Why Sell Unwanted Gift Cards?
Receiving an unwanted gift card can be a frustrating experience, especially if it’s from a store or restaurant you never visit. However, instead of letting it collect dust in your wallet or drawer, you can turn it into cash by selling it. This process is becoming increasingly popular, with many people using online marketplaces to buy and sell unwanted gift cards. By selling your unwanted gift card, you can declutter your wallet, earn some extra cash, and even help someone else who might be looking for a discounted gift card. In this article, we will explore the process of selling unwanted gift cards and provide you with a step-by-step guide on how to do it effectively.
Click Image to Find Market Products
Selling unwanted gift cards is a great way to make some extra money, especially during the holiday season when many people receive gift cards as presents. According to a survey, over $130 billion in gift cards were purchased in the United States alone in 2020, with a significant portion of them going unredeemed. By selling your unwanted gift card, you can tap into this market and earn some cash. Additionally, selling unwanted gift cards can also help you declutter your wallet and reduce waste. Many gift cards end up in landfills or get lost, so selling them can help reduce the environmental impact of unused gift cards.
Before we dive into the process of selling unwanted gift cards, it’s essential to understand the benefits of doing so. By selling your unwanted gift card, you can earn some extra cash, declutter your wallet, and even help someone else who might be looking for a discounted gift card. In the next section, we will explore the different types of gift cards and their resale value, which will help you determine the best course of action for selling your unwanted gift card.
Understanding Your Gift Card Options
When it comes to selling unwanted gift cards, it’s essential to understand the different types of gift cards and their resale value. Gift cards can be broadly categorized into three types: physical, digital, and store-specific. Physical gift cards are the traditional type of gift card that is made of plastic or paper and has a magnetic stripe or a barcode. Digital gift cards, on the other hand, are electronic and can be sent via email or text message. Store-specific gift cards are issued by a particular store or restaurant and can only be used at that specific location.
Popular gift cards like Amazon, iTunes, and Starbucks tend to have a higher resale value compared to lesser-known brands. This is because these brands are well-established and have a wide range of products or services that people want to buy. For example, an Amazon gift card can be used to purchase anything from electronics to household items, making it a highly sought-after gift card. Similarly, an iTunes gift card can be used to purchase music, movies, and apps, making it a popular choice among music and tech enthusiasts.
The resale value of a gift card also depends on its balance and expiration date. Gift cards with higher balances and longer expiration dates tend to be more valuable than those with lower balances and shorter expiration dates. Additionally, gift cards that are issued by popular brands and have a wide range of redemption options tend to be more valuable than those that are issued by lesser-known brands and have limited redemption options.
Some popular gift cards and their resale values are:
- Amazon gift cards: 80-90% of face value
- iTunes gift cards: 70-80% of face value
- Starbucks gift cards: 60-70% of face value
- Target gift cards: 50-60% of face value
- Walmart gift cards: 40-50% of face value
Keep in mind that these are general estimates and the resale value of a gift card can vary depending on the marketplace, the buyer, and the seller. In the next section, we will explore the various platforms and marketplaces where gift cards can be sold, including their fees and user reviews.
Where to Sell Your Unwanted Gift Cards
Once you’ve determined the type and value of your gift card, it’s time to decide where to sell it. There are several platforms and marketplaces where you can sell unwanted gift cards, each with its own fees and user reviews. Here are some popular options:
Raise is a popular platform for buying and selling gift cards. It’s free to list your gift card, and Raise takes a 15% commission on the sale price. Raise has a large user base and offers a variety of payment options, including PayPal and direct deposit.
Cardpool is another popular platform for selling gift cards. It’s free to list your gift card, and Cardpool takes a 10% commission on the sale price. Cardpool offers a variety of payment options, including PayPal and check.
eBay is a well-established online marketplace where you can sell gift cards. It’s free to list your gift card, but eBay takes a commission on the sale price, ranging from 8% to 12%. eBay offers a variety of payment options, including PayPal and credit cards.
Other platforms and marketplaces where you can sell unwanted gift cards include GiftCardGranny, CardHub, and ABC Gift Cards. Each platform has its own fees and user reviews, so it’s essential to research and compare them before deciding where to sell your gift card.
When choosing a platform or marketplace, consider the following factors:
- Fees: What commission does the platform take on the sale price?
- User reviews: What do other users say about the platform’s customer service and payment options?
- Payment options: What payment options does the platform offer, and are they convenient for you?
- Target audience: Is the platform’s target audience interested in buying gift cards like yours?
By considering these factors, you can choose the best platform or marketplace for selling your unwanted gift card and get the best possible price. In the next section, we’ll discuss how to determine the value of your gift card and research its resale value using online tools and price guides.
How to Determine the Value of Your Gift Card
Determining the value of your gift card is crucial to selling it for the best possible price. Here are some tips on how to check the balance and expiration date of a gift card, and how to research its resale value using online tools and price guides:
Check the balance: Before listing your gift card for sale, make sure to check the balance to determine how much is left on the card. You can usually do this by visiting the issuer’s website or by calling their customer service number.
Check the expiration date: Gift cards often have an expiration date, so make sure to check when the card expires. If the card is close to expiring, you may want to consider selling it quickly to avoid losing the value.
Research the resale value: Use online tools and price guides to research the resale value of your gift card. Websites like Raise, Cardpool, and GiftCardGranny can give you an idea of what similar gift cards are selling for. You can also check online marketplaces like eBay and Amazon to see what buyers are willing to pay for your gift card.
Use price guides: Price guides like the ones provided by GiftCardGranny or CardHub can give you an estimate of the resale value of your gift card. These guides are based on historical sales data and can give you a good idea of what your gift card is worth.
Consider the fees: When determining the value of your gift card, make sure to consider the fees associated with selling it. Some marketplaces and platforms charge fees for listing and selling gift cards, so make sure to factor these fees into your pricing.
Be realistic: When pricing your gift card, be realistic about its value. Don’t overprice your gift card, as this can deter buyers. Instead, price it competitively based on the research you’ve done.
By following these tips, you can determine the value of your gift card and price it competitively to attract buyers. In the next section, we’ll discuss how to prepare your gift card for sale, including providing clear photos, detailed descriptions, and competitive pricing.
Preparing Your Gift Card for Sale
Once you’ve determined the value of your gift card and chosen a platform to sell it on, it’s time to prepare your gift card for sale. Here are some tips on how to make your gift card more attractive to buyers:
Provide clear photos: Take clear, well-lit photos of the gift card from multiple angles. This will help buyers see the card’s condition and verify its authenticity.
Write a detailed description: Include all relevant details about the gift card, such as its balance, expiration date, and any restrictions on its use. Be honest and transparent about the card’s condition and any flaws it may have.
Set a competitive price: Research similar gift cards on the platform you’re using and price your card competitively. Keep in mind that you want to make a profit, but you also want to attract buyers.
Use relevant keywords: Use keywords like “gift card,” “unwanted gift card,” and “discounted gift card” to help buyers find your listing.
Highlight the benefits: Emphasize the benefits of buying your gift card, such as the ability to use it to purchase a specific product or service.
Be transparent about fees: If you’re charging any fees, such as shipping or handling fees, be upfront about them in your listing.
By following these tips, you can make your gift card more attractive to buyers and increase your chances of selling it quickly and for a good price. In the next section, we’ll discuss how to create an effective listing on a marketplace or platform.
Listing and Marketing Your Gift Card
Once you’ve prepared your gift card for sale, it’s time to create an effective listing on a marketplace or platform. Here are some tips on how to write a compelling title and description, and use relevant keywords:
Write a compelling title: Your title should be clear, concise, and descriptive. Include the name of the gift card, its balance, and any other relevant details.
Write a detailed description: Your description should include all relevant details about the gift card, such as its balance, expiration date, and any restrictions on its use. Be honest and transparent about the card’s condition and any flaws it may have.
Use relevant keywords: Use keywords like “gift card,” “unwanted gift card,” and “discounted gift card” to help buyers find your listing.
Include high-quality photos: Include clear, well-lit photos of the gift card from multiple angles. This will help buyers see the card’s condition and verify its authenticity.
Set a competitive price: Research similar gift cards on the platform you’re using and price your card competitively. Keep in mind that you want to make a profit, but you also want to attract buyers.
Use attention-grabbing formatting: Use bold text, italics, and other formatting options to make your listing stand out.
By following these tips, you can create an effective listing that will attract buyers and help you sell your gift card quickly and for a good price. In the next section, we’ll discuss how to close the sale and get paid.
Closing the Sale and Getting Paid
Once you’ve received an offer on your gift card, it’s time to close the sale and get paid. Here are the steps to follow:
Respond to buyer inquiries: If the buyer has any questions or concerns, respond promptly and professionally.
Agree on the sale terms: Make sure you and the buyer are clear on the sale terms, including the price, payment method, and shipping details.
Ship the gift card: Once the sale is complete, ship the gift card to the buyer promptly. Make sure to use a trackable shipping method and keep a record of the tracking number.
Receive payment: Once the buyer has received the gift card, they will send you payment through the agreed-upon method. Make sure to verify the payment before considering the sale complete.
Use secure payment methods: Use secure payment methods like PayPal or credit cards to protect yourself from potential scams.
Keep records: Keep records of the sale, including the buyer’s information, the sale price, and the payment method. This will help you in case of any disputes or issues.
By following these steps, you can ensure a smooth and successful sale. Remember to stay patient, professional, and organized throughout the process. In the next section, we’ll provide additional tips and best practices for selling gift cards successfully.
Tips for Selling Unwanted Gift Cards Successfully
Selling unwanted gift cards can be a great way to declutter your wallet and earn some extra cash. Here are some additional tips and best practices to help you sell your gift cards successfully:
Be patient: Selling gift cards can take time, so be patient and don’t get discouraged if you don’t receive any offers right away.
Stay organized: Keep track of your gift cards, including their balances, expiration dates, and any offers you receive.
Provide excellent customer service: Respond promptly to buyer inquiries and provide excellent customer service to build trust and increase the chances of a successful sale.
Use high-quality photos: Use clear, well-lit photos of the gift card to show its condition and authenticity.
Be transparent: Be honest and transparent about the gift card’s condition, balance, and any restrictions on its use.
Keep records: Keep records of the sale, including the buyer’s information, the sale price, and the payment method.
By following these tips and best practices, you can increase your chances of selling your gift cards successfully and earning some extra cash. Remember to stay patient, organized, and professional throughout the process.
