How to convert a popular holiday gift into cash!
If your Christmas was like the majority of others you would have received or given out gift cards to your loved ones. It’s getting harder and harder to shop for family and friends than ever. That’s why so many people resort to buying gift cards in place of personal items; they figure that way their loved ones can purchase what they want. But what happens to those gift cards. Well, almost a third of them wind up lining your sock drawer, joining $44 billion worth of their brethren that haven’t been redeemed since 2008.
But wait! You can turn that shiny plastic into cash. Several brokers will buy your unused cards — from merchants such as Macy’s and Barnes & Noble — at a discount off their face value, then resell them to others. Cardpool, Raise and Card Hub are among about a dozen online gift card exchanges.
It’s simple to do. Enter the card’s details online to learn what the broker will pay you. If the price is right, you accept the offer, then send off your card. You’ll get a check or PayPal credit, or can swap unwanted cards for others. To be eligible, cards need at least a $10 issued amount; you’ll typically be paid 65 to 92 percent of the face value.