The online sale of the gift-card resale is thriving business today, and for anyone who has a gift card that is unused or partially used, this could easily bring them some financial benefits. It is estimated that an average family would have $300 in unspent money on these unused gift cards. It is only a minor problem if these cards were from a single store or a chain. As per the laws in California, these gift cards do not have an expiry date and cannot lose value over a period of time. This is more like having un-cashed checks in your drawer.
The bank’s gift cards can spell more trouble in spite of the fact that, it could be used at numerous businesses. These cards normally carry the MasterCard, Visa or the American Express imprints, but will lose value over time; they could expire, and are subject to fees also. The situation has improved a bit now under the new set of regulations, and the gift cards that have been issued by banks after 22nd August, 2010 will have validity for 5 years, and the fee charged is also restricted.
Under the Californian law, these gift cards cannot be redeemed for cash, and retailers can only do so when there is $10 or less on the card.
However, the good news is that the gift-card resale market is doing brisk business, but most people are not aware of the fact that they can trade their gift card for cash. There are at least a dozen websites where you can exchange gift cards. However, one must understand that it is not possible to get $50 on a $50 gift card. The value that these websites offer would be less than the face value of the card.
To sell a card, first determine the value of the card. If you have many old cards that have been around for a while you might not know the actual value of those cards as they could have been partly used. To find out the actual value, just turn to the back of the card, and call the toll-free number, or you could type the card’s number as well as the security code at the card issuer’s website and get the details on the card. If the value of the card is less than $25 you cannot sell it.