Gift Cards
Buying discounted gift cards or selling unwanted ones: Stretching your budget and saving money on everyday purchases!
How It Works
Gift card buying and selling can save you money or make extra cash. Whether you’re looking for savings at your favorite stores or turning unused gift cards into cash, gift card platforms like CardCash.com, CardCookie.com, GiftCash.com, and GCX.Raise.com, as well as other, more well-known, websites like eBay, Costco, and Sam’s Club, offer savings options.
Gift Card Exchange websites, sometimes referred to as “GCX” websites, operate as online marketplaces where users can buy and sell gift cards. CardCash.com, CardCookie.com, and GCX.Raise.com are GCX websites. Sellers list their unwanted gift cards at a discounted price, and buyers can browse the selection and purchase cards that fit their needs. Here's why you should make these websites a regular stop before making purchases:
- Save Money on Purchases: The most significant advantage is buying gift cards at a discount. Whether you're grabbing groceries, filling up your gas tank, or buying a new gadget, using a discounted gift card instantly reduces your expenses. You could literally be on a merchant’s website, ready to check out, go to a gift card website, purchase a gift card at a discount, and use that gift card to pay for your merchandise. You've just saved money with only a few clicks!
- Turn Unwanted Gifts into Cash: Instead of letting unwanted gift cards gather dust, you can sell them on GCX websites at a discount and recoup a significate portion of any remaining face value.
- Wide Selection: These platforms offer a vast array of gift cards for various retailers, restaurants, and online services. You're likely to find cards for the places you already shop.
- Convenience: GCX websites provide a convenient and secure way to buy and sell gift cards from the comfort of your home.
Though eBay isn’t specifically a GCX website, it does have some flexible gift card buying-and-selling options: You can find auctions or “Buy It Now” gift card listings, sometimes at substantial discounts and you can also sell your gift cards there too.
GiftCash.com currently only allows you to sell your gift cards on their website, they don’t allow you to purchase gift cards, but keep them I mind if you’re looking to cash out some of your gift cards – you always want to get the most cash when selling!
Retailers like Costco and Sam’s Club offer some gift cards in bulk or at a discounted rate, often focusing on popular restaurants, entertainment, and retail brands.
The Websites
How Much Can You Save?
Savings vary depending on the platform, the retailer, and market demand, but here are some general guidelines:
- Everyday Retailers: For common stores like Target, Walmart, or Amazon, expect savings between 2-10%.
- Dining and Entertainment: Popular restaurant gift cards can be discounted by 10-20% or more.
- High-Demand Retailers: Stores like Apple or Best Buy may have lower discounts, typically 1-5%, due to high demand.
- Wholesale Deals: Bulk gift card packs at Costco or Sam’s Club can offer savings of 10-20%, especially on dining or entertainment packages.
- Selling Gift Cards: Selling unwanted cards typically yields 70-90% of their face value, depending on the retailer and demand.
Other Things to Know
eGift cards vs. physical gift cards: eGift cards are basically any gift cards where you do not need to have an actual physical gift card in your hand to use to purchase something. They may also be called “electronic” or “printable” gift cards or eCards. eGift cards can usually be used for online purchases. Physical gift cards are just that: You must have the actual gift card in hand in order to use it. You may be able to use a physical gift card for an online purchase; it depends on the merchant. The biggest advantage of eGift cards is that when buying them online, they can be sent to you electronically almost immediately or within a very short period of time. This is much quicker than receiving a physical gift card via “snail mail.” This allows you to turn around and use your new gift card immediately. You could potentially be on a merchant’s website, ready to check out, then go to a gift card website, purchase a gift card at a discount, and use that gift card to pay for your merchandise! You’ve just taken an additional discount on your purchase, and all it took was a few minutes of your time!
Other Things to Know – Specifically For Buying Gift Cards
Shipping, handling, and other costs: Almost all of the companies that sell discounted gift cards offer free shipping for physical gift cards, usually through the US Postal Service. Additionally, you shouldn’t be charged any type of handling fee or any sales tax. If the website you’re on is charging you additional fees for things like shipping and handling, you may want to look elsewhere. The bottom line, however, is to pay the lowest amount for the gift card you’re buying. If, even after paying a shipping and handling fee, it’s still the cheapest gift card available for that merchant, then by all means, buy that gift card!
Guarantees/Buyer protections: Most gift card websites have some type of guarantee or buyer protection plan. Know what the guarantee/buyer protection plan is for the gift card you’re buying. T hey do vary in the time frames you’re covered, and it is always a good idea to fully use your gift card within the guarantee period to make sure you’re covered if you have any problems.
Merchant restrictions on the use of gift cards: Know what the restrictions are on the gift card you’re buying. Most of the important restrictions should be listed in the gift card details on the website you’re buying from, especially if there is an expiration date. Most states have laws regarding gift cards and regulate things like expiration dates, ongoing fees that reduce the value of the gift card over time, and any other restrictions on the use of gift cards. T he ongoing fees have pretty much been outlawed, and any other restrictions, including expiration dates, must be fully disclosed. Know if the gift card is a physical gift card or an eGift card, and if 16 gIft cards it can only be used online, in an actual brick-and-mortar store, or both. It’s always a good idea to visit the merchant’s website and see what they say their restrictions are!
Other merchant limits with gift cards: Some merchants may limit your ability to use other promotions and coupons or even rebates (explained in the next chapter) when you use gift cards for payment. In other words, you may not be able to use a coupon from the merchant, or you may not be able to get a rebate if you buy with a gift card. You shouldn’t run into this very often, but it is a possibility. Check the merchant’s terms and conditions.
Other Things to Know – Specifically For Selling Gift Cards
Immediate Sale vs Marketplace Sale
Immediate Sale: The quickest and easiest way to cash out your gift cards is the immediate sale. Many of the gift card websites will buy your gift cards from you. Go to the gift card website, enter your gift card information, and they will make you an offer to buy your gift card for a certain amount. If you accept their offer, the payment process begins. If you are selling an electronic or eGift card, you should have your money in a few minutes to a few days (it depends on the website). If you are selling a physical gift card, you will need to ship it, and once it is received by them and verified, the payment process begins. The offers you get are usually all in, meaning that there shouldn’t be any additional fees. However, keep in mind that when you are selling a physical gift card, you may be responsible for the cost to send the card to the buyer. Make sure you know exactly what you will be paid before you commit to the sale. You don’t want to be unpleasantly surprised!
Marketplace Sale: With the marketplace sale, it’s more like you are selling on an auction website like eBay. You are now selling your gift card to another person (or company) and not the owner/operator of the website on which you are listing/selling your gift card. You “list” your gift card on the website and then wait for someone to buy it or make a counteroffer. Most of the marketplace gift card websites have tools to help you price your gift card, maximizing the amount you get and selling it in the shortest possible time. Typically, the more aggressive you are in your pricing (which means the lower you price your gift card), the quicker it will sell. Once your gift card is sold, if you are selling an electronic or eGift card, you should have your money in a few minutes to a few days, depending on the website you use. If you are selling a physical gift card, you will need to ship it to the buyer, and once it is received by them and verified by the listing website, then the payment process will begin. The listing website will charge you for their services, which could be anywhere from 8 to 16 percent, and there may also be some other fees. Always make sure you know what the fees are before you list your gift card! The fees can vary quite a bit from website to website. Don’t wait and be surprised when you get paid! Unpleasant surprises are not fun!
Shipping physical gift cards: When shipping gift cards, it is best to use a shipping service that is trackable with delivery confirmation and also allows you to insure the shipment. Depending on the amount of the gift card, you may want to insure it for the full value. Remember that typically, if you’re shipping something, you are responsible if it gets lost. If you don’t want to take the risk of loss, insure the shipment. Do not mark your package with any descriptions about what is in the package. If you do, you might as well write “Please steal me” right beside where you wrote “Contents: Gift Card.” Make sure you get and keep the receipt when you drop off the package with the shipper. With the US Postal Service, you can meet all of the above requirements, and it is probably the cheapest method to safely ship your gift cards.
Merchant restrictions on the use of gift cards: Know what the restrictions are on your gift card and be fully honest and transparent with your potential buyers by disclosing them, especially if there is an expiration date. Most states have laws regarding gift cards, including expiration dates and ongoing fees that reduce the value of the gift card over time (this has pretty much been outlawed). Know and disclose if yours is a physical gift card or an eGift card and if it can only be used online, in an actual brick-and-mortar store, or both. If you have an actual physical gift card, the back of the card should disclose most, if not all, of the restrictions, but it is always a good idea to visit the merchant’s website and see what they say their restrictions are.
Credit card and identity verification: You will probably have to provide a valid credit card (usually a major credit card like Visa or Mastercard) to sell a gift card. This is to protect the buyer in case of fraud. The website operator wants to know they have an option if there are problems with your gift card. You will also probably have to go through some type of identity confirmation process because—as shocking as this may seem—there are people out there who do engage in fraud!
Conclusion
Whether you’re hunting for discounts on everyday purchases or looking to offload unused gift cards, these websites offer a reliable and easy way to save or make money. By exploring platforms like CardCash.com, CardCookie.com, GiftCash.com, GCX.Raise.com, eBay, Costco, and Sam’s Club, you can unlock significant savings, shop smarter and stretch your budget further.