Get Cash And Discounts With Gift Cards

Wondering about what to do with a gift card you won't use? Or how about saving more at your favorite stores? This manual discusses what you need to know about buying and selling gift cards. 

Sell A Gift Card

Chances are you have extra cash in your junk drawer, wallet or purse. And, no, I’m not talking about dollar bills or coins. I’m talking about unwanted gift cards. A recent study conducted by Gift Card Granny shows that eighteen percent of respondents sell their unwanted gift cards in exchange for cash. Whether you’re new to selling or a seasoned veteran, the details below will help answer any questions about selling your gift card. 
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Question: Can you exchange a gift card for cash?
Answer: Yes.

There are multiple avenues available for selling a gift card; online resellers, pawn shops, grocery stores, cash checking services, online classified listings and mall kiosks. Even though there are plenty of choices, it’s imperative to carefully consider each alternative.

Selling A Gift Card Online
Instead of scouring the Internet, I suggest using Gift Card Granny, a site that partners with resellers. Here you can compare offers and determine which reseller will pay the most for your card. When selling your card online, you may want to consider using Granny’s list of sellers to gather information on the gift card market. This data will help you observe each of the partners’ merchandise quantity and determine the resale value. Additionally, many of the resellers listed on Granny follow customer protection standards which is intact to not only help the person selling the gift card but also the one who’s buying.  

Selling A Gift Card At A Pawn Or Cash For Gold Shop
Your local pawn or cash for gold shops will more than likely make you an offer. Note that they may not accept all gift cards. Call beforehand to confirm.  

Selling A Gift Card Through An Online Classified Listing
A word of caution. I personally would avoid listing your gift card on Craigslist, Facebook Marketplace or other similar online classified listings. However, if you go that route, never disclose the gift card number or PIN. Once that information is shared, the person who received those details could potentially use it, leaving you unpaid and with a zero balance gift card. 
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Question: Does it matter where you sell your gift card?
Answer: Yes.

Each selling option has pros and cons. Selling your gift card online will yield the most money. However, it may take up to a week for first-time sellers to receive payment. For example, some resellers require a check as a first form of payment. 

You’ll walk out the door with cash in hand if you sell your gift card at an in-store location (pawn shop, cash checking services, etc). Although convenient, the payout will be lower.
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Question: Are there limitations on the type of gift cards you can sell?
Answer: Yes.

Resellers are mainly interested in popular, well-known brands.  
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Question: How much do you get paid for your gift card?
Answer: It depends.

Your payout is based on multiple factors including the gift card brand and which reseller you choose. Keep in mind you won’t receive the full value of the gift card.

Selling A Gift Card Online
Payouts are usually between sixty to ninety percent. More desirable brands such as Walmart could receive nearly 90 percent cash back. 

Selling A Gift Card At A Pawn Or Cash For Gold Shop
I called five different pawn shops inquiring about the payout for a $50 Dick’s Sporting Goods gift card. The average payout was between forty to sixty percent. However, a card that’s in higher demand (ie Walmart) may yield a larger payout.   
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Question: How do you get paid? 
Answer: Check, direct deposit, ACH, PayPal or gift card.

Keep in mind that each reseller has their own method of payment. For reference, Gift Card Granny lists the payment method next to each reseller.   

Buy A Discount Gift Card

Coupons, rebates, loyalty programs, sales and promo codes are all great techniques for saving money. But did you know each one of those tactics can be combined with discount gift cards?
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Question: What is a discount gift card?
Answer: A gift card available for purchase that's less than its actual retail value.

Individuals sell their unwanted (unused or partially used) gift card to a reseller for a portion of the card's value. The reseller then sells the previously owned cards to consumers at a discounted price. Discount gift cards can also come from stores as a way to incentivize customers. 
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Question: Where do you buy discount gift cards?
Answer: Through a gift card reseller's website.

There are many reseller sites, such as Cardpool and Gift Card Spread, that offer discount gift cards for purchase. You can also search Gift Card Granny (imagine the Kayak of discount gift cards) to find and compare discount gift cards from reseller sites. 
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Question: Should you be cautious when buying a discount gift card?
Answer: Yes and no.

Sadly enough, fraudulent activity can be associated with discount gift cards. And while the potential of fraud is rare, it is important to purchase from credible resellers. I had an experience with an inactive Aldi discount gift card. Luckily I attempted to use the gift card within the reseller's money-back guarantee period (in this instance it was CardCash). I contacted their customer service detailing my issue and order details; within a few days the amount was credited back onto my credit card. Gift Card Granny has a consumer protection policy that outlines resellers that offer a money-back guarantee.

Do you have any questions about buying or selling a gift card? Leave them in the comments below.