What money-saving techniques do you utilize when shopping? Do you use rebates or promotional codes? Or how about loyalty programs and coupons? While all four of those penny-pinching practices are helpful, I’m here to tell you that you could be saving more. How you ask? With a little something called discount gift cards.
What are discount gift cards?
Have you ever stumbled upon an unused gift card in your wallet? Or what about finding one in your junk drawer? Well, you aren’t alone. A study conducted by Gift Card Granny reveals that nearly nine percent of respondents let an unwanted gift card go to waste. Believe it or not, forty three percent claim to re-gift an unwanted gift card while forty nine percent will use it for the purpose of not letting it go to waste. Additionally, eighteen percent of respondents will sell the card online in exchange for cash.
So, wondering where these discount gift cards come from? It begins when an individual sells an unwanted gift card (new or partially used) to a reseller via online platforms, cash for gold, pawn shops, or any gift card exchange location. Once this occurs, the reseller then sells the previously owned card to a consumer at a discounted price. Note that cards aren’t only provided by individuals; stores will also discount gift cards to offer promotions and entice customers.
How do you buy a discount gift card online?
Reseller sites like Gift Card Spread and Cardpool list available discount gift card inventory on their websites. You can also explore Gift Card Granny, a platform that allows users to search for and compare discount gift cards from a large selection of resellers (imagine the Kayak of discount gift cards). Granny can help you find discount gift cards for restaurants, movie tickets, home and garden, department stores and other favorites.
Savings can vary between 2 percent to 45 percent; this is due to the card’s brand type and fluctuating market value. For extra savings, combine discount gift cards with coupons, promo codes and other money-saving practices.
Where do you sell a gift card?
Selling a gift card can easily be done online, at pawn shops, mall kiosks, grocery stores, check and cashing service centers. Payouts normally range between 60 to 90 percent and depend on where the card is sold (online, kiosk, etc), as well as the card’s brand and type of transaction (cash, check, ACH, etc).
Online resellers typically provide a higher payout, however payments for first-time sellers may take up to a week. If you’re looking for some quick cash, kiosks offer instant pay for your gift card but offer a lower payment. Popular gift cards such as Target, Amazon and Best Buy usually yield a larger payout.
Have you ever sold a gift card? Comment below with your experiences.