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We’ve all been in that spot where we receive a gift card for our birthday or as a Christmas gift that we don’t really want. We try to spend it at the selected retailer, but find it increasingly difficult. Luckily, there are lots of online gift card vendors that are willing to buy your gift card, and you can also buy other others at a discount.
The Basics For Selling
When you sell a gift card to an online vendor, there are a few things that you have to keep in mind.
1. You’re not going to get full price. Gift card vendors operate by buying gift cards at a discount and then reselling them at a higher price. This means that you’re not going to get 100% for the value of your card.
2. It’s retailer specific. The amount you receive for each gift card is really going to depend on the retailer. For example, selling an unwanted Walmart gift card can usually get you 90% of the card’s value in cash. However, when you sell a Home Depot gift card, you’re only going to be able to sell it for about 80% of its value.
3. There might be hidden fees. Gift card retailers usually like it when you mail in a tangible card that can be sent in the mail (for whatever reason). Sometimes they’ll offer you a higher price. If you send in an egift card, they might take a percentage off of the value they originally offered.
Also beware of where you want to send your money. PayPal charges almost a 3% fee for transactions, and of course the vendors aren’t going to be the ones taking care of that. Often it’s best to request a check in the mail instead to save you an extra bit of cash.
4. Beware of the vendor. With that being said, it’s usually best to sell to gift card vendors that have a good reputation (covered below). There are many reports of vendors that will be more than happy to take your unwanted gift card, but some tend to have poor customer service and report that no money was on the card that you submitted. This means the vendor with the highest resale value isn’t always the best option.
5. Get more money back. Some vendors offer a bonus if you sell your gift card and exchange it for another gift card in return. Cardpool, for example, will give you 6% more for your gift cards if you choose to redeem for an Amazon gift card instead of directly for cash. If you’re a frequent shopper at Amazon, I highly suggest this. Furthermore, you can even use Amazon to buy more gift cards.
The Basics For Buying
Just like there are certain tips that you should follow when selling gift cards, it’s also important when buying them.
1. Highest value isn’t necessary the best. Just like when selling a card, it’s important to go with vendors that are reliable. Sometimes you’ll end up paying a large sum of money only to never receive your discounted gift card or receive a code that will never work.
2. Get cash back. You can also get extra cash back when buying a gift card when using an online shopping portal. Basically how it works is that when you use one of their links, they give you a percentage back of whatever percentage you spend. You can find out how this works by reading the article on getting cash back when buying gift cards on Raise.
3. Retailer specific. Again, just like selling, the percentage you get off from buying a gift card really depends on the retailer. More popular retailers such as Walmart won’t give you such a high discount, but for restaurants such as Chili’s, you can expect to save 20% or more. Read here to find out how to max your savings at restaurants (20% or more) using this trick and others.
Which Gift Card Vendors Are Reliable?
The list I’m giving below is based off of my own personal experience. If I’ve ever had a problem with a gift card vendor, then it will not be placed on the list below.
- Cardpool. One of the best, and personally my favorite. They offer the 6% more with the Amazon redemption option, and have one of the highest rates around. You can read my 4 reasons on why Cardpool is usually the best for selling gift cards.
- Raise. Also very reliable. While they don’t have the best rates when selling cards, they are definitely the best for buying them. You’ll get great rates and there are often promotions so you can get an extra 5% off of your card. You can read our full guide on Raise and how you can even earn more cash back than just the gift card discount.
- Cardcash. This one is really tricky, as sometimes they have the highest value and sometimes they don’t. You’ll always get your money back and your gift card each time you buy, so they’re someone you can rely on.
- Giftcards.com. They usually have great rates for selling gift cards, but they do tend to take a while to get you your payment and verify your information. If you’re in a rush to get your cash, you might want to try someone else.
- Friends & Family. This is probably one of the best places to sell or buy gift cards. You’ll get the cash immediately and you know who you’re dealing with. Furthermore, you’re more than likely to get the best rates since you’re dealing with someone you know.
How Do I Quickly Find Which Gift Card Reseller Gives The Highest Value?
We can do this by using a resource called Gift Card Granny. This website gives you a list of gift card vendors along with their buying and selling price of gift cards. Simply go to their page and type in the retailer. Here’s an example below of how much of a discount you can get from buying Walmart gift cards.
Here’s how much you can get back for selling a Walmart card.
Buying and selling gift cards through a retailer can be a great way to get a discount as well as get some cash for those cards that you don’t need. I’ve sold multiple cards and have personally sorted out which vendors are the best.
If you are looking for some specific ways to save money with gift card resellers, I highly recommend the following:
- Top 4 Reasons To Always Sell Gift Cards With Cardpool
- Why It’s Best To Buy Gift Cards Through Raise To Get The Most Savings
- How To Sell Gift Cards On Reddit
- Top 10 Cash Back Portals
- Top 8 Reliable Gift Card Vendors
If you happen to know of a vendor that’s not on this list and should be, let us know in the comments below. Thanks for reading and happy frugaling!