A record $27.8 billion in gift cards were sold this past holiday season, according to the National Retail Federation, and given TowerResearch’s estimate that $41 billion in gift cards have gone unredeemed since 2005, consumers will undoubtedly be looking for alternative ways to put unused gift cards to use this year.
In order to help people get the most out of their money, Card Hub – the only marketplace that allows you to sell ANY gift card, regardless of denomination or store affiliation – today released its list of 5 ways to use unwanted gift cards, which is accompanied below by insights from Card Hub’s founder and CEO Odysseas Papadimitriou:
1. Sell them for cash: An online gift card exchange enables consumers to sell gift cards for cash and fetch up to 95 cents on the dollar in return. Considering that the National Retail Federation (NRF) expects the average consumer to spend $116.21 on Valentine’s Day-related purchases, some extra cash will sure come in handy in the coming weeks.
Odysseas Papadimitriou (OP): “While many people simply don’t know that you can sell unwanted gift cards online for cash, others are discouraged from doing so for one or more of the four following reasons: 1) their card is not affiliated with a major national retailer and therefore will not be accepted by an online gift card exchange; 2) they’ve used some of the card’s funds and an unusual denomination remains; 3) they have store credit instead of an actual gift card; 4) they don’t want to give up any value to middle men. There’s no reason to worry about these things if you use Card Hub’s gift card exchange, as it is the only one that allows you to sell any gift card you wish for any price without charging any fees.”
2. Re-gift: People give gift cards not only during the holiday season, but for birthdays, anniversaries, and other special occasions throughout the year as well, which means you will have ample opportunity to give an unwanted gift card to someone else who may like it more than you.
OP: “You know the tastes of friends and family members. If you think an unwanted gift card has someone else’s name written all over it, why not hang onto it, re-gift, and save the time, money and energy you would have expended looking for another present. Most stores allow you to trade in old gift cards for new ones, so there is no need to worry about giving a card that bears outdated branding.”
3. Pay down debt: During tough economic times, help making ends meet may be in higher demand than new clothes, music or whatever else one may purchase directly with a gift card. Selling an unwanted gift card in order to help pay the bills is therefore a good example of using holiday presents for the things that really matter.
OP: “According to Card Hub’s latest study, U.S. consumers were projected to end 2011 with roughly $64 billion more credit card debt than they began it with. Every little bit counts when it comes to paying down what we owe, which means that the $41 billion that U.S. households have in unused gift cards would sure come in handy.”
4. Swap them: Card Hub offers the only gift card exchange that incorporates Facebook, thereby allowing consumers to simply swap gift cards with friends, neighbors or colleagues if they so choose.
OP: “Finding a willing partner for a gift card trade is a great way to turn an unwanted gift into something that you desire without sacrificing value. Simply use your social network to find someone who likes the gift card you have and has a comparable gift card from one of your favorite stores.”
5. Donate to charity: Charity organizations usually accept donations in a variety of forms, which may include gift cards. Even if a particular charity will not accept a physical gift card, you can always redeem it and donate the resulting goods.
OP: “If you’re looking to unload an unused gift card, your holiday season has yet to conclude, so why not stay in the holiday spirit and give to a good cause? Besides the obvious benefit of helping others, this donation will be tax deductible!”
(Obvious) Bonus Tip: If the above options don’t work for you, simply using your gift card is always a possibility, especially since you’ll be hard pressed to find a store from which you want or need nothing. You see, almost all stores carry the essentials for their genre. For example, all clothing stores will have socks, all electronics stores will have headphones, and all hardware stores will have light bulbs.
OP: “Using a gift card just to use it is certainly a sub-optimal strategy and a waste of money in most cases, but if you haven’t been able to get rid of an unwanted card for quite some time, then it might be the best remaining course of action. Having something is better than having nothing, after all.”
