We all get unwanted gifts at Christmas and sometimes this includes gift cards. The problem with gift cards is that you cannot exchange them for cash at the store and if it is a store you don’t usually shop at this gives you few options.
It is estimated that the gift card and voucher market is worth around £5.6 billion each year, but also that a whopping £300 million goes unspent. Many people simply forget about them or leave it until the expiry date has run out and them they cannot spend them.
So how easy is it to get rid of your unwanted gift cards?
Thankfully there are websites that specialise in selling unwanted gift cards and offer you a percentage of what they were worth. Others take a commission and of course there are always auction sites such as eBay and eBid.
If you have received gift cards this Christmas that you know you won’t spend then read on for our tips on how to get cash for them.
Auction sites such as eBay will sell your gift card but remember that they will charge you a seller’s fee and a final valuation fee. And if you are processing your payment through PayPal, their preferred payment method, then PayPal also charge a fee. You could be left with very little after all these charges.
There are local selling sites such as Gumtree and Shpock where you can easily sell your gift cards and vouchers. With both sites you have to register and provide details such as your name, address, etc. then after that you can proceed to selling your item. With Shpock you can use PayPal or pay on delivery which usually means, as the transaction is a local one, the two parties meet at a mutually convenient place and time and exchange the goods and cash. Gumtree works on a similar premise.
There are specialised websites now that only sell gift cards and vouchers. The newest ones are Zeek and Cardyard. For both websites you’ll need to set up an account so that you can start selling. Zeek has a handy app that can be downloaded so you can process everything through your smartphone. Once you have registered with Zeek you input the card’s details, decide how much you want to sell it for, list it and then once it is sold you have to post it to the Zeek office where they forward it on and then pay you. Zeek charges a selling fee of 12% of the gift card’s asking price (minimum £4). You can apply for Zeek or Amazon credit which doesn’t attract this fee.
Cardyard works on a similar premise but they will post you out an envelope for you to pop your gift cards into. They also accept iTunes and Amazon.
With Zeek you can get good discounts on other gift cards so if you want to keep your Zeek balance you can spend it on what they are selling, for instance you often get good discounts on John Lewis vouchers, Starbucks gift cards, Argos vouchers and much more.
One point to make is that Zeek will not sell Marks & Spencer gift cards, only the M&S online ones (we don’t know why) so if you have an M&S gift card or voucher you are better off selling on an auction site.
Finally, there are other sites where you can get money for your unwanted gift cards. We recommend Zapper, a website that sells unwanted CDs, books, DVDs, games and electronic goods. They have recently added unwanted gift cards and vouchers but the difference with this site is that they will make you an offer on your gift card which you can then accept or reject. All you need to do is list the name of the store, the amount on the card and then send it off using their free postage label. In about ten days, if you accept their offer you’ll get a cheque or PayPal payment. You’ll typically get around 75% of your gift card’s worth.