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Gift Cards Getting Traded In For Cash Online
December 2009 - By Sue Kwon (CBS 5)
Two out of three people plan to buy gift cards as holiday presents. But, not everyone likes the ones they get. From gift cards for restaurant meals to entertainment, it isn't hard to find plastic for every person on your list.
But for all of the gift cards sold, at least 10% are never used. Perhaps they are lost or just the equivalent of the ugly sweater from a distant relative. In that case, there's a place to get rid of them for cash or for cards you really want.
Jason Wolfe, CEO of giftcards.com said his website is seeing an increase in people turning them in.
"In today's economy, it's about getting the cash," said Wolfe. "So if you get a gift card you'd rather have cash for to pay the utility bill, you can go into a location or online and we'll pay out 60-70% of face value of the card."
His service verifies their value and then re-sells unwanted gift cards to others who'd be happy to buy them at a discount of up to 25%. The more popular the retailer, the less the discount. On average it's a 15% savings. For now you won't find local mom and pop shops, but there are at least 200 national retailers represented on giftcards.com. The popular ones are snapped up in a few hours, so you have to check in often.
There are several websites offering to buy or trade for your unwanted gift cards. Some services let you swap gift cards with other retailer cards. Some offer straight cash after they take a cut. There have been complaints of fraud, so make sure you check out the service first. Plastic Jungle and Gift Card Rescue also verify the value of gift cards.
On giftcards.com, if you don't want to wait 7 days to get your cash, there are walk-in locations posted on the website. Consumerwatch found one at Nor-Cal Financial Services - 5005 Lone Tree Way Suite G. in Antioch.
There's also a walk-in location at ES Check Cashing - 1810 Del Paso Blvd #B in Sacramento.
