When shopping for the holidays, it is easier to find gifts for people you know. What to do when you don’t know much information about the person? Or when you are in a hurry? Chances are, you are settling for a gift card.
Gift cards are the easiest to find; almost every store, whether corporations or family-owned, have gift cards for sale.
Maybe you are the recipient of many gift cards. If you are not willing to shop using them, wouldn’t it be a good idea to sell gift cards instead?
Yes, you read it right. There are companies that exchange your older unused gift cards for cash. You can also choose the payment method you prefer – by cash pickup, PayPal credit, check, or ACH.
According to Statista, gift card sales reached 160 billion U.S. dollars in 2018. There does not seem to be a slowdown in growth. You can still expect to receive more gift cards in the coming years.
If you want your gift cards to be worthwhile, here are seven good reasons why you should start exchanging those gift cards for cash.
Nearing its expiration date
If you are clearing your stuff and you have found some gift cards that are nearing their expiration dates, sell at once. You may never have time to use them in the store anytime soon.
Maintenance or inactivity fees
There are gift cards that have “time-decay expiration,” meaning that hidden monthly fees will render their value to be zero if the card remains unused by a specific date.
There could also be transaction fees if you use the card for a high number of small transactions. Inquiring on the gift card balance may also incur some charges.
If you have such cards on your shelf, sell gift cards early before they are forgotten or lose value.
Limitations on usage
Some gift cards are usable only in specific locations. Some may not be allowed for online purchases.
If the store is far from your home or you are not tech-savvy, it would be better to get the cash value by selling the gift card.
There were scams in Oregon wherein a scammer took note of gift card numbers and called the customer service to check if the cards were activated. Then, they started making online purchases using the information on these activated cards.
If you receive cards without PINs associated with them and you suspect tampering, try to sell gift cards instead.
If you know that the items in the store cost more than the gift card’s stored value, sell the card for cash instead. You will avoid unnecessary expenses.
For those unorganized people, if there is a high chance that you lose the card. So, why not sell the gift cards now while you still have them?
Not interested in the product
Since it is a generic gift, there is a probability that a non-coffee drinker will receive a Starbucks gift card. It would be better to sell the card for cash so that you can buy something you want.
Although gift cards may seem impersonal, it is still a gift given with the best intentions. Usually, marketers use gift cards as a promotional tool to sample their products and services.
However, if you are not raring to use or even sell the gift cards, you can still share it with someone who may find it more useful.