How to Turn Gift Cards Into Cash: 3 Proven Ways

Gift cards sometimes go unused. While direct cash exchange is generally not an option, several methods can unlock their value, offering financial flexibility. These methods transform a restricted spending instrument into a more versatile asset.

Selling to Online Gift Card Marketplaces

Online gift card marketplaces like CardCash, Raise, and GiftCash allow selling unwanted gift cards. They buy cards at a discount and resell them below face value. Most accept cards from major retailers, though acceptance varies.

Before listing a gift card, gather the card number, PIN (if applicable), and exact current balance. Verify the balance by calling the number on the back of the card or visiting the retailer’s website. The selling process involves creating an account, entering gift card details, and receiving an offer.

Upon accepting an offer, sellers can select a payout method, often including direct deposit, PayPal, or a physical check. Payment processing varies, generally ranging from a few hours to several business days. For instance, CardCash often processes payments within one to two business days. Commission rates or fees are common, with platforms like Raise taking a commission, such as 15% of the sale price. Sellers might receive up to 92% of the gift card’s value on platforms like CardCash, depending on the brand and demand.

Using Gift Cards for Essential Spending

An indirect strategy for converting gift card value into usable funds involves dedicating them to cover routine, essential expenses. This frees up cash that would otherwise be spent on necessities. For example, a grocery store gift card can be used for food purchases, or a gas station gift card can cover fuel costs. This method is particularly useful for cards from retailers that align with regular household expenditures.

General-purpose gift cards, such as Visa or Mastercard, offer broader utility and can be used to pay for a wider range of expenses, including some utility bills. To implement this strategy, identify gift cards most suitable for recurring expenses. Integrating these into a household budget allows funds typically allocated to categories like groceries, transportation, or household items to remain in a bank account, enhancing cash flow and financial flexibility. This budgeting technique allows individuals to maintain spending habits for necessities while increasing available cash.

Selling Gift Cards Privately

Selling gift cards directly to other individuals can yield a higher return than online marketplaces, as sellers can negotiate a price closer to the card’s face value. This method can be pursued through various avenues, including social media groups, local online classifieds, or personal networks. While offering a larger payout, private sales come with increased considerations regarding safety and trust.

When selling a gift card privately, create a clear listing specifying the retailer, exact balance, and asking price. For physical cards, meet in a public location. For digital transfers, use secure online payment methods like PayPal, Venmo, or Zelle, verifying payment before sharing card details. Sellers should share only necessary information, such as the retailer and balance, protecting the full card number and PIN until payment is confirmed. Both parties should verify the card’s validity and balance at the time of transaction.