them for cash on secure platforms to exploring alternative uses like regifting or strategic shopping and all situations are catered to. Remember to also exercise caution on ethical parameters like transparency and responsible platform use. A view into the future shows that gift card redemption will be digital and flexible and sustainable opening vast opportunities for both gift givers and the recipients. Hence and the next time you get that unwanted gift card and remember that with some bit of planning and these insights and you will unlock its hidden potential to turn it into something of real value.