Convert Gift Card To Cash: Here’s How
Did you know you can convert your gift card to cash? Yes, those gift cards you forget to use time and again! Those very same gift cards that keep accumulating every time you carry out a transaction. When you know about the best place to sell Google Play gift cards, they will finally be of some use to you! So, here’s an explainer for you.
What are gift cards and how are they used?
A gift card is a substitute for cash. It is a legal tender or an accepted mode of payment which you can use to buy goods and services. People either buy gift cards or get them when they make a transaction. They redeem it when they want to buy a particular product or avail of a service or discount offer. You can also exchange eBay gift card for cash.
Need for a change in approach towards gift cards
Payment services and businesses have a reward system for their consumers. The former extends this service to their users when they pay their bills, dine out, or go shopping. The latter on the other hand tie up with banks and payment services to target their customers. They offer online gift cards to attract consumers. This is a symbiotic arrangement as the payment services get to keep a certain commission with every transaction while businesses get to attract new customers. These gift cards are a convenient way for them to showcase their products and get customers to buy them with attractive discount offers. It gives them the promotion they need, at affordable rates.
But these gift cards aren’t always useful to their targeted users. Here’s why:
- Bulk disposal: They are often sent in bulk to every John and Jane out there, without much regard to their utility. The need for marketing often overshadows the concern for value.
- Sent to the wrong demographic: Sometimes the gift cards are tragically comic. Like sending a gift card for a hair-grooming product basket to a bald person! Or sending a woman a gift card to buy beard oil!
- The hurdle of T&C: Add to that numerous terms and conditions attached when you are about to use the gift cards. To unlock these gift cards, you are often asked to make a minimum purchase. The ‘minimum’ purchase amount is usually steep!
- Limited-period offer: Even if you do manage to get a useful gift card once in a blue moon, there’s the problem of expiry. You are not always able to cash in on the gift card on time and it goes to waste.
Gift cards thus lose their inherent value due to these reasons. The lost value of gift cards can be quantified. As per market research, it is up to 6%. Now, this may seem like a small percentage but it’s huge when you realise its value in dollar terms. It was estimated to be $45 billion between 2005 and 2015. Imagine the value of unused gift cards today!
That’s why it warrants a shift in how we perceive gift cards. There has to be a better way to use these cards. One which provides value to customers and allows businesses to make profits. Like if you could exchange eBay gift card for cash!
How to convert a gift card to cash?
There’s indeed a way. Getting cash in return for gift cards! Yes, it’s possible. There are plenty of apps and third-party websites that offer this service. They pay you cash when you sell your gift card to them. Some of them pay you only when your gift card is bought by others or pay you even if it goes unsold. They usually charge a commission fee during the transaction. That’s how they make money. You can make real money on these platforms if you have a gift card.
If you have a gift card that you would never use in a million years, you can simply sell it to a gift-encashing app! If you think a little ahead, you can also save a lot of money on holidays and important events. By selling your accumulated gift cards, you can plan ahead for these dates and never be short of money. You can use the money to protect yourself from potential cash-crunch situations.
Key Takeaway
If you look for the best place to sell Google Play gift cards, you’ll come across some really interesting apps. These apps give you money if you sell gift cards to them. So, if you have a bunch of gift cards you bought earlier that are about to expire, go ahead and sell them away! If you have a bunch of gift cards you got from online transactions that seem pointless to you, exchange them for cash on these platforms. It could be bought by somebody else in need and you would get some money during the process. It’s better than letting them expire.