Recently, there have been reports that indicate 15% to 19% of gift cards purchased from retailers are never redeemed. Huh? Up to 1/5 of people don’t spend that gift cards they’re given??? What a travesty!
But there is hope. Websites like Cardavenue, Plastic Jungle, Gift Cards Again, Gift Card Buy Back, and Swapagift.com help people trade gift cards or turn them into cash. Some sites generally have a small fee for selling a card, but it’s a small price to pay in order to swap a gift card for one you’ll really use. Other sites buy the cards directly from users, paying them 60% to 75% of the remaining value on the card. The sites then resell those cards for full value.
Another option to unload your gift card is eBay. Look for the “gift certificate” category. Often buyers can get deals on gift cards, so they’re actually receiving more value at the store that they’re paying for the card.
The market for gift cards is estimated to be about $60 billion. That’s a lot of money, and think about how much retailers are keeping from those who never redeem theirs.