Way to Exchange Gift Card Online

Image courtesy of peridotnailsalon

Ever recieved a gift card to a store you do not ever shop at. You was wondering if there was a way to "trade it in" for a different store?

Although gift cards continue to top the list of most requested presents for many people. But what if you don't like the one you get? 

The chances are ....

You can shove it in a drawer and let it expire


You can exchange gift value credit to Sports Authority for the iTunes card you really want through a gift card exchange

These exchanges are cropping up all over the net : PlasticJungle, Cardpool, CardWoo, GiftCards are just some of the options. 

PlasticJungle and Cardpool, for example, act as exchanges, buying your unwanted card and then giving you cash either through a check, PayPal deposit or Amazon gift card. You can then buy the card you want, choosing from the sites' inventories. 

But swapper beware. Most of these sites don't let you sell your card for its full value. Instead, you're typically given about 90% of the value back. 

These sites are basically brokers and take on more risk to make the exchange happen faster, so it’s quiet logic if you have to pay a little more for that privilege. 

On PlasticJungle, for example, if you sell a $50 gift card to Sports Authority, the site will pay you $37.50 in cash or send you a $39.38 gift card to Amazon.com.

If you then want to buy a new gift card, those are sold at a discount, meaning the card will be loaded with more money than you actually spend buying it.

For example, if you take your $37.50 in earnings from the Sports Authority card, you could then buy a Target card with a value of $38.51 for discounted $37.36.

Still, you lose almost $11 in the deal.

Giftcardswapping is one of the rare sites that lets you exchange your gift card for another card of the same value. But there are a limited number of cards available -- currently only eight cards are eligible for swapping and nine are available to buy -- and customers must mail their card to the company and pay a $3.99 fee.

Social network meets card swap: CardHub, a credit-card comparison website, is taking the concept of a gift card exchange to the next level. The company has launched a social networking gift exchange using Facebook that allows consumers to buy, sell and exchange gift cards.

If you have an unwanted card, go to CardHub's site and hunt around for a card you want. Like other gift card exchanges, you can sell your card directly to CardHub and then buy discounted cards. Or you can connect to your friends, colleagues and people nearby using Facebook so that you can buy, sell and trade cards with the community of your choice.

"Gift card exchanges essentially buy a card from you at a discount and mark it up to sell to other consumers," said CardHub CEO Odysseas Papadimitriou. "What we do is allow you to sell it directly to us, but if you don't like the price we offer, we allow you to list the card for free and negotiate directly with other consumers."

You can list your gift card on the exchange for up to one dollar below the full value, meaning a $100 card can be listed for as much as $99. It's then up to the people in the network to negotiate the final price.

CardHub's exchange currently offers more than 200 gift card options and the company estimates that the site will bring in 30,000 users this month.

Watch the date: With any of these sites, make sure to check issue date on the card you're getting.
While retailers used to be able to decide when a card would expire and could charge inactivity fees, the federal rules require gift cards issued on or after Aug. 22, 2010, to be valid for five years and ban inactivity fees during the first year.

"Double-check when the card was issued to make sure the one you get is current and not from a couple years ago or from last holiday season," said Farnoosh Torabi, a personal finance expert at Credit.com. "Otherwise, the card is subject to the old rules."

Cash in on your card: And for many consumers, it might just be easier to sell an unwanted gift card and get cash back to spend freely.

"While you may not get the full amount back, getting 80% or 90% is still really good," said Torabi. "People usually spend more than what their gift card allows, so you may not be saving money by swapping anyway -- sometimes cash will go further."

If you have a few dollars left on a gift card or are just in the holiday spirit, you can even donate a leftover balance to the charity of your choice using sites like PlasticJungle.

Common Guidances to Sell or Exchange Your Gift card Online

Selling a gift card online is easy. Here’s the common steps you need to pass:
  1. Click the link “Sell” a Gift Card at any page on the site.
  2. Enter details about your gift card - the retailer, gift card number, etc.
  3. They'll inform you how much they’ll pay you for the gift card. Some of the payment options are:
  4. Sign In to particular gift card exchange website - if you are new, it is easy to create an account.
  5. Confirm Your Sale.
  6. Verify your identity [if applicable]. Depending on the gift card you are selling, they may ask you to verify your identity by entering a PIN code that they give you through phone. This ensures them that they are paying you for the card, and not someone else!
  7. Mail them your gift card [if applicable]. Depending on the gift card you are selling, you may need to mail them the physical gift card. If so, you can print their pre-paid shipping label, so shipping is free.
  8. When they receive your card, they will verify the actual card value, and make payment to you based on the verified balance upon receipt.

Things to Remember in Gift card exchange

They make you the best offer they can for your gift card, based on a variety of factors including brand popularity, seasonality, and denomination. They don't pay you 100% of the card's value because they turn around and sell that card to others at a discount. That's what makes this exchange a win-win for everyone!

Payment Timing

The timing of payment in exchange for selling a gift card depends on the payment method you select and the type of gift card you are selling.

PayPal Payment

To receive payment through PayPal, you must have a confirmed email address with PayPal. PayPal will not process the payment if you do not have a confirmed email address.

If your email address has not already been confirmed you can Sign In to your PayPal account and click on the "Confirm email address" link under the Notifications section of the PayPal My Account Overview page. Then follow the instructions on that page.

Generally, it going to takes 4 days to complete the payment process from the day you initially complete your transaction. If you confirm your email address within that timeframe you should receive your payment on their next attempt.

If your PayPal account has a confirmed email address and it is not restricted (very rare) then please email their costumer services department.

Shipping Label

They provide a free postage-paid shipping label so that you can mail them your gift card at no cost to you. Usually you can print a postage-paid shipping label within their site. After you sign in to their websites, you will see a list of gift cards you have sold them. You can click on particular Print button to print a new shipping label for the gift card(s) you have committed to sell. Usually, the shipping label is valid for 9 days from the order date.

If you're mailing high value gift cards (or lots of them), you should purchase insurance and tracking service at your local post office to ensure your gift cards arrive safely. Most gift card exchange website is not responsible for a gift card until they receive it.

Identity Verification

Depending on the type of gift card you are selling and the payment option you select, they may require you to verify your identity before completing the sale. This means they ask you to enter a secret PIN code to ensure that you are selling the card (and getting payment) and not someone else. Once you are verified in their system, you will not need to be verified again unless your online gift card exchange account information changes.

If you must verify your identity, you will be notified when you sell your gift card(s). To verify your identity, they will call the phone number listed on your online gift card exchange’s account and give you a PIN number. You can enter the PIN number directly on the sell confirmation page or you can look up your order in Order Status, click the Verify Phone Number button next to your order, and then enter the PIN. If this verification is required, the sale of your gift card will be processed only after you have verified your identity. If you do not verify your identity within 48 hours, the order will be cancelled. 48 hours period is quiet common in this market.

Problem Resolution

To ensure your protection make sure you use costumer service facility so that they will guide you through any issue you may encounter.

Have you experienced exchange gift card online recently? May be you have better alternative way to exchange gift card online? Don’t hesitate to share us your experience!

No comments:

Post a Comment