A gift card is a prepaid debit card or an online voucher with a certain amount of money you can use to make purchases. These cards are usually issued by a retailer or bank.
Around 51% of individuals in the US have unused gift cards and nearly $3 billion of gift card value goes to waste each year, according to a Gitnux report. If you have unused gift cards you don’t find helpful, hear us out on how you can still benefit from them.
In this blog, we look at how you can take advantage of instant cash for gift card platforms, learn how they work, look at some popular platforms where you can exchange your gift cards for cash, and offer tips to maximize your cash return.
How Instant Cash For Gift Cards Works?
Several online platforms offer a marketplace where you can list unused gift cards in your collection in exchange for money. Each platform works slightly differently, so your cash return and whether you can exchange your gift card depends on your chosen platform.
Benefits Of Exchanging Gift Cards For Cash
Unlike cash, which offers unrestricted spending options, gift cards have limited usability. Here are four advantages of converting gift cards into cash.
1. Flexibility: Exchanging your unused gift card for cash allows you to utilize the fund wherever you see fit. You can use the cash to pay bills or purchase any desired item.
2. Convenience: You do not have to break a sweat looking for someone to buy your gift cards. With multiple online platforms, you can sell your gift card for cash without much trouble. You can compare different platforms and sell wherever you find the best value.
3. Avoid expiration: Your gift card may have an expiration date. Exchanging it for cash before its value reduces to zero can help you make the most of it.
4. Gifting Option: You can purchase a new gift card from the money received from the ones that you didn’t use and give it as a gift to your loved ones.
Popular Platforms For Instant Cash Exchange
If you have unused gift cards about to expire, exchanging them for cash is the best way to make the most out of them. Here are some platforms you can consider to exchange gift cards for cash:
Beem
Beem, the Super App, offers its customers a wide range of financial services. You can cash out your gift cards by simply linking the card with your Beem account and then transferring the funds into your bank account or sending it to a friend or family.
You can also take small loans using Beem’s Everdraft feature. You can borrow anywhere from $5-$1000 and choose to receive the money as a gift card or send the gift card directly to a friend or family. Beem does not charge any interest, tips, credit, or income to lend money. The best part is you only pay when you have cash flow in your account.
CardCash
CardCash is an online platform where you can buy and sell discounted gift cards. With CardCash, you can get up to 92% of the value of your gift card, and CardCash also provides offers to increase your resale value. You must enter the requested details, such as retailer name and value, to sell. Once you get an offer, CardCash pays you through a check, PayPal, or ACH deposit within 1-2 days.
Google Pay
Google Pay does not offer cash in exchange for a gift card. However, you can purchase a game, movie, or book on the Play Store if you have a Google Play gift card.
PayPal
PayPal does not allow you to sell gift cards, but you can still cash out your gift or prepaid card by linking your gift card to your PayPal wallet. Once that is done, you can transfer money to a bank account or use it to pay.
Gameflip
Being a website for gamers to buy and sell gift cards, Gameflip however, lets you also buy or sell gift cards in categories other than the gaming industry. The website allows you to list your gift cards and set a price. They take a small cut from the sale you can cash out through Payoneer, Wise, or Skrill.
WorldRemit
WorldRemit is a platform where you can transfer money internationally. WorldRemit accepts prepaid cards from Visa and Mastercard. You can withdraw money from WorldRemit wallet if you have a gift card from Visa or Mastercard by simply selecting the ‘Transfer’ option and selecting your preferred payout option, which includes mobile money transfer, bank transfer, and cash pickup.
eBay
eBay lets you sell almost everything. You can list your gift card on eBay, and once you find a buyer, you can share the necessary details to avail the gift card through a message to the buyer. However, one thing to note is that eBay gets 13.25% of your sales.
Venmo
You need to have a Venmo account to cash out gift cards using Venmo. You can get the help of your family members or your friends. Add a prepaid gift card to your Venmo account, send the money through that prepaid card to your friend or family member, and have them send it back to you. The money will be received in your Venmo account, which you can use to transfer to your bank account.
Apple Pay
Apple Pay does not allow you to cash out gift cards. However, you can add a prepaid card to your Apple Cash app, transfer it to your bank account, or use it to pay.
Wise
You can transfer money from your prepaid card using Wise; however, not all prepaid cards are eligible to make the transfer. Typically, cards with 3DS, 16-digit card numbers, and an expiry date are eligible. If you have a valid card, you can transfer by registering with the provider, completing the verification process, and filling out the receiver’s bank details. The time it will take to receive the money depends on your provider, the destination, and the amount you have transferred.
Tips For Maximizing Your Cash Return
When exchanging your gift cards for cash, you have numerous options available. However, different platforms will offer different exchange rates based on their policies and the way they work. Here are some tips you can use to maximize your cash return:
Research Platforms: Compare different platforms to ensure you make the most of the value of your gift cards.
Stay Informed: Online platforms offering a marketplace to sell gift cards usually take a cut from the sale you make. Carefully review which platform takes the least cut to maximize your cash return.
Consider Timing: Take advantage of promotional offers or peak seasons to maximize the value of your gift cards.
Alternatives To Instant Cash
Instant cash in exchange for your unused gift cards offers a convenient way to receive money. But, if you don’t exclusively need to cash out your gift cards, consider the following alternatives:
Donate: If you don’t necessarily need cash and don’t want to go through the hassle of selling gift cards, consider donating them to those in need. You can donate your gift cards to educational charities, local non-profit organizations, or homeless shelters.
Re-gift: What better than seeing your loved ones happy? If you have unused gift cards, ask someone from your family or friend who might love to purchase from the respective provider, or you can present it to them as their birthday gift.
Return: Certain brands or shops might allow you to return the gift card, considering they are not partly used. You would need to provide the original receipt for the purchase.
Conclusion
In summary, gift cards provide excellent choices for purchasing products or services from retailers and specific brands. If you possess gift cards nearing expiration that you won’t use, you should exchange them for cash to maximize their value. Carefully evaluate the platform on which you list your gift card. Alternatively, consider donating them to the ones in need, gifting them to your loved one, or simply returning them to the provider.
You can also consider Beem, where You can borrow anywhere from $5-$1000 and opt to receive the money as a gift card or send the gift card directly to a friend or family. All this, without any interest, tips, credit, or income to lend money.
FAQs
How can I get cash for gift cards immediately?
Several online platforms and payment services offer instant cash exchange for gift cards, allowing users to receive payments promptly upon completing the transaction.
Does GiftCash pay instantly?
You can select receiving money directly into your bank account when you sell gift cards on GiftCash. The money should be reflected in your bank account within 15 business days.
How do I convert a gift card to cash?
To convert a gift card into cash, you can either sell it online to receive money once someone buys from you, or you can link your gift cards to online wallets such as a PayPal wallet and then make a bank transfer.