How Much Do Pawn Shops Pay for Gift Cards?
Understand how much pawn shops pay for gift cards, what factors influence their value, and the steps to sell them for cash. Explore alternative selling methods.
Unused gift cards represent potential cash that is often inaccessible. While direct cash exchange at the issuing retailer is generally not possible, pawn shops offer an avenue for converting them into spendable cash.
Pawn Shop Policies on Gift Cards
Pawn shops may purchase gift cards, but acceptance policies vary. Some view them as viable for resale, while others decline due to internal policies or fraud concerns. Acceptance often depends on ease of resale and risk of fraudulent acquisition. Cards considered store credit, rather than traditional gift cards, may be rejected due to return fraud schemes.
Determining Gift Card Value at a Pawn Shop
When a pawn shop assesses a gift card, several factors influence the offer provided, which is typically a percentage of the card’s face value. The brand’s popularity is a primary consideration, with cards from well-known national retailers like Amazon or Walmart often commanding a higher percentage due to their broad appeal and easier resale. Less popular or niche cards may receive lower offers or be declined entirely. The remaining balance on the gift card also plays a role in its valuation; exceptionally large amounts might result in a slightly lower percentage offer.
The physical condition of the card is important, especially ensuring the Personal Identification Number (PIN) area remains unscratched or concealed, as an unscratched PIN is often a security requirement, enabling the pawn shop to verify the balance and validity. Proof of purchase, such as an original receipt, can significantly enhance the offer by demonstrating legitimate ownership and mitigating fraud concerns for the pawn shop. Local market demand further influences the value; a gift card for a popular local establishment might fetch a better price in that specific area. Generally, individuals can expect to receive an offer ranging from approximately 40% to 70% of the card’s stated value.
Steps for Selling a Gift Card at a Pawn Shop
Selling a gift card at a pawn shop is typically straightforward.
Call ahead to confirm their policy on gift card purchases and to inquire about any specific requirements.
Upon arrival, present the gift card along with a valid government-issued photo ID.
The pawn shop will then initiate a verification process to confirm the card’s balance and authenticity, often by checking online or contacting the retailer directly.
For physical cards, an unscratched PIN is crucial for this verification.
Once the balance and validity are confirmed, the pawn shop will make an offer, which is typically a percentage of the card’s face value.
If you accept the offer, the transaction is completed, and you receive immediate cash.
Alternative Methods for Selling Gift Cards
Other common avenues exist for converting unwanted gift cards into cash or other forms of value. Online gift card marketplaces provide platforms where individuals can list their cards for sale. Websites like CardCash, Raise, and GiftCardGranny allow users to sell their cards at a discount, with payment typically received through direct deposit, PayPal, or check. These platforms may charge a commission or fee.
Gift card exchange kiosks, found in various retail locations, verify balances and provide cash offers, typically 60% to 85% of the card’s value. If accepted, the machine dispenses a voucher for cash. However, many kiosks, like Coinstar Exchange, have ceased operations, making them less widely available.
Private sales to friends, family, or through local classifieds and social media groups offer a direct method. This approach allows sellers to set their own price, potentially yielding a higher return. However, private sales carry inherent risks, including potential scams, and require careful arrangement for a safe and secure exchange.