Cash gift cards have become a ubiquitous part of our gifting culture, offering recipients the freedom to choose something they truly want or need. However, there are times when the flexibility of cash is preferable to a specific store's gift card. Fortunately, there are several ways to convert gift cards into cash, each with its own set of benefits and potential drawbacks. Understanding these options can help you make the most of your gift cards, whether you're looking to treat yourself or are seeking ways to manage your finances more effectively.
Understanding Gift Card Conversion Options
Before diving into the methods of converting gift cards to cash, it’s essential to understand the landscape of gift card policies and regulations. The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 includes provisions that protect consumers by generally prohibiting gift card expiration within five years from the date of purchase or when funds were last added, and it restricts inactivity fees unless there has been at least 12 months of inactivity. These protections offer consumers a degree of flexibility when it comes to using their gift cards. However, the specifics can vary by issuer, so it’s always a good idea to review the terms and conditions of your gift card.
Gift Card Exchange Websites
One of the most popular methods for converting gift cards to cash is through gift card exchange websites. Platforms like Raise, Cardpool, and GiftCardGranny allow users to sell their unwanted gift cards for cash. These websites act as marketplaces where you can list your gift card for sale, and interested buyers can purchase it. The process typically involves creating an account, listing your gift card with its balance and the price you’re willing to sell it for, and then waiting for a buyer. Once a sale is made, the website will facilitate the transaction, usually by having you send the gift card information to the buyer, and then they will send you the payment, minus a small fee for the service.
| Exchange Website | Fee Structure |
|---|---|
| Raise | Varies, but typically around 15% |
| Cardpool | Up to 6% for some gift cards, with the potential for higher offers through their partners |
| GiftCardGranny | Comparisons across multiple buyers, fees vary by buyer |
Resale Marketplaces
Beyond specialized gift card exchange websites, general resale marketplaces like eBay, Facebook Marketplace, and local online selling groups can also be viable options for selling gift cards. These platforms often have a broader user base and can offer more flexibility in terms of pricing and negotiation. However, they may also come with their own set of risks, including the potential for scams or disputes over transactions. When selling on these platforms, it’s essential to follow safety guidelines, such as using secure payment methods and being clear about the gift card’s details and any conditions of the sale.
Cash Back Apps
Certain cash back apps and websites, such as Rakuten (formerly known as Ebates) and TopCashback, offer cash back on purchases made with gift cards at specific retailers. While not directly converting gift cards to cash, these apps can help you get the most value out of your gift cards by earning additional cash back on your purchases. This method requires you to make a purchase with the gift card, but if you were planning on using it anyway, the extra cash back can be a welcome bonus.
Gift Card Kiosks
In some retail locations, you might find gift card kiosks that offer instant cash for gift cards. These kiosks, often provided by companies like Coinstar Exchange, allow you to insert your gift card and receive an offer based on its balance. If you accept the offer, the kiosk will provide you with cash or, in some cases, an e-gift card to a different retailer. The rates can vary, and not all gift cards are accepted, so it’s a good idea to check the kiosk’s policies before using it.
Return or Exchange Policies
Finally, if you’ve received a gift card to a store where you don’t shop, it might be worth checking the store’s return or exchange policies. Some retailers allow you to exchange gift cards for cash or for a gift card to a different store within their corporate family, although this is less common. The ability to do so usually depends on the store’s policies and local laws regarding gift card redemption.
Key Points
- Gift card exchange websites like Raise and Cardpool offer a platform to sell unwanted gift cards for cash.
- Resale marketplaces can provide a broader audience but require caution to avoid scams.
- Cash back apps can offer additional value when using gift cards for purchases.
- Gift card kiosks provide an instant cash option but may have variable rates and acceptance.
- Checking store return or exchange policies might offer an alternative, though options are typically limited.
In conclusion, converting gift cards to cash involves understanding the various options available and their respective benefits and drawbacks. Whether through exchange websites, resale marketplaces, cash back apps, gift card kiosks, or store policies, there are ways to make the most of your gift cards. Always prioritize safety and understand the terms of any transaction to ensure you're getting the best deal possible.
What are the typical fees for selling gift cards on exchange websites?
+Fees can vary significantly depending on the website and the specific gift card. For example, Raise might charge around 15%, while Cardpool’s fees can be as low as a few percent, depending on the gift card and the offer you choose.
Are gift card kiosks available in all retail locations?
+No, gift card kiosks are not available in all retail locations. Their availability depends on the partnerships between retailers and the companies operating the kiosks, such as Coinstar Exchange.
Can I exchange a gift card for cash at the issuing store?
+It depends on the store’s policy and local laws. Some states have laws that require merchants to provide cash back for gift cards under certain conditions, but this is not universally available.
