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Selling Your Store Gift Cards for Cash, What to Know.


This may be a good way for you to make some extra cash, but is it safe?

Dear Kim,

I have recently heard about websites in which I can exchange gift cards for cash or for gift cards from other retailers. How does this work and are these websites safe?

Thanks,
Noreen

 

 

Dear Noreen,

There are a number of websites that will allow you to either exchange your gift card for cash or for a card from a different retailer. The company will verify the legitimacy and value of your gift card and then send you a check. They sell the gift card on their website for more than they paid you, but less than the face value of the card.

Retailer popularity is the largest factor as to how much you will receive or pay for a gift card. Local stores and restaurants tend to be less desirable, hence they fetch the least.  It is also suggested that you shop around. Different websites may offer you a different amount for the same card.

Please remember that if it seems too good to be true, it probably is. There are a lot of scam websites out there that deal in stolen or counterfeit cards. If you are interested in purchasing or selling your gift card, I suggest you check the websites with the Better Business Bureau, Consumer Reports and your state’s attorney general’s office. Check the website’s warranty policy. Warranties can vary from site to site.

Good Luck,
Kim



Kim headshot 3

Kim Cole is the Education Outreach Coordinator for Navicore Solutions. Kim provides financial education workshops and seminars to communities. Readers can submit general questions relating to personal finance, credit scoring, debt management, student loans, home finance or bankruptcy which may be highlighted in the next month’s edition. All identifying information will be kept anonymous.

Please send your questions via email to DearKim@navicoresolutions.org