The Most Profitable Way to Convert Gift Cards into Cash
Reputable websites like Raise and GiftoCash make it simple to convert gift cards into cash or more desirable gift cards. The website you pick will depend on how simple the transaction will be and what kind of gift card you have. Even though you won't get your money's worth, selling it is still preferable to leaving a gift card unused.
Is there a gift card sitting around collecting dust because you don't plan on using it?
Follow these steps to make a quick buck off of it:
You can put the value of your gift card toward rent, gas, or other expenses if you're willing to take a small loss.
It is considered rude not to smile when receiving a gift, even if it is something you don't want or need.
Yet, every year, hundreds of billions of dollars worth of gifts are returned.
Oftentimes, people give each other gift cards instead of cash because they feel it's impersonal and impractical.
Don't you wish gift cards could be refunded?
In fact, a recent survey conducted by CreditCards.com found that 47% of American adults are in possession of at least one unused gift card, with an average balance of $175.
You can, thankfully, in a roundabout way.
Unwanted gift cards can be easily turned into cash at the best rates if the owner is willing to forego some of the value.
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Gift cards can be turned into cash through a variety of third-party websites including GiftoCash.
Each has a slightly different function, so picking one will depend on factors like availability and, in some cases, the gift card retailer.
Like a traditional marketplace, sites like Raise put the onus of selling the gift card in your hands.
You'll be able to set the percentage discount you're willing to offer on your card and check out the deals other users are offering on identical gift cards.
When someone buys your gift card, only then will you be paid.
Raise charges a 15% service fee just for letting you sell your card on their site.
The highest possible rate of return is 85 cents.
There are other sites with lower fees, but the reliability of Raise makes the extra cost worthwhile for some.
It's natural to feel some apprehension when venturing into the gift card sales market for the first time.
Both ACH direct deposit and PayPal are available as withdrawal options on Raise.
GiftoCash and similar services make it easy to sell gift cards online.
They will pay you as soon as they confirm the validity of your gift cards and handle the secondary market sales themselves.
The cash value of your gift cards can be as high as 92% with GiftoCash.
In comparison to sites like Raise, that's a huge improvement, though individual stores' returns will still vary widely.
As of this writing, a $100 gift card can only be used to purchase goods from Walmart for $86, at the Apple Store for $80, and at Microsoft for a pitiful $65.
GiftoCash's willingness to purchase virtually any brand of gift card is a major perk and an advantage over Raise.
It adheres to industry standards by not selling promotional cards or gift cards that have a time limit on when they can be used.
However, it appears that there is a much wider variety of accepted merchants than there are with Raise.
So, you'll get something, even if your obscure gift cards don't bring in a lot of money.
GiftoCash also lets you swap your gift cards for others of similar value, increasing their value by up to 11%.
Retailers like Amazon, Target, and Wayfair all offer trade-in programs.
It's a no-brainer to exchange the value of your present card for an Amazon gift card, which can be used to purchase almost anything.
You can buy discounted gift cards from other users on sites like Raise and GiftoCash, the same places you can sell your unused gift cards.
Use a credit card that will give you the most rewards for your purchases if you plan to buy discounted gift cards through these sites.
Due to the fact that buying and selling gift cards do not qualify for bonus categories, the best course of action is to use a card that offers a commendable flat rate on commonplace purchases, such as:
Rewards
2 percent rebate, 1 percent on purchases made with the card and 1 percent after the bill is paid.
A Present for Arrival
Charging a yearly rate
Discounted introductory rate of 0% for the first 18 months on balance transfers; 0% for purchases
Regular Annual Percentage Rate
Transaction costs for transferring a balance
There is a 3% balance transfer fee (with a $5 minimum) for transfers made within the first four months after an account is opened, and a 5% balance transfer fee (with a $5 minimum) for transfers made after that time.
Payment in a foreign currency
It's important to give credit
Rewards
Enjoy
With Chase Ultimate Rewards®, our premier rewards program, you can earn and redeem points for cash back, travel, gift cards, and more on all of your travel purchases, and we'll give you 5% back in cash;
Cash back of 3% at pharmacies and restaurants (both in-store and for delivery) and 1.5% elsewhere.
A Present for Arrival
Make an additional 1.5% cash back on all purchases (up to $20,000 in the first year).
All other purchases made through Chase Ultimate Rewards® earn a 3% bonus, while travel purchases earn 6.5 percent back.
Charging a yearly rate
Discounted introductory rate of 0% for the first 15 months from account opening on all purchases and balance transfers
The standard fee for transferring an APR balance
In the first 60 days after opening an account, you'll be charged either $5 or 3% of the amount of each transfer, whichever is greater.
After that, the greater of $5 or 5% of each transfer's total amount is due.
Payment in a foreign currency
It's important to give credit
Benefits: 2% cash back on all purchases, forever
How to turn gift cards into cash using Giftocash
Gift cards are a popular gift option, but what happens when you receive a gift card that you don't want or can't use? Fortunately, there are several ways to turn gift cards into cash, and one of the easiest and fastest ways is by using Giftocash. To use Giftocash, simply input the details of your gift card, including the store or restaurant it's for and the value of the card.
Once you've input your gift card details, Giftocash will provide you with an offer for your card. The offer will typically be between 60% to 85% of the gift card's balance, depending on the retailer and demand for the card. If you're happy with the offer, you can accept it and receive cash in exchange for your gift card. Giftocash offers one of the fastest and most convenient ways to turn gift cards into cash, with the process taking just a few minutes.
Giftocash is a reliable and reputable platform for buying and selling gift cards, with a user-friendly interface and responsive customer support. Whether you have new or used gift cards, Giftocash provides a hassle-free way to turn them into cash. So, if you have unwanted gift cards lying around, consider using Giftocash to turn them into cash quickly and easily.