Someone tells you they are selling gift cards at a discount price… But are they really offering any discount? If you haven’t been long in buying and selling gift cards side-hustle – if you don’t know much about gift cards flipping – you wouldn’t have a fair knowledge about it.
Recommended Read: Flipping Gift Cards: A Simple (And Kickass) Guide
Of course, when you’re buying gift cards from a third-party platform or person, you wouldn’t pay the exact face value of the card. But then is the selling price right and appealing enough for the purchase? This is the most important question to consider when you’re planning for the #FlipLife, where even a few cents can make a big difference in your profit margin.
In reality, there’s no way to know if those discounted gift cards online are really discounted enough – and if the price is apt for you to purchase. There are no hard rules or formulas for that. But there are a few things that you can certainly do to figure out if that discount is worthwhile and you’re good to buy those gift cards.
1. Fix Your Calculations
If you buy gift cards at $A and sell them at $B, how much profit you’re making? Does that match your expectations? Does that return meet the outlined profit margin that you have set out to maintain?
Similarly, the gift cards you’re planning to buy, how much can you sell them at? What kind of money people and online platforms are ready to pay you for that?
To make buying and selling gift cards a consistent source of income, you need to be calculative and smart about the whole process. Yes, it’s simple – but it’s far from easy. You have to be thoughtful about several factors, including the math, so as to maximize your returns. So, do such calculations.
2. Search Online For Other Platforms
Don’t just look at one platform or individual.
More people are now into buying and selling gift cards. Plus, you now have more online marketplaces where you can easily buy and sell gift cards at a good price.
So, look beyond just one platform to find discounted gift cards online in different directions. With some research work, you will surely discover many appealing deals.
3. Haggle Down the Price
This is especially if you’re buying gift cards from any individual. Talk to them and haggle down the price.
Indeed, bargaining prices down is a skill in itself that you might not be good at. In that case, consider this as an opportunity to learn that skill.
Never settle for the first asked price. Per your needs and requirements, try to bring down the price further. This would be easier if you have decent knowledge about the market and are well-aware of the standard price of the gift cards you’re dealing with here.
4. Don’t Expect Unrealistic Discounts
Let’s be honest: You’re not going to get huge discounts here.
Selling gift cards won’t make you rich.
So, don’t even expect huge discounts when buying gift cards; don’t expect you’re going to get them at cheap, sell at face value, and cut a huge profit.
That’s unrealistic; it’s not how it works.
5. Buy More, Sell More
If you’re a beginner, you’re going to take some time to turn this into a reliable source of income.
It requires experience and some hard work. Right in your first buy-sell, you’re not going to crack a big profit.
So, don’t expect to buy gift cards at the cheapest price. As long as you’re gaining even a small profit in buying and selling gift cards, it’s okay in the early days. You’re gaining experience. You’re gaining market knowledge.
Down the line, with adequate knowledge, you will have a fair idea if those discounted gift cards online are really ‘discounted’ and can yield you good returns or not.
Make it Happen Now
Do some research and buy gift cards. Don’t worry too much about getting “huge discounts” in the early days. Just before buying the gift cards, be sure how much they would sell at. Be certain of the profit, no matter if it’s low.
Besides, buying and selling more gift cards will automatically boost your aggregate profit even if the margin on each gift card is low.