Around Christmas time, birthdays or anniversaries, there’s a pretty good chance you’re going to get some gift cards for your presents. But sometimes they may be for stores that you don’t frequent, or for things that you don’t need. So what do you do with them all? Don’t just leave them in a drawer and don’t throw them away. Here are some tips on what to do with that drawer full of unwanted gift cards gathering dust in your home.
Types of Gift Card
There are two main types of gift card:
Cash Cards: This type of card can be used anywhere. They are generally sponsored by companies like MasterCard, Visa, American Express, and Discover. The good news is they are very flexible since you can use them just about anywhere that credit cards are accepted. You can even use them to make purchases or pay bills online. The downside is they are not a very personal gift to give to someone close.
Store cards: This type of card is specific to a certain retailer such as Walmart, Barnes and Noble or Starbucks. These cards make a more personal gift, and come people like the idea of having a gift card for their favorite store, so they can choose what to spend it on. The downside is that each retailer has its own internal regulations for gift cards, so you need to keep an eye on things like expiration dates or a demurrage policy (this means the card loses a little of its value each month).
Why Retailers Offer Gift Cards
Retailers love gift cards because each time they sell one it means upfront revenue and not every card is redeemed. People lose gift cards, forget about them or just don’t bother using the last few dollars, so the stores often come out ahead. If the card is redeemed, more often than not, the customer will pay over the value of the card.
What to Do With Unwanted Cards
If you have unwanted cards lying around, do something with them before they expire so that they are not completely wasted.
Return the Card
You can, if you wish, return unused gift cards to the retailer where they were purchased. This is probably the easiest way to let them go. If you return them you may be able to exchange them for an amount of cash or for some products at a discount price. Not all retailers accept gift cards back, however.
Cards for Cash
Some companies, such as Cards2Cash will buy your unwanted gift cards from for cash on the spot. The company has branches throughout the United States and all you have to do is take your cards to one and they will be exchanged for a good rate. Cards2Cash also sell gift cards at discount prices. Check out Cards2Cash deals to see how much money you can make for your unwanted gift cards.
Re-Gift the Cards
If you’re dissatisfied with the retailer’s refund policy you can retain your gift card’s value by re-gifting it to a relative or friend. You may have a friend who’s a student and would love the card to buy food or books, or perhaps you have a sibling that would like to use the card to spend on her new baby. Or show some spontaneous kindness and give it to a complete stranger.
Donate Them
Make yourself feel good by donating the card to a charity. You could hand it in to a food bank, animal rescue, local church, a school or a local family in need. CardFunder allows consumers to donate gift cards to several non-profit organizations.
Auction Them
You can auction your cards online on sites like eBay. You won’t get the full value of the card, but a little bit of cash back is better than nothing, especially if you have multiple cards that are about to expire.
Trade Them
Some sites also offer the option to trade your cards for items from other sellers. Or you can check out bartering and swapping websites for extra options.
Gift cards make giving much easier and for some people, such as employers they provide a way to gifts to lots of people fairly. If you receive a gift card, always check for an expiration date. If you really don’t want to use it choose one of the options above to make sure it doesn’t go to waste.
Libby Holland shares her tips and advice around the web. She is a frugal Mommy of 2 who writes about shopping, saving, parenting and family life.
1 comment
A companion once revealed to me that she gets irate each valentine day when promotions are conveyed to men, saying that the organization will deal with everything: Flowers, inflatables, teddy bear, and hot night garments for her to wear, and he should simply give his name, her name, and his Visa number.