How to Make Money Off Gift Cards: A Comprehensive Guide
Gift cards have become a popular choice for gift-giving, and with their widespread use, there are numerous ways to make money off them. Whether you have a stack of unused gift cards or you’re looking to capitalize on the growing market, here’s a detailed guide on how to make money off gift cards.
1. Sell Unused Gift Cards Online
One of the most straightforward ways to make money off gift cards is by selling them online. There are several platforms where you can sell your gift cards for cash:
- GiftCardGranny: This site allows you to compare offers from various buyers and choose the one that gives you the best deal.
- CardPool: CardPool offers a simple process for selling your gift cards, with competitive prices.
- GiftCards.com: This platform provides a straightforward way to sell your gift cards, with a variety of buyers to choose from.
When selling gift cards online, be sure to check the fees and processing times associated with each platform. Also, keep in mind that the value of the gift card may be less than its face value due to processing fees and the buyer’s profit margin.
2. Trade Gift Cards for Cash at Local Stores
Some local stores offer to buy gift cards for cash. This can be a convenient option if you prefer not to deal with online platforms:
- Walmart: Walmart will buy gift cards for up to 85% of their face value, depending on the issuer.
- Best Buy: Best Buy offers to buy gift cards for up to 85% of their face value, with a limit of $200 per transaction.
- Target: Target will buy gift cards for up to 85% of their face value, with a limit of $200 per transaction.
Before visiting a local store, call ahead to confirm their policy and the maximum amount they will buy. Keep in mind that the store may have a limit on the number of gift cards they will buy in a single transaction.
3. Use Gift Cards to Purchase Items at a Discount
Another way to make money off gift cards is by using them to purchase items at a discount. Here are a few strategies:
- Buy discounted gift cards: Some stores offer discounted gift cards, which can be a great way to save money. For example, you might find gift cards for popular retailers like Amazon or Target at a 10% discount.
- Use gift cards to purchase items on sale: Combine your gift card with a sale or discount to get an even better deal. For instance, if you have a $100 gift card for a clothing store and they’re having a 20% off sale, you can get $120 worth of clothes for $100.
- Buy gift cards for stores with high return policies: Some stores have generous return policies, allowing you to return items and get store credit. This can be a way to make money off gift cards by purchasing items you don’t need and returning them for store credit.
4. Convert Gift Cards to Cryptocurrency
There are several platforms that allow you to convert gift cards to cryptocurrency, which can then be sold or used for various purposes:
- GiftCard.com: This site offers a variety of gift cards, including popular cryptocurrencies like Bitcoin and Ethereum.
- GiftCardExchange: This platform allows you to exchange gift cards for Bitcoin, Ethereum, and other cryptocurrencies.
When converting gift cards to cryptocurrency, be sure to research the platform and its fees. Also, keep in mind that the value of the cryptocurrency may fluctuate, so it’s essential to understand the risks involved.
5. Rent Out Gift Cards
Some individuals and businesses are willing to pay for the convenience of having a gift card on hand. You can rent out your gift cards by listing them on platforms like:
