How to 'Leverage' Your Unwanted Gift Cards
The ease and simplicity of giving gift cards in lieu of presents helped it grow into a $60 billion dollar a year industry. However, between 6 and 10 percent of purchased gift cards go unused for a variety of reasons. You have likely received a gift card that you either cannot or do not want to use, but that does not mean it has to go unused.
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Instructions
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Shop at the store or e-retailer to see if there is anything you can buy with your gift card. For example, you might not think you can buy anything at The Home Depot, but maybe the store sells materials you need for a craft project or upcoming camping trip.
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List them for sale in your local newspaper classifieds or on an online classified board like Craigslist. You will have to mark them cheaper than what they are worth to get people to buy them; listing your gift card for the face value does not give people an incentive to buy from you because they can simply go to the store and buy one. A good rule of thumb is to mark it down enough to be attractive to buyers -- i.e., ask $90 for a $100 gift card.
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List them for auction on bid websites like eBay. Selling on eBay allows you to set a reserve price and may increase the amount of money you make on the gift card, depending on its popularity among buyers. You can also list your gift cards for a "buy it now" price to sell for a flat fee.
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Sell them on a website designed specifically for gift card sales. Several different retailers offer specialized websites that allow you to swap your gift card for one you want or sell it for cash or credit to retailers like Amazon. The process differs depending on the gift card buyer, but typically you will send in your gift card and in turn the company will make you an offer after receipt. You will not receive the full value of your gift card when you sell or swap. Depending on its popularity, you will receive an offer for anywhere from 3 to 25 percent less than its face value.
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Tips & Warnings
Each website that buys gift cards has its own rules regarding the minimum and maximum balances of the gift cards. For example, Plastic Jungle only buys gift cards that are worth between $25 and $10,000.
Some gift card websites, including Plastic Jungle, allow you to donate your gift cards to charity and provide a receipt for tax deduction purposes.
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