Gift cards have become popular for gifting, allowing recipients to choose their desired items or experiences. However, many of us end up with gift cards that go unused or remain partially used, gathering dust in forgotten drawers.
Instead of letting these valuable assets go to waste, there are numerous ingenious “gift card hacks” to unlock their true potential.
In this article, we explore clever strategies to transform those unused gift cards into cash and utilize them for significant savings.
Sell Unwanted Gift Cards for Cash
You can sell gift cards for cash on reputable gift card resale platforms. These sites list the cards with their respective values and discounts, which helps the seller attract potential buyers and receive cash in return.
This process helps declutter wallets and offers financial flexibility, allowing individuals to use the cash for any purpose. Moreover, selling unwanted gift cards empowers recipients to transform gifts that might not align with their preferences into tangible value, providing an advantageous and practical solution for maximizing the potential of gift cards.
Gameflip states that for a swift sale of gift cards, consider setting the price between 2% and 15% below the original value. Depending on the demand for your specific gift cards, you might need to fine-tune the asking price to entice potential buyers.
Join a Gift Card Exchange Program
According to Yahoo! Finance, the gift card market, valued at USD 884.76 million in 2021, is projected to reach USD 2097.13 billion by 2030, with an estimated compound annual growth rate (CAGR) of 8.3% during the forecast period from 2022 to 2030.
North America dominates the market, mainly due to the rising e-commerce activity driven by the growing millennial and Gen Z population’s preference for gift cards. Moreover, the increasing smartphone adoption among consumers facilitates easy management of digital gift cards through mobile applications, further fueling market demand.
With the growing popularity of gift cards, their exchange programs provide a unique opportunity for gift card holders to swap or trade their unwanted cards for ones that align better with their preferences. These platforms facilitate interactions between individuals looking to exchange gift cards, promoting efficiency and value.
Participating in gift card exchanges helps users acquire cards they will use, potentially saving money on future purchases. This win-win scenario not only ensures that gift cards do not go unused but also empowers individuals to maximize the value of their gifts and make the most out of their shopping experiences.
Stack Gift Cards With Coupons and Deals
Stacking gift cards with coupons and deals is a savvy shopping technique that multiplies savings. By using gift cards in conjunction with store coupons, promotional discounts, and ongoing deals, shoppers can unlock substantial cost reductions.
For instance, combining a gift card’s value with a storewide sale or a special coupon code can lead to significant price reductions or even free items. Additionally, when shoppers stack gift cards with loyalty rewards or cashback offers, the savings multiply, making each purchase a gratifying and budget-friendly experience.
Mastering this strategy empowers shoppers to get more value from their gift cards and stretch their shopping budget further.
Participate in a Gift Card Rewards and Incentive Programs
Gift Card Rewards and Incentive Programs are enticing offerings by various businesses and credit card companies. These programs incentivize customers with gift cards as rewards for specific actions, such as purchases, sign-ups, or referrals.
Participants can accumulate points or credits that can be redeemed for gift cards from a wide selection of retailers, restaurants, or online platforms. Such programs not only foster customer loyalty but also present an opportunity to enjoy the benefits of gift cards, making it a win-win situation for consumers seeking extra value from their regular spending or engagement with brands.
Consider Gift Card Donations and Charitable Contributions
Instead of letting these cards go unused, you can donate them to charitable organizations or use them to support causes close to their hearts. By doing so, the value of the gift card can help those in need, while also potentially providing tax benefits for the giver.
This act of generosity not only empowers individuals to make a positive impact but also adds a new dimension to the concept of gifting, turning it into a means of spreading kindness and making a difference in the lives of others.
Track Gift Card Balances and Expiration Dates
Keeping track of your gift card balances and expiration dates can be a hassle. You might forget which cards are still active, or you may not even know that you have a particular card at all.
According to a recent survey conducted by CreditCards.com, nearly half (47%) of Americans possess at least one unused gift card, store credit, or voucher, collectively amounting to a staggering $21 billion nationwide.
The study, which involved 2,372 adults surveyed online by YouGov Plc in July, revealed that, on average, individuals hold $175 in unspent gift cards, vouchers, and store credit, representing a notable $61 increase from 2021.
To make things easier, use an app like Gift Card Granny or CardPool to track all of your unused gift cards and automatically notify you when they are about to expire.
If you’re not sure whether your card has expired, call the company that issued it (not just the store) and ask them directly. They will be able to tell you exactly when any given card is set to expire so that there are no surprises later down the road.
Some companies will even extend expiration dates if requested in advance. It never hurts to ask.
Conclusion
The world of gift cards extends far beyond the surface of a convenient present. By exploring the various gift card hacks presented in this article, you can transform these seemingly limited cards into valuable assets that yield financial gain and smart shopping decisions.
However, as you venture into maximizing the potential of gift cards, it is essential to be aware of potential risks. The Center For Data Innovation warns that gift card fraud is among the most reported fraud categories in 2022.
Scammers are drawn to gift cards due to their ubiquity and fewer consumer protections compared to credit cards, making them relatively easy to turn into cash. Vigilance and informed decision-making are crucial to safeguard against fraud.
Happy gift card hacking!
