Today, Corey Advisors are here to share how you can cash in on your unused gift cards.
When you get gift cards as a present over the holidays, you may not get the card you wanted. You might get a card that you only use once, and you might not use all of the money on the card. Unused gift cards represent a financial loss in most households, and you need to know how to cash in on these unused cards. Use the tips below when you have a card that you have not used, find one in a drawer, or do not know how to use the last few dollars on the card.
Use them now
Corey Advisors encourages everyone to use their gift cards before they expire. Some gift cards expire a year after they are issued, and others have the expiration date printed on the face of the card. You need to go through your wallet or nightstand drawer to find all the cards you have not used yet. Check for the expiration date. You cannot save these cards for a special occasion because you will lose the money.
Also, you may need to contact the card issuer to find out when the card expires. Some cards have an expiration date that is not printed on the card, or the expiration date may be contingent on the purchase date of the card. The issuer can tell you when the card was bought, and you can write down the expiration date for future reference.
Replace lost or stolen gift cards
When you get a gift card, you should ask for the gift receipt or original receipt. This is important because many unused gift cards are lost or stolen. When you cannot replace the card, you lose that money. You can contact the card company to get a new card, and they might even offer you a refund if they cannot replace that card.
If you do not get your money back, someone might find the card and use it. This is why you must contact the card issuer right away. Additionally, Corey Advisors encourages shoppers to keep the receipt with the card. You can write the balance on the receipt every time you use the card. This might be important if you lose the card after it has been used.
Split up your payments
Once you have started using your gift cards, you might use all but a few dollars on the card. Some people only have a few cents left on a card, and they assume that they cannot use that money. You should keep the card in your wallet. If you have kept the receipt with the card, you know how many cents are left. Because you have this information, you can ask merchants to split your payments.
Tell the cashier you want to do a “split tender” transaction. The cashier will ask you how much is on your card, and you can reference your receipt. You can use all the money on the card, and you can ask the cashier to throw away the card for you. You might not think that those few cents are a big deal, but those few cents will help you complete a small purchase.
Imagine you have gone to a gas station for a drink. You have a dollar in your wallet, but the tax will take the purchase over one dollar. If you have seven cents left on your gift card, you can use that money to pay the tax on the purchase. You can get rid of the card, and you used every dollar to make your life better.
Trade your gift cards online
You should resell your cards whenever possible. If you get a gift card that you do not like, you need to find a way to get some value out of the card. If you join a gift card exchange, you can trade cards with people. For example, if you have a Starbucks gift card, you might not even like coffee. You can trade your $25 Starbucks gift card with someone who has a $25 Home Depot gift card that you need.
Trading your gift cards online is a simple process. You post the card online, take offers from the people on the exchange. Someone who truly wants your gift card might offer you more gift cards in exchange. You can accept the best offer, get value out of the card, and spend your new cards easily.
Sell your cards online
When you resell your cards, you will get somewhere between 70% and 90% of the value of the card. Find a gift card exchange that allows you to sell your gift cards for a value that you think is fair. You could auction your gift card to anyone, and you will get paid through the website that you choose. Make certain that you find a gift card exchange that allows you some form of payment protection. Plus, you can use that money to buy a gift card you really want.
When you get a gift card for the holidays or your birthday, you might not want to spend it. Some gift cards are easy to sell because they are unique, or you could trade them. If you find some gift cards in your home, you need to check their balance. Also, you can split tenders so that you can use the last few cents on your gift card. It is simpler for you to manage a gift card when you realise that it can be turned into cash.
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