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Options for Turning Gift Cards into Cash
December 2009 - By Doug Delony
MyFoxHouston - At the end of the holiday season, you’re likely to have a stack of growing gift cards - some you want, some you don’t.
Despite the line on the back of the card that says “no cash value,” you can swap your unwanted cards out for cash or a card to another store.
The website www.giftcards.com will tell you up front how much they’ll pay for your gift card. On average, a $100 gift card will fetch about $70 cash. You can also buy gift cards on the site. A $50 card will cost you about $43.50, depending on the store. While this website won’t get you the most money for your card, it’s easy to do because you don’t have to hassle with an online auction.
Ebay.com is probably one of the popular ways to get rid of a gift card. A $50 gift card usually will sell for about $45, but you also have to pay eBay fees and shipping. If you accept PayPal payments, that will also take away some of the cash. Before you know it, your $50 gift card is $35 to 40 in your pocket. As a side note, if you accept PayPal payments, make sure to follow the seller shipping guidelines and mail the gift card with delivery confirmation.
Craigslist.org is probably the best way to get the most money from your card. You can create a post that offers up the gift card for sell and specify where in town you live. You can require the buyer to come pick the card up or meet at a location near your house. This way you can avoid shipping costs and other service charges. On the downside, you have to meet a complete stranger in person. I recommend you accept only cash, and avoid doing this if the card is worth more than $50. In addition, always have a friend with you during the transaction.
Lastly, you can turn to Facebook to trade gift cards with a friend. You can easily post a message to your wall asking if anyone wants the card. Clearly identify the store, the value of the card, and how much money you want. This way you can deal with someone you know, and you still get all the cash in your pocket.
However you choose to rid of the card, just make sure the giver doesn’t find out, which for some people will rule out the Facebook option.
