Gift cards are an easy present to give family and friends.
Gift cards are an easy present to give family and friends.

Make cash from unwanted gift cards

Prepaid gift cards and vouchers are one of the easiest presents to give but it turns out many recipients don't want them.

All is not lost though, there's a booming market second-hand gift card market where the unwanted cards can be sold for cash.

Data from comparison website finder.com.au revealed a quarter of gift cards received are never fully redeemed because Aussies are limited to where and when they can spend it.

And 59 per cent of people are happy to be given a gift card, while 18 per cent are on the fence, saying it depends on which store the voucher is for.

Finder.com.au spokeswoman Kate Browne said gift cards aren't for everyone.

"If you buy a loved one a gift card, there is a good chance they don't want it," she said.

But the good news is if you receive an unwanted gift card it's easy to sell it online for up to 95 per cent of its face value.

Or in some instances you can buy a mint condition gift card for up to 30 per cent less than it is worth.

Gift cards are a popular present choice for many people but it seems while some of us love them others don’t want them.
Gift cards are a popular present choice for many people but it seems while some of us love them others don’t want them.

Most Australian cards can be bought online at giftvouchers.com and cards for more than one retail brand are available from universalgiftcard.com.au.

eBay spokeswoman Sophie Onikul said the most popular gift cards on their site included iTunes and Netflix.

"Unwanted gift cards sit at the back of wallets until they expire, but there's a growing number of savvy Australians who are selling their unwanted gift cards online," she said.

Some buyers are saving 20 or 30 per cent, picking up an unused $100 iTunes gift card for just $80.

Among the best deals around are unwanted retail store gift cards.

These often sell for a big discount, which means you might be able to buy a $100 Target gift card for about $60.

Ms Onikul advises to always check the expiry date of the gift card to ensure you have enough time to buy your item.

"As a buyer, you might be able to negotiate a stronger discount from the seller if the end date is looming," she said.

"If you're the seller, it's recommended you offer a slight discount from the original value to help the item sell."

TIPS FOR BUYING

● Inspect the card's authenticity and expiry date.

● Check for any additional fees such as activation and postage costs.

● Whether it is a plastic card or an e-card understand the terms of use.

TIPS FOR SELLING

● Do your research to work out a price discount.

● Include details about the card balance and expiry.

● Provide clear photographs of the gift card or voucher.

● Be responsive to any queries.


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