Whether it’s a birthday, graduation, or holiday, chances are you’ll get a stack of gift cards for each celebration. Also likely: you’ll end up with some that you can’t or don’t want to use.
Your boss may have given you a Starbucks gift card, but you’re not a coffee drinker.
Or your aunt Rita gave you a steakhouse gift card, but you’re a vegetarian.
There is no reason to waste this well-intentioned gift. You can sell gift cards online for cash.
Tips for selling gift cards online
There are many websites out there that you can sell your gift cards, and each one is slightly different. Some allow users to bid on your gift card, while others buy it from you and then sell it themselves.
When you find a buyer for this unwanted gift, keep the following in mind.
Think about how you can get paid
Depending on which service you choose, when you sell a gift card, you might get a check in the mail, a PayPal payment, or a more useful gift card.
PayPal can be a quick payment method, but keep those pesky fees in mind if you want to maximize your payout. Checks can take a little longer, but are as good as cash. Depending on your spending habits, a different gift card may be the best choice as the conversion rate will be the highest.
Each choice has its own advantages. So choose the one that best suits your needs.
However, there is one notable exception that you should probably avoid with gift cards: eBay.
Don’t sell gift cards on eBay
Ebay has always been a popular place to buy and sell things online – but it could be the worst way to sell gift cards.
First, an eBay buyer is unlikely to purchase your gift card for more than 80% to 90% of its value. Expect a loss of between $ 10 and $ 20 on a $ 100 gift card.
Additionally, you may be responsible for eBay insertion fees, a clearance fee, and a performance fee if your eBay seller account is not in good condition. If you use Paypal for payment you have to expect an additional charge of 2.9%. Yuck!
Suddenly, your $ 100 gift card is worth $ 70.
What is better? Online gift card exchange websites. They buy your gift card for 90% or more of its value and resell it for you.
Here are the top websites that will put the most money in your pocket.
4 best websites to sell gift cards
To receive an offer on your gift card, all you have to do is enter the brand and the balance. Most of these sites have the option to enter your gift card number to sell and receive payment electronically – you don’t have to send anything.
Prices vary depending on the service and brand. I thought it would be fun to see which ones offer me the best price on my gift cards.
I selected three leading gift card buyers online and asked for offers on a $ 25 Walmart gift card. Here are the results:
Gift cards still need a home? Auction them on raise
The website for exchanging gift cards Raising has always been one of my favorite places to sell my unwanted gift cards because I can set the price. However, like eBay, you don’t get paid until the gift card is sold.
Even so, Raise lets you list a card without paying any upfront fees, so there’s no risk.
You can sell any gift card for credit – new or partially used. Most cards sell within 24 hours and Raise receives 15% of the sale price.
As with any product, the more demand there is, the more you can ask. Large retailer gift cards – Walmart, Target, Best Buy – typically sell in the market for 95% of their value.
You also keep control of your entry. If your card doesn’t sell in the first few days, you can always adjust the price to attract more buyers. Or you can keep the list if you change your mind.
If you decide to sell a gift card, look around and find the best deal. Check with two or three companies before handing over your gift card.
And remember, all of these sites also offer discount gift cards for you to buy. Keep this in mind when you need a gift.
Dana Sitar is a former branded content editor at The Penny Hoarder. Adam Hardy is a former employee.
This article originally appeared on www.thepennyhoarder.com