Get Most Value from Unwanted Gift Cards
From GiftCardNexus
When you have one too many gift cards and have no motivation to redeem them for merchandise or service, what can you do with those unwanted gift cards? While it is possible to let the gift cards collect dust and to use them at a later time, it is wise to spend the gift card as soon as possible as merchants can go out of business. Here are some suggestions to help you get the most value out of those unwanted gift cards. Each suggestion has different levels of risk and effort, so use your own judgment.
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[edit] Regift Gift Cards
Before gift cards existed, people passed on unwanted presents to others by regifting. It is now perfectly acceptable to regift unwanted gift cards. Instead of buying a new gift, you can save yourself time and money by regifting unwanted gift cards. However, there are some basic rules that should be followed. First, do not regift partially used gift cards. It gives the same message as giving someone a cake with a slice missing. Consider adding money to a partially used gift card to get the face value equal to an even dollar amount. Lastly, make sure you keep track of who originally gave you the gift card, so you don’t break the cardinal rule of regifting back to original giver. Little risk and minimal effort involved to show how much you care.
[edit] Donate to Favorite Charity or Non-profit
Instead of getting any monetary value for the gift cards, donate unwanted gift cards to a non-profit. On top of helping a non-profit, there is tax deduction for the full face value without having to make actual cash contributions. For example, donate unwanted Home Depot or Lowe's gift cards to Habitat for Humanities. They can use the gift cards to purchase building materials. Another option is to donate the unwanted gift cards to schools or churches that can raffle off the gift cards as prizes in a fund raiser. The main level of effort is to contact your favorite charities to find out if they accept gift cards as donations.
[edit] Trade with Family and Friends
Ask family or friends (who didn’t give you the gift card), if they are planning on buying merchandise or service from merchants where the gift card is redeemable at. If so, propose an even trade of the gift cards for different gift cards that you want. Offer a small discount to make the proposal more attractive.
[edit] Transfer Value to Credit Card
The idea is to purchase items greater than the gift card’s value and use your credit card to pay for the difference. Return the purchased goods along with receipt for full refund. Depending on the merchant, some will refund the full amount to your credit card. The credit on the credit card be used for other purchases. However, other merchants may refund the purchase as store credit. It is prudent check what the merchant's return policy is beforehand. At this moment, there is not enough information on different return policies to provide a comprehensive list of stores that will do this type of return. Feel free to share your experience. There is minimal risk to try this, but requires considerable amount of effort and patience. Remember, this strategy will not work at all merchants.
[edit] Redeem for Cash from Merchants
This method is difficult to execute, because almost all gift cards clearly states that gift cards are not redeemable for cash unless required by law. The only state that we are aware of that makes redemption for cash required by law is Washington State and California. However, the law only offers limited cash back redemption. Basically, if the remaining balance is less than $5.00 USD in Washington State or $10.00 USD in California, the gift card is redeemable for cash. However, there are other conditions that apply. One possible strategy is to use the gift card to purchase items, leaving enough on the gift card to redeem it for cash. Return the purchased item for refund and repeat process. While this may work, the process is fairly arduous and have to be physically in Washington State or California.
Another alternative is to sell gift cards to customers at those stores. Offer to sell them the gift card for a small discount. To minimize risk of getting scammed, conduct transaction in front of a store clerk/cashier, who can verify the gift card amount to the potential buyer. If you are comfortable with this type of social interaction, then it is a good way to convert unwanted gift cards into cash.
[edit] Sell or Exchange on the Secondary Market
There are numerous websites that offer services to exchange and sell unwanted gift cards for a fee or for free, the largest being eBay. However, selling or exchanging unwanted gift cards on the open market is filled with risks and require vigilance on your part to minimize your chances of getting scammed. There are too many tips and pitfalls to cover adequately in this article. Therefore, we have provided a separate article that covers the how to’s and nots of selling gift cards on eBay. Importantly, make sure you know what the resale value of your unwanted gift card is before you sell it, so you will have a better understanding what is a fair deal. GiftCardNexus.com offers free reports on the latest resale value for hundreds of gift card brands.
