Do you have gift cards you aren't using? Want to save money on gift cards to your favorite store or restaurant? You will want to check out a gift card exchange.
What is a gift card exchange? It is an online website that acts as an intermediary between gift card buyers and sellers. Gift card exchanges represent a wide range of stores and restaurants that offer gift cards.
Sellers put their unwanted gift cards up for sale at a discount. The seller chooses the price charged for the card. Sellers pay a fee to list the gift card. The exchange handles the sale and pays you. You will have to print out a shipping label and send physical gift cards to the buyer. Many cards can have an online option where the card is transferred without the actual gift card being shipped.
Let's say you have a gift card from Macy's that you don't want to use. Perhaps you never shop there or just need cash for something else. You fill out an online application of your basic information (name, email, etc.). You will need to provide the card's number and the PIN number, if applicable. The card is listed in the exchange's marketplace where a buyer can purchase it. Once sold the card is either shipped to the buyer or transferred electronically. The seller receives payment minus a fee from the exchange. Physical cards may be charged a fee for shipping.
The exchange is an advantage to both sides of the sale. Sellers get rid of unwanted cards for a small fee. Buyers get cards to favorite stores and restaurants at a discount. Discount amounts vary based on what the sellers want for their cards so do some comparison shopping before buying. This can add up to a nice savings.
There are many gift exchanges. A few to consider are raise.com, giftcardgranny.com, and cardpool.com. One important thing to do before buying or selling is the check out the reliability of the exchange. One way to do this is to search for the site along with the words "reviews" or "scams" etc. You want to make sure that the marketplace is legit so that you don't lose money.
One more point for buyers to consider: do not pay more than the gift card is worth. You will be losing money. Some auction sites have gift cards listed with selling prices at, or above, the value of the card. Then there is shipping to receive the card. Don't buy them. You will be losing money which is not the point of buying a gift card.
Gift card exchanges can be a great way to save a little money. Check out several exchanges and do a little research before committing to one. There are many good options out there.