You are losing money from unused gift cards. Here’s how…
America alone is holding back $21 billion worth of gift cards and is in no hurry to fix this. Scourging through our drawers and wallets, we might find a few of high value as well.
Did you know? Each of these cards could be worth around $175.
That unused money on the table, simply wasting away, is a bit of a concern for most money experts.
Surveys also conclude, most of these unused gift cards are held by young adults and millennials. So, the ones with the lowest income are losing money just from unused gift cards.
In this article, we are going to discuss how to make use of gift cards for cash, and get a grip on the money we are losing.
The Gift Card Mechanism
Different consumers have different ways of using their gift cards and vouchers; we sometimes term this consumer persona. While some possess and forget about the gift cards they have, others plan it ahead.
When someone is holding back a gift card, it’s probably because they haven’t found the right item to spend on, or looking forward to a bigger purchase. On the other hand, people who use up gift cards almost instantaneously, consider it a quicker form of payment.
Why such a difference in consumer persona, has not yet been solved.
How to use your Gift Cards more?
Yes, to opt for sell gift cards instant payment, or even trading them, are great options. And you are smartly exchanging your gift cards for cash, the end of which is always beneficial.
But what if you could actually use the gift cards?
We are about to give you some tips to break the habit of stockpiling vouchers and cards and never using them.
Your gifts cards are cash, treat them so
Had it been a $10 note, we would have immediately found a way to spend it. We tend to forget about gift cards because we do not count them as cash.
One easy way to turn this around is to carry the card like you carry your cash. You will coincidentally come across situations where you can use the card for cash.
Unless it is a brand-specific gift card, you can even combine the card funds, if it is a physical retail store. For online shopping, however, the payment is confined to one gift card at a time.
To sell gift cards for instant payment
There is nothing wrong with opting for an option where you can make some money. Once you have officially decided to let go of that gift card bundle, selling them sounds fun too.
Several official websites have the option to sell gift cards instant payment. These guarantee about 80-90% cashback.
Why an official website you may ask? There are some potential risks to trying and selling gift cards anywhere or to anyone. So, before you exchange a card for cash, ensure the site is not spammy.