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Gift cards make a perfect present for practically anyone. Not sure what to buy the person who has everything? They'll probably appreciate an Amazon gift card. Need an easy pick for the office gift exchange? Opt for a Visa gift card, and the recipient can spend it wherever.
SEE ALSO: The 5 Best Gift Card Deals
Gift cards for Amazon, Visa, and iTunes are all safe bets, but what if you end up with one you'll never use? Maybe it's for a restaurant you don't like or a store that isn't nearby. If you find yourself in this position, you can sell your unwanted gift cards. Here's how to do it.
The short answer is yes, but you may get more value by trading it for another gift card. For instance, you could sell a $25 Walmart gift card to CardCash for $22.25 in cash. However, you could get more bang for your buck if you trade the Walmart card for a $23.36 Amazon gift card, or a $24.59 AMC Theatres gift card.
If you're going to sell gift cards via resale sites, remember that doing your research can pay off. Here are a few tips to keep in mind:
Gift cards from stores selling a wide variety of goods seem to have more value than those from niche retailers. We saw higher rates for stores such as Walmart, Target, and Amazon, as well as decent rates for Home Depot and Lowe's. But for gift cards from stores like Bath & Body Works or Hallmark, the sell and trade rates were notably lacking.
On CardCash, we found that a $25 Bath & Body Works gift card will only net you $18.25 in cash, or a maximum of $20.71 in trade. A Hallmark gift card is worth even less; you'll be lucky to receive $15 cash for a $25 card.
Each site has its pros and cons, so you'll need to decide which one is best for your situation. Here's what you need to know about a few of the popular resale sites:
Selling a gift card through this site means you'll typically have to mail your card in, then opt for payment by check or PayPal. Waiting for a check will take longer, but PayPal will likely charge a fee.
Raise.com is an auction site, so that means waiting for your gift card to sell. When you input a gift card and its value, Raise.com will suggest an amount to sell your card at. For instance, it recommended listing a $25 Walmart gift card for $24.82. While that sounds like a good deal, Raise also clarifies that you'll only receive $21.10 for the transaction after fees.
Gift Card Granny
This aggregator allows you to check gift card offers from multiple sites at once. You'll see offers from Cardpool, CardKangaroo, and eBay, as well as others. Gift Card Granny is handy if you want to quickly check available offers without having to jump from site to site. That said, you'll still have to complete your transaction elsewhere.
Cardpool gives you a few choices for selling gift cards. Opting for payment via an Amazon gift card will purportedly net you up to 6% more; a $25 Walmart card could go for $23.45. If you listed that Walmart gift card for auction instead, Cardpool would recommend selling it for $23.79. If you choose to get a check for the same $25 card, that drops the value to $22.13. Want to list the gift card and receive payment by check? Cardpool suggests listing that $25 Walmart card for $22.44.
You could make a good chunk of change if you sell your gift cards for cash. The practice isn't without risks, though. Be aware of these potential pitfalls:
Readers, have you sold an unwanted gift card online? What was your experience? Let us know in the comments below!