How To Safely Sell Those Unwanted Gift Cards
A gift card seems like the cant-go-wrong present. But lets be honest, sometimes that gift card misses the mark. Maybe you dont shop at that store or eat at that restaurant anymore. Maybe you just want the cash.
Its easy to sell unwanted gift cards. Just be careful so you dont fall victim to a gift card resale scam.
Fraud.org, the website run by the National Consumers League , just issued a Fraud Alert about these scams. John Breyault, the NCL vice president who manages the site, said people run into trouble when they try to sell their unwanted cards on Craigslist or eBay or by responding to offers on social media.
Once they find a buyer, the seller provides the codes from the back of the card and the buyer pays them, Breyault told NBC News BETTER. If its a crook, they will cancel the digital payment as soon as they get the codes and quickly spend the money on the card. The victim is left without any money and a useless piece of plastic.
Thats what happened to Bendada Abdallah of Madison, Wis. He got burned when he tried to sell $380 worth of Apple gift cards for nearly face value on eBay. Abdallah emailed the card numbers and PINs and got paid via PayPal.
I learned my lesson, Abdallah said. Be very careful when you try to sell something online.
Prepaid Vs Gift Cards
A gift card is essentially like cash you can only spend at a specific store. You use the card until the balance is gone and then discard it, though some retailers allow you to add more money to the card so you can continue spending with it. Not all stores allow you to reload existing cards, and there’s a chance the store could give you a new gift card every time you want to add money. One red flag to look for are fees, as gift cards shouldnt have any. If a retailer tries to charge you a fee for using a gift card, we recommend using another method of payment or simply shopping elsewhere.
Prepaid cards are designed to be reloadable, and as such, they sometimes carry fees. These vary by card, so its important to read the fine print if you go this route. These cards are often available from credit card companies like Visa and can be used on everyday expenses. Wallet Hub found prepaid cards can cost a person up to $311 per year in fees though, so if you can, you should opt for cards directly from a bank because they have fewer fees and a more secure guarantee. Or, you can avoid this quagmire altogether and opt for a gift card. If the person can’t find anything at the store it’s good at, they can use a gift card exchange to swap it for one theyll love!
Visa Gift Cards Are Sold In Some Banks
Another place to buy Visa gift cards is from your bank. Not all banks sell them, but those that do typically sell cards to existing customers at a competitive ratearound $4 for any load value.
The primary benefit of buying gift cards from a bank is that you may be granted additional security features such as the same protection that comes with the banks credit or debit cards. The downside is that you typically have to be an account holder with the bank in order to buy a gift card. Check your bank to see if you can buy gift cards and what additional benefits are given to existing customers.
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Use Donotpay To Redeem Cash From Your Gift Cards
Besides helping you save money on gift cards, DoNotPay can also assist you in redeeming the remaining balance on them. Do you have a gift card you no longer want to use? Dont let the leftover money go to waste! Use DoNotPay to get the cash back in three steps!
Huntington Voice Business Credit Card
With 4% cash-back earnings on 1 from a list of 10 bonus categories each quarter, including office supply stores, the Huntington Voice Business card is a good choice for earning on your business purchases, all without an annual fee.
Because you can earn 4% on up to $7,000 in purchases each quarter, you could earn up to $1,120 each year. Other bonus categories include grocery stores, gas stations, travel/entertainment, restaurants, electronic stores, utilities, warehouse/discount stores, department stores, home improvement, and auto parts stores.
Bottom Line: With the wide variety of expenses business owners have, there should be no problem maximizing spending limits for bonus categories that include office supply stores.
Also Check: Cardcookie Customer Service
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Most Popular Gift Cards
According to Wallet Hub, Amazon was the most preferred gift card last year. When you’re looking at gift card exchange websites check out Cardpool, which offers Amazon gift cards in exchange for cards from retailers you don’t buy from. Visa was the second most preferred gift card, followed by Walmart and then Target. Keep this in mind if you’re shopping but don’t know what kind of gift card to get a friend or loved one. These retailers are very popular, so the odds are this card will get used. Amazon knocked Walmart out of the No. 1 spot in 2017, which signals the rising popularity of online shopping. Some other preferred gift card brands include Kohl’s, Disney, Sephora, Home Depot, McDonald’s and Starbucks.
Read Also: Buy Applecare With Gift Card
How To Transfer A Visa Gift Card To A Bank Account
You can transfer money from a prepaid card to your bank account indirectly by trying some of the following options, which we go into more detail about above:
Best For High Limits: Movo Digital Prepaid Visa Card
Heres why: The MOVO® Digital Prepaid Visa® Card has high limits: a $10,000 maximum balance on the card and a $5,500 per day withdrawal limit.
There are other limits such as how much you can load on your card over a certain amount of time, regardless of how much you withdraw. So if you plan on moving a lot of money around, check out the cards terms and conditions to get a sense of the full limits.
The MOVO® Digital Prepaid Visa® Card has
- No monthly fee
- No activation fee, though a physical card will cost $5.95
- A $2 ATM fee for domestic withdrawals
- A $4.95 per month fee if your account stays inactive for 90 days
You can add money to your card for free via direct deposit or from your bank account. If you want to load cash, you can at participating retailers but there may be a fee, and youll need to have a physical card.
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Best Credit Cards For Purchasing Gift Cards At Office Supply Stores
As a business owner, youll have plenty of reasons to purchase gift cards at office supply stores. Office renovations, promotional incentives for employees, and paying for business dining/travel/entertainment could be likely examples.
Here are a couple of business credit cards that can be used for earning maximum rewards at office supply stores.
The Ink Business Cash card is likely the best card for office supply store purchases as it earns 5% cash-back on up to $25,000 in purchases each account anniversary year.
Tips For Getting The Best Gift Card
There are a handful of things we can count on every holiday season: time off from work and school an overweight, bearded out-of-towner breaking into homes through the chimney tone-deaf neighbors singing at your doorstep overeating and, of course, gift cards. Theyre everywhere this time of year, and for good reason: people generally love them.
But you dont want yours to be just one gift card among many received by your intended recipient this year. Youd probably prefer it to be enjoyed rather than forgotten in a drawer full of clutter. And you certainly want to get a good deal, because who doesnt?
Given that your gift card strategy can make or break the holiday season, particularly the budget part, we compiled a list of 10 great tips for gift card success. You can find them below. Shop wisely!
Recommended Reading: Will Bass Pro Accept Cabela’s Gift Cards
Best For Cash Back Rewards: American Express Serve Cash Back
Heres why: Rewards are one of the biggest features youll miss out on if you avoid credit cards. But with the American Express Serve® Cash Back, youll earn 1% cash back, which is applied to your account and can be used for future purchases, on every purchase you make.
While that doesnt compete with the top cash back credit cards, its better than nothing.
Here are some of the fees the American Express Serve Cash Back® comes with.
- A monthly fee of $7.95, unless you live in New York, Texas or Vermont
- No activation fee
- No fee for withdrawals from MoneyPass ATMs
- Cash reload at retail locations can cost you up to $3.95, depending on the retailer
To learn more about the American Express Serve® Cash Back, read our editorial review of all three Serve® cards.
Buy Discounted Gift Cards From Exchange Sites
Youre basically buying previously owned gift cards at a discounted rate. These gift card exchange sites will only carry merchant-branded options, since thered be no reason for someone to sell off their Visa or MasterCard gift card. *Use the gift card exchange sites noted below to sell off any unwanted gift cards you may have also.
My 3 favorite sites for buying discounted gift cards :
Raise.com is one of the best for buying gift cards and its my personal favorite.
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Mobile And Virtual Gift Cards
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Virtual gift cards are delivered via email to the recipient, the benefits being that they cannot be physically lost and that the consumer does not has to spend the additional time needed to buy a physical gift card in a brick and mortar store making it more convenient. Gift cards of this type can also be purchased quicker, which is especially attractive if an gifting occasion is on the horizon.
Other companies have introduced virtual gift cards that users redeem on their smartphones. As the merchant is not involved in the loop, it is considered a cash transfer rather than a traditional gift card.
Need Some Gambling Money Get Cash For Gift Cards In Las Vegas
One of the fastest ways to get paid without effort is to get cash back from used gift cards. Remember to check your remaining balance first. The amounts can add up quite a bit if you have multiple gift cards lying around. You can take cash for gift cards in Las Vegas using various methods, which we will explain in our guide. DoNotPay has a quick way of getting your unspent money back to claim whats rightfully yours!
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Accept The Gift Card Offer
Gift Card Exchange pays up to 85% of the value of the gift card, but the amount of the offer you get will depend on the popularity of the gift card. Grocery store, gas station and large department store gift cards such as Target or Walmart generally fetch higher resale values than gift cards to smaller retailers. Though your experience may be different , we sold a $25 Best Buy gift card for $16.25.
Heres a Tip! You can choose to accept the offer. Once you successfully enter the card information, the Gift Card Exchange machine will make you an offer for the card. If you are happy with the amount offered, then select Accept. If not, select Decline. Youre not obligated to complete the transaction until you accept the cash back offer.
American Express Gift Cards
A sure winner in the office setting, these are accepted everywhere American Express is accepted. They are good gift options for your employees, as well as friends and family. The one drawback is the purchase fee that is involved in each one you buy at your local drug store or supermarket. Besides locally, you really can only get them through the American Express Gift Card webpage. See American Express Gift Card savings and coupons.
Recommended Reading: Fandango Gift Card Remaining Balance
How Do I Get A Prepaid Card
Depending on which card you want, there are a few different ways you can apply.
- In-store Some retailers, like Walmart, allow you to purchase and load money onto a new prepaid card.
- Online Many prepaid cards allow you to apply through their websites.
- At a branch Some banks, like Chase, offer prepaid cards that you can apply for at your local branch.
Can You Buy Gift Cards With A Credit Card
Yes, you can buy gift cards with a credit card. Most retailers will accept them, but your issuer may or may not let you earn rewards for this purchase, so make sure to check the stipulations regarding gift card purchases on your account beforehand. According to CNBC, up to $3 billion worth of gift cards goes unused every year. So while your loved ones may not be making the most of their gift card redemptions every holiday season, you can do your research and rest on the satisfaction that you at least received your credit card rewards from the purchase.
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What You Need To Know About Gift Cards
A gift card can be used to buy certain products and services. There are many types of gift cards, but the most common ones are:
Some cards can be reloaded, while others can only be used once to their fixed value. People often use a gift card to buy something that costs less than the total amount on the gift card, so a few dollars remain unspent. Amounts as low as that cant buy anything in the store, but you may be able to get that money back.
Are Prepaid Cards A Bad Idea
Prepaid cards can make sense in certain situations for example, if you dont have a checking account or you just dont want the temptation of using credit.
But there can be downsides to prepaid cards. One major downside? The relatively high fees just for holding, loading, or even withdrawing money from the card. And you wont build credit by using a prepaid card. If youve already got a bank account, or think you might be interested in opening one, consider your alternatives instead.
Read Also: Can You Add Visa Gift Cards To Apple Wallet