The holidays are just around the corner and the chances are good that you will receive a gift-card that you will never use.
The gifter’s intensions are in the right place. When faced with buying you a sweater, scarf or pajamas, at least a gift card gives them a fighting chance that you will actually use the offering, rather than store it in a closet or (heaven forbid) re-gift.
But I digress. There are literally dozens of places on the web that act as a clearing house for you card. They buy a $100 gift card for say $60 and sell it for $90. Making 50% on each card ($30profit/$60 purchase price). If they recycle the same $60 once a month (i.e. they buy and sell a $100 card every 30 days, then they make an astounding $30 X12 months = $360/$60 or 600% a year! Now add a few zeros and this become meaningful business, except there is one thing – you sold your $100 gift card for $60. You’re the loser in this equation.
Go on eBay. Type in “Amazon (or Starbucks or whatever) Gift Card;” you’ll get a list of hundreds of sellers of Amazon Gift Cards and as a consequence a good idea of where you should sell your card – just look at current bids (don’t use “buy it now” prices, sometimes they don’t sell for months).. Believe it or not people are actually charging more than the price listed on the card for cards like Amazon (which give you access to a marketplace where you can use the card for just about anything – see the eBay listing below?). They generally offer less than market for cards like Starbucks, where they only sell one thing – coffee. If you offer free shipping (less than 50 cents) then your buyer will know that they are paying an all in price and be more apt to bid.