The Financial Prudence of Selling Unwanted Gift Cards for Cash
Gift cards are a popular present for any occasion, whether it’s a birthday, holiday, or simply a token of appreciation. However, not all gift cards are created equal. Some may not align with our personal preferences or interests, causing them to sit untouched in our wallets or drawers. Instead of letting these unwanted gift cards collect dust, have you ever considered selling them for cash? While it may seem like an odd concept, the financial benefits of selling unwanted gift cards for cash are vastly underrated. In this article, we’ll dive into the financial prudence of this practice and why it may be a smart move for your wallet.
The Rise of Selling Unwanted Gift Cards for Cash
Gift cards have been around since the 1990s, but it wasn’t until the early 2000s when they became widely popular. According to a report by CEB TowerGroup, the gift card industry experienced an annual growth of 14% between 2006 and 2014. In 2019 alone, the gift card market was valued at a staggering $650 billion. With the rise of gift card popularity, so came the rise of selling unwanted gift cards for cash. Online marketplaces and resellers like Cardpool, Raise, and Gift Card Granny have made it easier than ever to sell unwanted gift cards for a percentage of their remaining value.
The Financial Benefits of Selling Unwanted Gift Cards for Cash
1. Cash is King
Let’s face it, sometimes a gift card to a specific store or restaurant just isn’t useful to us. Maybe you received a gift card to a store you never shop at, or a restaurant you don’t enjoy. By selling unwanted gift cards for cash, you can use that money towards anything you want. Whether it’s a necessity or a treat for yourself, having cash in hand gives you the freedom to spend it as you please.
2. Higher Redemption Value
When using a gift card, you are limited to only purchasing from that particular store or restaurant. However, by selling the gift card for cash, you can shop around for the best deals and potentially get more for your money. On average, resellers offer up to 92% of the gift card’s remaining value, compared to the limited options and markup prices at the actual store. This means you are essentially getting more bang for your buck by opting for cash instead of using the gift card directly.
3. No Hidden Fees
Most gift cards come with hidden fees, such as inactivity fees or expiration dates. These fees can slowly chip away at the gift card’s value, leaving you with less money to spend. By selling the gift card for cash, you are avoiding these fees and getting the full value of the card.
4. Extra Income
Selling unwanted gift cards can also be a way to make some extra income. Whether you’re looking to save for a big purchase, pay off debt, or just have some extra spending money, selling gift cards can be a quick and easy way to add to your income. With the growing popularity of online marketplaces and resellers, it’s never been easier to sell unwanted gift cards and make some money.
Tips for Selling Unwanted Gift Cards for Cash
1. Research Different Resellers
Not all resellers offer the same percentages for gift cards, so it’s important to do your research and compare different options. Look for reliable and reputable resellers that have good reviews and offer competitive rates for your gift cards.
2. Check for Expiration Dates
Before selling a gift card, make sure to check for any expiration dates. Some resellers may not accept gift cards that expire soon, so it’s important to keep this in mind.
3. Sell Sooner Rather than Later
The longer you hold onto a gift card, the more likely you are to forget about it or lose it. To avoid this, it’s best to sell unwanted gift cards sooner rather than later to get the most out of their remaining value.
4. Use Caution When Selling Online
While online marketplaces and resellers offer convenience, it’s important to be cautious when selling gift cards online. Make sure to only use reputable websites and never give out personal information or gift card details unless you are certain of their legitimacy.
In Conclusion
The financial prudence of selling unwanted gift cards for cash cannot be overlooked. Not only does it give you the freedom to spend the money however you please, but it also allows for more value and avoids hidden fees. So the next time you receive a gift card that you won’t use, consider selling it for cash and reap the financial benefits. After all, it’s your money, and you should have the control to decide how to use it.
