Do you have a gift card balance you don’t plan to use? An estimated 60% of U.S. consumers have at least one, according to the Washington State Budget and Policy Center. But you don’t have to let that money go to waste.
“Consumers who don’t want to use their gift cards or pass them along to someone else can sell them on a recoup website to recoup some of the value of the card,” Julee Schmaus, spokesperson for the Retail Gift Card Association (RGCA), said in an email.
Not sure where to turn? Here are three reputable sites that can help:
1. Raise
AppStore Rating: 4.7/5 stars after 26K ratings
Google Play Store Rating: 2.4/5 stars after 3.68K reviews
Selling Fee: 15% of the card’s sale price
Card Balance Limits: $5 to under $2,000 (eGift cards must have a minimum balance of $5 and all gift card balances must be less than $2,000.)
Payout Time: 3 to 5 business days
Raise is a popular marketplace for buying and selling U.S. gift cards, and it supports a wide variety of brands. To sell a card, you simply head to the website and set the list price for it. Raise will suggest a competitive price and show how similar cards are currently priced. Once your card sells, you’ll receive a payout less a 15% fee. You can then have your earnings sent to you by check, PayPal funds or ACH direct deposit.
On the upside, Raise’s website is very user-friendly and organized. The company also has a strong average-star rating on the App Store and, according to Schmaus, is the only RCGA member that allows people to sell gift cards. However, you won’t be able to sell all physical gift cards. Raise accepts only those that can be converted into vouchers or e-gift cards.
[Related:How Much Money Should You Give for a Wedding Gift?]
2. CardCash
AppStore Rating: 3.8/5 stars after 525 ratings
Google Play Store Rating: 2.6/5 stars after 502 reviews
Selling Fee: Varies by offer, minimum of 8%
Card Balance Limits: $10 to $500
Payout Time: 1 to 2 days after receiving your card
Instead of allowing you to set list prices, CardCash buys cards for set amounts. For example, it might offer $316 for a $400 Target gift card, which works out to a 21% cost. The maximum gift card balance is $500. Company fees start at 8%, but no maximum is specified. Once you accept an offer, you can opt to be paid via an ACH deposit, check in the mail or PayPal transfer.
CardCash’s site is very easy to use. You can get an offer in seconds by adding the brand name of your gift card and its balance. It also allows you to mail in eligible physical gift cards, a feature that Raise doesn’t offer. However, CardCash’s ratings are mediocre.
[READ: Impressive Gifts You Can Buy for $20 or Less]
3. Gameflip
AppStore Rating: 4.7/5 stars after 13.8K ratings
Google Play Store Rating: 4.5/5 stars after 14.1K ratings
Selling Fee: 8% to 10% of the card’s listing price
Card Balance Limits: NA
Payout Time: As soon as the sale is completed
Gameflip is a marketplace for gaming-related items that allows members to sell both gaming and nongaming gift cards.
The site asks you to set your list price and recommends discounting the card’s value by 2% to 15%. Once your card sells and is successfully delivered to the buyer, you get the proceeds in your Gameflip wallet — less an 8% to 10% fee. You can then send the funds to your bank account through various payout providers like Bitcoin Wallet, Payoneer, Wise and Skrill.
Gameflip accepts 21 types of nongaming cards, with gaming-related cards from brands like PlayStation and Xbox the most sought-after on the platform.
[Related:How Much Should You Give for a Graduation Gift?]
Factors to Consider When Selling Unused Gift Cards
When considering a gift card exchange, ensure it’s legit before you share any information. For example, you can check a company’s Trustpilot reviews, app marketplace ratings and Better Business Bureau profiles.
Most of the sites we reviewed had red flags like poor ratings, numerous scam claims, security concerns, or malfunctioning apps or websites. However, the three above are reputable.
Beyond legitimacy, gift card exchanges vary in their:
— Supported brands
— Card amounts
— Card types (e.g. digital vs. physical)
— Payout methods
— Payout timing
— Fee structures
— Customer service quality
Consider which site is best for you depending on your preferences and the cards you have. For example, GameFlip and Raise may offer lower fees, but you have to wait for your card to sell to get paid. On the other hand, CardCash’s fees can be higher, but you get paid upfront.
Bethany Hollards, a spokesperson for the price-checking website BrickSeek, recommends comparing offer prices from several sites to get the highest price for your card. “Most of these sites will also let you trade the gift card instead, in exchange for a retailer gift card that you will actually use,” she says.
Schmaus adds that you can also use your cards to pay for a gift for someone else, regift them to loved one or donate them to charity.
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3 Sites That Pay Cash for Unused Gift Cards originally appeared on usnews.com
Update 06/26/24: This story was previously published at an earlier date and has been updated with new information.
