Imagine having a stack of gift cards collecting dust in your wallet, with a combined value of over $100. You’re not alone. In fact, 47% of Americans have at least one unused gift card, with an average unused amount of $187 per person. That’s money just waiting to be put to good use. At Revolution Money Exchange, we believe in empowering our readers to take control of their financial future by providing the insights and tools needed to make the most of their gift card money.
Whether you’re looking to sell unwanted gift cards for cash, buy discounted second-hand gift cards, or simply learn how to maximize your returns, Revolution Money Exchange is your trusted hub for all things gift card-related. Our community is dedicated to unlocking the hidden potential in those unused gift cards, helping you turn them into cash or swap them for cards you’ll actually use.
Key Takeaways
- Nearly half of Americans have unused gift cards, with an average value of $187 per person
- Third-party websites allow you to sell gift cards for cash, with some offering up to 92% of the card’s value
- You can also buy discounted second-hand gift cards through these marketplaces
- Selling fees and return values vary by platform and retailer, so compare options to maximize your earnings
- Listing popular retailer gift cards at a 5-15% discount can help them sell quickly
Understanding the Difference Between Cash Cards and Gift Cards
When it comes to giving presents or managing your finances, it’s essential to understand the key differences between cash cards and gift cards. While both offer a convenient way to make purchases, they have distinct characteristics that set them apart.
Cash cards, also known as prepaid debit cards, function similarly to traditional debit cards. They are issued by banks or credit card companies and can be used to make purchases, pay bills, or withdraw cash from ATMs. These cards are reloadable, meaning you can add money to them as needed, and they can be used indefinitely as long as funds are available. Prepaid debit cards are network branded (Visa or Mastercard) and are accepted at most merchants.
On the other hand, gift cards are designed for use at specific retailers or brands. They come with a pre-loaded amount and can only be used until the balance is exhausted. Gift cards are not reloadable and often have shorter expiration dates compared to cash cards. They can be closed-loop, meaning they are only valid at a particular merchant, or open-loop, which allows them to be used anywhere the associated card network is accepted.
| Feature | Cash Cards (Prepaid Debit Cards) | Gift Cards |
|---|---|---|
| Reloadable | Yes | No |
| Expiration | Can be used indefinitely | Often have shorter expiration dates |
| Acceptance | Widely accepted at most merchants | Limited to specific retailers or brands |
| Fees | May have monthly fees | Usually no monthly fees |
| Denominations | Not in pre-set denominations | Come in pre-set denominations |
When deciding between a cash card and a gift card, consider your needs and preferences. If you want flexibility and wide acceptance, a cash card might be the better choice. However, if you’re looking for a gift for someone with specific interests or shopping habits, a gift card could be more suitable. Keep in mind that both types of cards may have restrictions, expiration dates, or fees, so it’s crucial to read the terms and conditions before purchasing or using them.
If you find yourself with unwanted gift cards, platforms like Cardtonic offer a trusted solution for converting them into cash. By selling your gift cards on Cardtonic, you can quickly access cash at competitive rates, making it an attractive option for those looking to get the most value out of their 2nd hand gift cards.
Advantages and Disadvantages of Gift Cards
Gift cards have become increasingly popular as a convenient and versatile gift option. They allow the recipient to choose their own gift from a specific retailer or brand, making them a practical choice for those who are difficult to shop for. However, gift cards also come with some drawbacks that should be considered before purchasing or using them.
Pros of Using Gift Cards
One of the main advantages of gift cards is their ease of purchase. They can be bought online or in-store, and many retailers offer both physical and digital options. Gift cards can also be personalized with the recipient’s name or a special message, adding a thoughtful touch to the gift. Additionally, gift cards can help with budgeting and expense tracking, as they provide a set amount to spend at a specific store or website.
Another benefit of gift cards is the ability to access discounts and promotions. Some retailers offer exclusive deals or savings when using their gift cards, allowing the recipient to stretch their gift further. Virtual gift cards also eliminate the risk of loss or theft associated with physical cards, ensuring that the funds are always available when needed.
Cons of Using Gift Cards
Despite their convenience, gift cards also have some limitations. One major drawback is that they are restricted to specific retailers or brands, reducing their flexibility compared to cash. This means that the recipient can only use the gift card at the issuing store or website, which may not align with their preferences or needs. Furthermore, some gift cards have geographic restrictions and can only be used in the country or region where they were purchased.
Another potential issue with gift cards is their expiration dates and inactivity fees. While federal law prevents gift cards from expiring for at least five years after activation, some cards may still be subject to inactivity fees if not used within a certain timeframe. It’s essential to read the terms and conditions of each gift card carefully to avoid losing value over time. According to recent studies, almost two-thirds of individuals have at least one unspent gift card, with an estimated $21 billion tied up in lost or unredeemed cards.
| Gift Cards | Cash |
|---|---|
| Limited to specific retailers | Accepted by all businesses |
| Can be personalized | No personalization options |
| May have expiration dates | No expiration dates |
| Made of plastic | Paper form |
When considering whether to give a gift card or cash, it’s important to weigh the pros and cons based on the recipient’s preferences and your own goals. While gift cards offer a more personal touch and can be tailored to specific interests, cash provides ultimate flexibility and can be used for any purchase. Ultimately, the choice between a gift card and cash depends on the situation and the individuals involved.
How to Sell Unwanted Gift Cards for Cash
If you have gift cards lying around that you know you won’t use, don’t let them go to waste. Instead, consider selling them for cash. With the rise of second hand gift cards, it’s easier than ever to turn those unwanted cards into money you can use for something you really want.
Popular Gift Card Exchange Websites
There are several websites dedicated to buying and selling gift cards. Some of the most popular include:
- CardCash: Offers up to 92% of the value of the gift card.
- GiftCash: Guarantees up to 93% of the gift card’s value.
- Raise: Charges a 15% commission for selling gift cards with a minimum balance requirement.
- CardSell: Provides cash for gift cards via PayPal or Venmo within 48 hours.
Each site has its own requirements and payout methods, so be sure to read the fine print before selling your gift cards money.
Tips for Selling Gift Cards Online
To maximize your earnings when selling second hand gift cards, consider the following tips:
- Choose a reputable gift card exchange website with a strong track record.
- Compare offers from multiple sites to ensure you’re getting the best deal.
- Consider factors like payment method, fees, and card brand popularity when selecting a site to sell on.
- Avoid selling on eBay, as they typically offer lower base card values and charge additional fees.
By following these tips and using popular gift card exchange websites, you can easily turn your unwanted gift cards into cash. With Americans holding over $23 billion in unused gift card balances, there’s never been a better time to sell your second hand gift cards and put that money to good use.
Buying Discounted Second-Hand Gift Cards
For savvy shoppers looking to save money on their favorite brands, buying discounted 2nd hand gift cards can be a smart strategy. Gift card exchange websites offer a platform where you can purchase used gift cards at a fraction of their face value, allowing you to stretch your budget further.
Where to Find the Best Deals on Used Gift Cards
Several reputable websites specialize in selling discounted gift cards from popular retailers. Here are some examples of the savings you can find:
| Website | Discount | Stores | Date |
|---|---|---|---|
| Giftcards.com | 10% off | H&M, Groupon, Puma | July 2024 |
| Raise.com | Up to 10% cash back | Home Depot, DoorDash, Sephora, Walmart, Airbnb | July 2024 |
| CardCash | 2.8% – 42% off | Walmart, Topgolf | July 2024 |
When shopping for used gift cards, keep in mind that the highest discounts are often available on higher-priced cards. For example, Raise offered a 10.20% discount on a $50 AMC gift card, while CardCash had a $500 Southwest gift card for $477.50, a 5% savings compared to Costco’s price of $449.99 for the same value card.
Risks and Precautions When Buying Second-Hand Gift Cards
While buying 2nd hand gift cards can lead to significant savings, it’s essential to exercise caution. Always purchase from reputable sites that offer buyer protection. CardCash, for instance, guarantees that cards will work for 45 days post-purchase, while Raise provides a full year guarantee.
Be wary of deals that seem too good to be true, especially from individual sellers on unspecialized platforms. Stick with trusted sites and check the card balance and terms before completing your purchase to ensure a smooth and satisfying shopping experience.
Maximizing Your Returns: Cash Card Gift Card Strategies
When it comes to getting the most value from your unwanted gift cards, it pays to be strategic. By comparing offers from different gift card exchange sites, you can ensure you’re getting the best deal possible. Focus on selling cards for high-demand brands and during peak shopping seasons to maximize your returns.
Did you know that physical gift cards outsell digital cards by a two-to-one margin? Nearly half of all gift card sales occur in the last two months of the year, making it the perfect time to sell your unwanted cards. Keep in mind that digital gift cards often hold more value than physical ones, so consider this when deciding which cards to sell.
If you have a partially used gift card with a low balance, check if your state has laws requiring retailers to give cash for balances under a certain amount. This can be a great way to get some extra cash from cards you might otherwise forget about. When selling your gift cards, be sure to factor in any fees and payment methods to ensure you’re getting the best deal possible.
Businesses often make large purchases for employee rewards and customer appreciation using gift cards. In fact, 99% of retailers understand the need for a gift card program, and in 2022, gift cards generated 2% of worldwide e-commerce sales. By the first quarter of 2023, B2B gift card sales accounted for nearly a quarter (23%) of the total US market, and in Europe, that figure rises to 75%. In 2024, 61% of global companies plan to increase their budget for gift and prepaid cards as incentives.
As a savvy consumer, you can take advantage of these trends by buying and selling gift cards strategically. Whether you’re looking to buy discounted gift cards for cash or sell your unwanted cards for a profit, there are plenty of opportunities to maximize your returns. By staying informed about market trends and being strategic in your approach, you can turn your unused gift cards into a valuable source of income.
Converting Partially Used Gift Cards into Cash
If you find yourself with a gift card that has a small remaining balance, don’t let it go to waste. There are several options available for converting partially used gift cards into cash, allowing you to make the most of your gift cards money.
According to a recent Bankrate study, over 40% of Americans have at least one unused gift card, voucher, or store credit, with an average unused balance of $244. Rather than letting these balances sit idle, consider the following options for redeeming your small gift card balances.
Options for Redeeming Small Gift Card Balances
One option for using up small remaining balances is to look for stores that allow you to split payment across multiple methods. This way, you can use the remaining balance on your gift card and pay the remainder with cash or another card. Additionally, some retailers may offer to exchange gift cards for lower amounts in cash or discounts.
Another option is to sell your partially used gift card online through gift card exchange websites. Platforms like CardCash offer up to 92% of the value of the gift card, while GiftCash promises up to 93%. Keep in mind that these websites typically charge a commission on the value of the sold gift card, such as Raise, which imposes a 15% fee.
State Laws on Gift Card Cash Redemption
Depending on where you live, state laws may require retailers to give cash for gift card balances under a certain amount. For example, in California, retailers must provide cash for gift card balances under $10. It’s essential to check your state’s laws regarding gift card cash redemption to see if this option is available to you.
When selling gift cards online, be cautious of scams and take precautions such as refraining from providing personal information like phone numbers and not sharing PINs, codes, or card images before receiving payment. Remember that gift cards do not have the same protections as credit or debit cards, so it’s crucial to report any scams and seek assistance from the selling platform.
By exploring these options for converting partially used gift cards into cash, you can ensure that you’re getting the most value out of your gift cards money. Whether it’s through redeeming small balances in-store, selling online, or taking advantage of state laws, there are various ways to turn those unused gift card balances into usable funds.
Donating or Regifting Unwanted Gift Cards
If you find yourself with unused or partially used gift cards, consider donating them to a charitable cause or regifting them to someone who would appreciate them. With over $21 billion in unused gift cards waiting to be spent and more than two-thirds of people in the U.S. holding at least one unused gift card, there are plenty of opportunities to put these cards to good use.
Donating gift cards is a simple way to support a cause you care about. Many charities, such as St. Jude Children’s Research Hospital, accept gift cards as donations. Local groups often welcome gift card donations for basket raffles or giveaways. Charity Gift Certificates even allow you to convert a full merchant gift card balance into a charitable donation.
Charitable Organizations that Accept Gift Card Donations
Here are a few organizations that accept second hand gift cards and used gift card donations:
- CharityChoice: Allows you to donate gift cards to thousands of different charities
- St. Jude Children’s Research Hospital: Accepts gift card donations to support their mission
- Local schools, churches, and community organizations: Often use gift cards for fundraisers or to support families in need
When regifting a used gift card, ensure that it has no expiration date and the full balance remains. Consider the recipient’s interests and preferences to find a card they will truly appreciate and use.
| Donation Option | Benefits |
|---|---|
| CharityChoice | Supports thousands of charities |
| St. Jude Children’s Research Hospital | Helps fund pediatric cancer research and treatment |
| Local organizations | Directly impacts your community |
| Regifting | Ensures the gift card is used and appreciated |
By donating or regifting unwanted gift cards, you can make a positive impact on others while ensuring that the value of these cards doesn’t go to waste.
Gift Card Expiration Dates and Inactivity Fees: What You Need to Know
When it comes to gift cards, it’s essential to understand the regulations surrounding expiration dates and inactivity fees. The Credit CARD Act of 2009 established federal standards to protect consumers, ensuring that gift cards remain valid for at least five years from the date of activation. This law also limits dormancy or inactivity fees, which can only be charged if there has been no activity on the card for one year.
Despite these protections, it’s crucial to read the fine print on your gift cards to fully grasp any expiration dates or fees associated with their use. Registering your gift cards, when possible, may offer additional protection in case of loss or theft. Sharing this information with gift recipients can help them avoid losing value on their cards due to inactivity or expiration.
Federal Regulations on Gift Card Expiration and Fees
The federal gift certificate laws set a minimum term of five years for gift cards and prepaid cards from the date of issuance or last loading of funds. However, it’s important to note that not all gift certificates or cards are covered under this law. The Final Rule of the Card Act provides detailed definitions and exclusions:
- Gift certificates and store gift cards are covered, with some exemptions based on specified amounts and purposes.
- Six statutory exclusions allow for certain types of gift cards to be excluded from coverage, such as those useable solely for telephone services or redeemable solely for admission to events or venues.
The Final Rule emphasizes consumer protection over business interests, ensuring that individuals are not unfairly penalized for holding onto their gift cards.
Checking Your Gift Card Balance and Expiration Date
To make the most of your gift cards and avoid losing value, regularly check your balance and expiration date. Many retailers offer online portals or phone numbers where you can easily access this information. Consider setting reminders for yourself to use your cards before they expire or incur inactivity fees.
| Gift Card Tip | Explanation |
|---|---|
| Check for tampering | Before purchasing a gift card, examine it closely for any signs of tampering to ensure the security of the PIN number. |
| Buy from reputable sources | Avoid purchasing gift cards from unknown sites to reduce the risk of getting counterfeit or stolen cards. |
| Register your card | If the option is available, register your gift card with the issuer to gain protection in case of loss or theft. |
| Understand the terms | Carefully read the terms and conditions of your gift card to know any expiration dates, fees, or usage restrictions. |
By staying informed about gift card regulations and best practices, you can confidently use your cards and help others do the same. Whether you’re buying a new gift card or using a second-hand one, these tips will help you maximize your value and avoid common pitfalls.
Conclusion
Gift cards have become increasingly popular as a convenient and thoughtful alternative to cash gifts. With the global digital gift card market expected to reach $724.3 billion by 2028, it’s clear that more people are embracing the benefits of giving and receiving gift cards. Whether you have unwanted gift cards or are looking to save money on purchases, understanding how to buy, sell, and exchange gift cards can help you make the most of your money.
While gift cards offer a more personalized and memorable gifting experience, they also come with certain limitations. Expiration dates, inactivity fees, and store-specific restrictions can diminish the value of gift cards over time. However, by staying informed about your options and being proactive in managing your gift cards, you can ensure that you get the most value for your money. Whether you choose to sell your unwanted gift cards for cash, buy discounted second-hand gift cards, or donate them to charity, there are plenty of ways to put your gift cards to good use.
In conclusion, gift cards can be a valuable tool for both gifting and personal finance. By understanding the pros and cons of gift cards and knowing how to navigate the world of buying, selling, and exchanging them, you can make smart decisions that benefit your wallet and your loved ones. So, whether you’re looking to turn unused gift cards into cash or find the perfect gift for someone special, remember that with a little knowledge and creativity, gift cards can be a powerful way to save, earn, and give.
FAQ
What’s the difference between a cash card and a gift card?
Can I sell my unwanted gift cards for cash?
Where can I buy discounted second-hand gift cards?
How can I maximize my earnings when selling gift cards?
What should I do with partially used gift cards that have a low balance?
Can I donate my unwanted gift cards to charity?
Do gift cards expire, and are there any inactivity fees?
Is it safe to buy second-hand gift cards online?
Source Links
- How to sell unwanted gift cards for cash
- These 5 Sites Will Let You Sell Gift Cards Online to Make Extra Cash
- What Is The Difference Between Cash and Gift Cards
- Prepaid Cards vs. Gift Cards: What’s the Difference?
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- The Pros and Cons of Gift Cards – Maps Credit Union
- Difference Between Cash And Gift Cards
- How to Sell Your Gift Cards for Cash – Experian
- Did you receive a gift card you don’t need? Here’s how to sell it for cash
- Sites for Discounted Gift Cards
- How to Buy Unwanted Gift Cards (and Get More Than 25% Off!)
- Gift Card Giant – Buy & Sell Gift Cards Online
- Gift Card Marketing: 10 Strategies to Boost Your Sales and ROI
- Maximizing Gift Card Sales: Innovative Promo Strategies for Restaurants
- Three Ways to Maximize Your Gift Card Program Results – The Gift Club
- How to sell gift cards for cash | Fidelity
- This popular holiday gift often goes unused. Here’s how to turn it into cash
- What to Do With Your Unused Gift Cards (Besides Spend Them on Yourself)
- What You Should Know About Gift Cards
- Gift Card expirations under the Card Act — Blackgarden Law
- Gift Cards vs Cash: Which is the Better Gift Option?
- Gift Card vs. Prepaid Debit Card: What’s the Better Gift? – NerdWallet
