Gift cards have been the most popular type of present for more than a decade now, as we reported last year. So there’s a good chance you received one for the holidays — perhaps one you didn’t even want.
If you’re looking to learn how to turn gift cards into cash, don’t fret. There are multiple great ways you can get cash for gift cards that will otherwise go unused. Here are three:
1. Sell it
Online marketplaces like Cardpool.com or Raise.com enable folks with unwanted gift cards to sell them to other consumers.
This is one of few ways to get cash out of a gift card. The tradeoff is that you’re selling your gift cards for a little less than their face value — that’s why other folks are willing to buy them.
Just note that each gift-card exchange has different procedures, such as for selling and paying out. So read the rules first.
2. Trade it in
If you would prefer a Target gift card to the one you received, take your card to a Target store that participates in Target’s gift card exchange program.
Even if you’ve already used part of the gift card balance, you can exchange the remaining balance for a Target gift card.
3. Regift it
You can regift an unwanted gift card if you don’t wait too long.
Generally, a gift card is valid for at least five years from when it was purchased, according to the National Conference of State Legislatures. But inactivity fees can kick in after one year.
Alternatively, you could use an unwanted gift card to purchase a gift for someone else.
What is your favorite method for how to turn gift cards into cash? Let us know below or on our Facebook page.
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