|
1. Gift Card Trading
If you like having gift cards, but can't use the one you've got, consider trading. Big traders group cards based on their desirability. Merchants like Target, Shell and Costco are at the top, with many restaurants and smaller stores filling out the bottom. The bigger the jump between tiers, the bigger the transaction fee. At the highest, fees shouldn't exceed 10-12 percent. See who pays the most.
2. Wait Until January
Most gift card brokers increase their buying rates right after the holidays as this is when most people are looking to sell their cards, and they don't want to lose out. The cards the brokers buy in January creates a large portion of the inventory they have for the rest of the year.
3. Secure an Offer
This point can't be emphasized enough. Don't send exchange sites your cards until you get a price quote. Without a quote, you can wind up with a lowball offer and little time to reject it.
4. Keep Your Card Information
With any gift card it's a good idea to write down your account number and keep customer service details handy. This way if they get lost in the mail or disappear from your wallet, you still have a chance at redeeming them. Some experts suggest keeping a gift card even after the balance has been used up. Certain merchants won't accept returns without the original card.
5. Sell Store Credit
Have you ever returned an item, only to find out you can't get your money back, only store credit? Most gift card exchanges have started buying store credit as long as it's in plastic form. A paper receipt for credit will do you no good.
6. Tax Deductions
Some gift card exchanges like Plastic Jungle let you donate your balance to charity. It works pretty much the same as any other charitable donation. They'll provide you with a receipt so you can deduct it at tax time.
7. Pay Your Bills
Gift cards are great, but they can't pay the bills. Or can they? Popular gift card exchanges have worked out a way for customers to apply their credits to common household bills such as electric and cable. If you can't be trusted with cash, this is a great way to maximize your money.
8. Craigslist
While there's no official "gift cards" section on Craigslist, there are still hundreds available in most big cities. Sometimes selling cards here will bring in more money than typical exchange sites. Buying gift cards from Craigslist is a risky venture, however. Scams and fraud are abundant.
9. Hit the Streets
Selling gift cards in person is an option if you need some quick cash. A user recently relayed a story to us about selling their unwanted Lowe's gift card to a contractor in the store parking lot. Make sure to keep a low profile though. Merchants likely frown on this practice.
10. Sell Cards Quickly
Don't let that unwanted gift card sit in your wallet until the logo has been worn away. While it'll still have the same value and probably won't expire, the longer you hold on to a gift card, the more likely it is to get lost.
11. Re-gifting
If you don't want to mess with the whole buying and selling process, you can save some money on presents by re-gifting your unwanted cards. Just make sure you give it to someone who'll actually want to use it and they'll never know the difference.
12. Follow the News
You don't have to be an economic expert to keep track of which major merchants are struggling. A retail chain going out of business can prevent gift card exchanges from buying your unwanted cards. If the store goes under before you get a chance to use the card, it's money you'll never get back.
|
Prior to becoming the first online 
