What to do with lame gift cards
Chances are good you will receive a gift card you do not want this year. With retailers going under left and right, it is wise to use it within a few weeks unless you believe the retailer will remain solvent.
Here are a few ideas of what to do with unwanted gift cards.
- Use it to buy a gift for someone else. Got a friend with a birthday in January? Know what someone will want in July?
- Re-gift it. Are you exchanging gifts with friends after the holiday?
- Re-consider using it for yourself. Perhaps there are staple items you need in 6-12 months like sheets, tools, or basic clothing items.
- If you cannot find any other use for it, sell it online. I recommend selling as a last resort because Web sites that facilitate the buying and selling of gift cards take a cut.
- PlasticJungle.com takes 25-35% of the value for a cash exchange. You get a few dollars more if you take it as an Amazon.com gift card, which has some limitations.
- GiftCardBuyBack.com takes 17-34% of the value. Most exchange rates are about 30%.
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About The Bargain Hunter
Daily News staff writer Julia Scott loves to find bargains on everything from groceries to Gucci. Her tips will help keep your hard earned cash where it belongs - in your pocket.
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Donate that unused or unwanted gift card to a charity of your choice. Most, if not all have experienced a dramatic drop-off in monetary donations, both individual and from the private sector.
I know many local jewish charities have as of recent been set back further financially with the Maloff scandal, some losing over half of their investments.
Unfortunatley, unless you have a receipt for the purchase of the gift card, the gift card itself would not be tax deductible under more stringent IRS rules. Of course check with your tax professional for guidance.
SO_CAL_RETAIL_SLUT
Good tip! A lot of charities are hurting now and can use your unwanted gift cards. ~Julia
Julia,
I had the greatest idea this year. I took my unused gift cards to work about a week ago and had a "Blowout Sale." A lot of people hadn't done their shopping yet and bought my gift cards at a discount. They were happy and I was happy! For example, I sold a Nordstrom's $100. gift card for $80. Macy's $25. cards sold for $20, etc. I made over $200!
Too Embarassed To Admit My Name!
That *is* a good idea. Very savvy! ~Julia