To "cash" a gift card online typically means selling it for money or exchanging it for a more flexible form of payment. This is generally done through specialized online marketplaces that connect sellers with buyers interested in purchasing gift cards at a discount.
Selling Your Gift Cards Online
The most direct way to convert an unused gift card into cash online is by selling it on a dedicated gift card exchange platform. These platforms serve as intermediaries, ensuring a secure transaction between you and a buyer.
Choosing a Reputable Platform
Several well-known platforms specialize in buying and selling gift cards, facilitating this process by connecting sellers with buyers looking for discounted gift cards. Some of the most prominent include:
- CardCash: A popular marketplace where you can sell your gift cards for cash or trade them for other gift cards. They often offer competitive rates for a wide range of merchants.
- Raise: This platform allows you to list your gift card for sale at a price you set, giving you more control over the selling price. Raise connects individual sellers with buyers.
- Gift Card Granny: While primarily a comparison site for buying discounted gift cards, Gift Card Granny also offers options to sell your unwanted cards, often directing you to various buyers or offering direct quotes.
These platforms provide a secure environment, handling the verification of gift card balances and processing payments, which helps prevent fraud for both parties.
The Selling Process
Selling your gift card online is a straightforward process, usually involving these steps:
- Check Card Balance: Before listing, verify the exact remaining balance on your gift card. Most platforms require this for an accurate offer.
- Select a Platform: Visit a platform like CardCash, Raise, or Gift Card Granny.
- Enter Card Details: Provide information about your gift card, including the merchant, current balance, and the card's unique code (and sometimes PIN).
- Receive an Offer: Depending on the platform, you might receive an instant cash offer, or you might be able to list your card and set your own price (especially on peer-to-peer marketplaces like Raise).
- Accept and Transfer: If you accept an offer, you'll finalize the sale, and the platform will provide instructions on how to securely transfer the gift card details to the buyer.
- Get Paid: Once the transaction is complete and verified, the platform will disburse your payment. Payment methods commonly include PayPal, direct bank deposit, or sometimes even store credit for another retailer.
What to Expect When Selling
When you sell a gift card, it's important to understand a few key aspects:
- Discounted Value: You will rarely receive the full face value of your gift card. Platforms and buyers typically offer 70-90% of the card's value, as the discount is the incentive for buyers. The discount percentage can vary significantly based on the popularity of the retailer, demand, and the gift card's denomination.
- Payment Speed: Payment processing times can vary. Some platforms offer instant payments for certain cards, while others might take a few business days for verification and payout.
- Card Types: Gift cards from popular retailers (e.g., Amazon, Walmart, Target) tend to sell faster and at higher percentages due to high demand. Less common or niche merchant cards might sell for a lower percentage or take longer to find a buyer.
Tips for Maximizing Value and Security
To ensure a smooth and profitable transaction when cashing your gift card online:
- Compare Offers: If time permits, check offers from multiple platforms. What one platform offers for a specific card might differ from another.
- Review Terms and Conditions: Always read the fine print regarding fees, payment methods, and processing times before committing to a sale.
- Protect Your Information: Only provide gift card details on secure, reputable websites. Be wary of unofficial marketplaces or direct sales to unknown individuals.
- Act Quickly: The value of an unused gift card can sometimes decline over time, especially if the merchant goes out of business or the card has an expiration date (though many gift cards in the US do not expire).
- Use Up Small Balances: For very small balances, it might be more practical to use the card yourself for a small purchase rather than going through the selling process for a minimal return.
By utilizing these online platforms and following best practices, you can effectively convert your unwanted gift cards into cash.
