Have you ever received a gift card that you never planned on using? It can be frustrating to have money tied up in a gift card for a store or restaurant you don’t frequent. Luckily, there’s a solution swapping your unwanted gift cards for ones you actually want. With a bit of research and some help from online marketplaces, you can turn those unwanted gift cards into cash or something you’ll truly enjoy. Let’s explore how to unwrap the power of swap and make the most of your gift card collection.
What is a gift card swap and how does it work?
A gift card swap is a service that allows you to exchange your unwanted gift card for one that you actually want.
Can I get cash for my unwanted gift card?
Yes, most gift card swap platforms offer the option to sell your card for cash.
What are the benefits of using a gift card swap service?
Using a gift card swap service can help you avoid the hassle of trying to sell or trade your unwanted gift card on your own.
Are there any risks to using a gift card swap service?
As with any online transaction, there is always some risk involved.
How can I get started with a gift card swap?
First, gather any unwanted gift cards you have and check their balance.
2. By swapping gift cards, you can finally get your hands on that item you’ve been eyeing for months without spending a dime.
For the 12th year running, gift cards remain the most popular items on wish lists , according to the National Retail Federations annual holiday report. Gift cards topped all other potential presents, including jewelry, clothing, books, movies, music, electronics and sporting goods. The NRF polled more than 7, adults in October. The survey has a margin of error of 1. Enter gift card exchanges. Sites such as Cardpool and Raise help you trade in those unwanted cards for cash. Despite gift cards being the most desired Christmas and holiday present year after year, Dec. The problem arises when recipients dont get the exact gift card they wanted, said Mike Jack, the general manager of Cardpool. The resale value can vary dramatically but generally ranges from below 70 percent to over 90 percent, depending on the popularity of the card and its availability. Some of the most valuable cards include iTunes, Starbucks, Target and Walmart, according to Cardpool. Alternatively, savvy shoppers can score the gift cards they desire at steep discounts through the same online marketplaces. As for making the most of the ones you plan to hold on to, Consumer Reports offers these tips . Use em or lose em. The biggest mistake many people make is to put their cards in a drawer and forget about them. Instead, keep them handy in your wallet or purse so you have quick and easy access when you are out shopping. Keep in mind that gift cards do eventually expire, generally after five years, or you could get hit with an inactivity fee after one year. Reduce your risk. The Federal Trade Commission warns that some issuers wont replace lost or stolen gift cards while others will for another fee. Gift-card givers should give recipients the original purchase receipt along with the card, the FTC advises. If the card is lost or stolen, some issuers will require the receipt as proof of purchase to provide a replacement card with whatever balance is remaining. Additionally, promptly report a lost or stolen card to ensure you recoup the entire value or whatever is left. And, of course, be wary of gift cards from retailers in or nearing bankruptcy. Spend every penny. After youve used some of the value on a gift card, you can liquidate small unspent balances by requesting a split tender payment the next time you shop at that retailer. First, pay with the gift card to use up the balance, and then pay the rest with cash or a credit or debit card. Find your states gift-card laws on the National Conference of State Legislatures website. ET, or check listings for air times in local markets. More from Personal Finance How to make sure a balance-transfer card will help you pay down your debt 3 steps to keeping your resolutions to spend less, save more Employees spend nearly 2 hours a day shopping online at work Study. Skip Navigation. Key Points. However, many of these cards will end up either unused or hawked online. Heres how to make sure you get the most out of the hottest gift of the season. VIDEO The hottest gift of the season could also be the least used. As for making the most of the ones you plan to hold on to, Consumer Reports offers these tips Use em or lose em. More from Personal Finance How to make sure a balance-transfer card will help you pay down your debt 3 steps to keeping your resolutions to spend less, save more Employees spend nearly 2 hours a day shopping online at work Study Subscribe to CNBC on YouTube.
Products Advertiser Disclosure. Instead of letting gift cards expire, consider selling, trading or donating to charity. Published April 6, Author Nouri Zarrugh. See how some of the most popular gift card exchange sites stack up. Filed Under. The content on this page is accurate as of the posting date however, some of our partner offers may have expired. Terms apply to the offers listed on this page. Although gift cards make for great last-minute presents and frequently pop up as a redemption option with rewards credit cards , they often end up forgotten or only half-used. Indeed, a recent survey from Bankrate found that U. The good news is that instead of letting your gift cards go to waste, you can trade them in for cash, exchange them for more useful cards or donate them to charity, usually in just a few clicks. After all, if a store shutters completely, your gift card could lose all its value. Catering to the ease of digital exchanges, CardCash operates exclusively online. While gift card prices fluctuate based on supply and demand, we found that many of the cards we tested fetched a decent value on CardCash. Of course, your experience may vary. Additionally, CardCash features a robust list of accepted gift cards. Along with popular options such as Target and Walmart, you can sell gift cards from places like 7-Eleven, Costco, Starbucks and Uber Eats. Selling gift cards at CardCash is easy Simply enter a merchant and card balance, and you can see your offer instantly.