Gift cards have become an increasingly popular gift-giving option, offering recipients flexibility and choice. However, the value stored on these digital assets is often left untouched, and the desire for cash arises. In this article, we will explore innovative hacks to convert your unused gift cards into cash. Not just this but providing valuable insights on maximizing the worth of your unspent balances.
The Value of Gift Cards
Gift cards have revolutionized the art of gifting, allowing both givers and receivers to enjoy flexibility in their choices. According to a report by CNR Research, the gift card industry has witnessed exponential growth, with sales surpassing $160 billion in recent years.
Why Cash Out Gift Cards
While gift cards are a thoughtful present, there are occasions when converting them into cash can be more advantageous. Whether you’re looking to cover essential expenses, invest, or simply prefer the liquidity of cash, exploring ways to cash out gift certificates is a smart move.
Selling Your Vouchers on online platforms
There are multiple platforms that are very famous for their services regarding selling gift certificates but let’s not rush and start one thing at a time.
1. Gift Card Marketplaces
One such platform is BuySellVouchers.com. BuySellVouchers features an extensive range of over 600 distinct product categories, catering to the diverse preferences of buyers and sellers. Let’s share some key moments:
- User Growth: The platform experiences a monthly surge of more than 5,000 new users, consistently broadening its user base and contributing to a vibrant marketplace for digital goods.
- Merchant Tools: Sellers on BuySellVouchers gain access to specialized merchant tools that streamline their selling processes. These tools enhance transaction efficiency and empower sellers to effectively manage their digital goods inventory. Regardless of seller size, the platform accommodates their needs.
- Founded in 2012: With a history of providing reliable online services since 2012, BuySellVouchers has firmly positioned itself as a trustworthy and reputable digital goods marketplace. This decade-long track record instills confidence among participants in transactions.
- Transparent Commission Structure: Noteworthy for its transparent approach, BuySellVouchers offers sellers a low commission rate —1%. This competitive rate ensures sellers retain a substantial portion of their earnings, presenting an appealing financial incentive for those seeking to monetize digital goods.
- Wholesale Opportunities: The platform presents wholesale prospects, enabling sellers to cater to bulk buyers interested in acquiring digital goods in larger quantities. This feature expands the avenues for sellers to boost their reach and amplify sales volumes.
- Transactions and security: The platform prioritizes a secure and seamless transaction interface without direct interference in the transaction process. Accounts are secured with various security tools – Google 2FA, IP Filtation, Security email code.
- A Wide number of available payment methods.You will be able to make a deposit or withdrawal using various payment systems, including crypto and e-currency. Among cryptocurrencies, you will find here all the most popular stablecoins like Tether TRC20 (USDT), USD Coin TRC20 (USDC), Binance USD BEP20 (BUSD) and many other cryptocurrencies.
- Sell what you want. Here, you can sell all kinds of vouchers, starting from globally known gift certificates like iTunes, Amazon, Google Play, Skype, Razer Gold, Steam, Xbox, and PlayStation, and ending with local and region-specific vouchers such as OVO, Tokopedia, Grab, Shopee, Pulsa, Traveloka, GoPay, SM, and many others.
2. Using Mobile Apps for Quick Sales
Apps like Raise also provide a mobile solution, enabling you to sell your voucher easily. A commission fee, usually around 15% of the card’s value, may apply. Be prepared for this reduction when using such services.
3. Listing on E-commerce Platforms
If you’re comfortable with the process, you can list your gift certificate on e-commerce websites like eBay, Amazon or Craigslist. Offering your card slightly below its face value can attract buyers, although these platforms often charge a quite high percentage of the sale.
Selling to Individuals
Selling to Friends and Family
A straightforward and secure approach is offering your unused gift card to friends or family members interested in the brand. This method eliminates the need for online transactions and potential fees.
Safety Precautions for Selling In-Person
When meeting someone in person to sell a gift card, ensure your safety by meeting in a public place during daylight hours. Share the card information only after verifying the buyer’s legitimacy. The bad news is, in reality, not many people will have the time and motivation for such a practice.
Other Trading Options
Gift Card Exchange Kiosks
Exchange kiosks, like Coinstar Exchange, provide a convenient way to trade your vouchers for cash. These kiosks offer offers ranging from 60% to 85% of the card’s balance.
Trading for Different Store Cards
Some kiosks allow you to trade your gift card for cards from different stores. Websites like CardCash also facilitate this exchange. Although not a direct cash conversion, this option allows you to acquire a card for a frequently visited store.
Creative Ways to get Benefit from Gift Cards
Paying Bills and Necessities
Your gift card can cover everyday expenses such as groceries, gas, and medicines. Utilizing a gift certificate for these necessities indirectly saves you cash and eases your financial burden.
For those with an entrepreneurial spirit, consider practicing retail arbitrage. Buy items at clearance prices using your digital key and resell them for a profit on platforms like eBay, Reddit or Facebook Marketplace. This type of gift card trading is also popular in various online forums. Gift card arbitrage and flipping are quite popular in African and Asian regions. Gift card arbitrage and flipping are especially popular among traders in the African and Asian regions.
Alternatives to Cash Conversion
Regifting and Gifting
Pass on the value of your unused gift card to loved ones. Regifting can not only brighten someone’s day but also ensure the gift card is put to good use.
Donating your unused gift card to charitable organizations, such as GiftCard4Change and Charity Choice, offers a philanthropic alternative. You can receive a receipt for your donation, potentially allowing for a tax write-off.
Precautions and Tips
Be cautious of scams, such as three-way calls to verify card balances. Always verify the buyer’s or platform’s legitimacy before proceeding with any transaction.
Considerations for Value
While converting gift cards to cash is appealing, weighing the potential loss of value against the convenience of cash conversion is essential. Sometimes, using the card for purchases can be a more practical and beneficial choice.
Exploring the numerous options for converting unused gift cards into cash empowers you to make informed decisions. Whether you sell online, trade at kiosks, or explore creative avenues, these hacks provide you with a range of possibilities to maximize the worth of your vouchers. After reading this article make the most of your unused balances and enjoy their financial flexibility.