Gee, thanks for the gift card. I mean, a gift card is a nice gift to receive but it may not always be the right one. There are many reasons why someone may wish to sell gift cards in Canada.
It might not align with your goals, you might not be a fan of the store, or you may prefer cash. Whatever the reason, it is possible and easy to sell or exchange gift cards online.
You only have to find a reliable platform and buyers willing to purchase your gift card. Sounds easy enough. We’ll have a look at six such sites in this article and highlight how much you can make by selling gift cards online.
Selling giftcards: make sure to avoid fraudsters
The biggest scam occurs when you sell stolen cards. Those cards weren’t bought, were not activated and will not work. This may happen if you’re selling a new card and bought it from a third-party that sells stolen cards.
Also, there are risks when using sites or apps that do not offer any guarantee. One risk is asking to meet in person. That should be a hard no.
Buyers can ask sellers to meet in person and the result can be criminal. Scammers run away with not just the card but also other valuable belongings. So you lost the card, your sense of security, and probably something else valuable.
The best way to avoid such scams is to use reliable platforms that guarantee payments. Alternatively, avoid meeting people you do not know or choose a public place and don’t carry valuable items when you meet someone you don’t know. For digital cards, you can accept payment but don’t provide any details till you’ve verified it; buyers can show fake proof of payment, so be careful.
How much money can I make by selling gift cards?
It can be hard to answer this question. Selling gift cards is not always profitable. Not everyone sells gift cards to make money; some only want to convert it to cash and use the money to buy what they need.
Some people sell cards at face value but most will sell unwanted cards at a discounted rate. The demand for gift cards is huge and the market is expected to hit the $2,076.51 billion mark by 2027. In most cases, you will be able to recover about 90 percent of the card’s true value. This goes down to 60 percent for unpopular brands.
The 6 best websites to sell gift cards
So which sites are reliable for Canadians? We’ve come up with a list of six sites that can help you unload your gift card. You’ll find the right one for you!
CardSwap is one of Canada’s most popular card marketplaces that makes it possible to sell and buy gift cards. The selling process is quite straightforward. Sign up for an account, provide the required information, send your cards, and receive payment.
The platform is used by thousands of people and you will have no difficulty selling gift cards. However, CardSwap doesn’t buy cards at face value and you will only receive between 60 and 90 percent of the card’s face value. It is the cost of doing business.
When you fill the online form, the company will send an offer immediately. If all looks good, you will be asked to ship your card to the company for them to verify. Once received and validated, the company will issue and mail you a check within two days.
- Accepts almost all Canadian and some international brands
- Even accepts used cards with a balance
- Reliable and comes with a payment guarantee
- Makes it easy to sell since you will not have to find buyers
- You will have to manage shipping
- Your card must have a minimum balance of $25
It’s one of the best options for people who don’t want to go through the trouble of finding a buyer as you will be directly selling to CardSwap. Your job will be done once you mail the card. On the downside, it doesn’t presently accept digital cards.
You will find a bunch of Canadian and international stores on the site including Apple, Costco, Bed Bath & Beyond, and Ikea. Just like our first pick, GiftCash offers reduced rates between 75 percent and 93 percent based on the retailer. You can head to the site and enter the required details to get an immediate offer.
The minimum value for most cards is $25. In some cases it can go up to $100, i.e.: Petco, Apple, and Air Canada. The maximum value is $2,000 for all brands.
Unlike some other buyers, GiftCash accepts both physical and digital cards. You will, however, have to verify your identity in order to sell. The process involves uploading a valid ID and proof of address. The payout for digital cards is quick and you will receive your payment in around 2 hours; for physical cards, however, the payout can be slow.
The company suggests sellers to buy a swipe machine to reduce the time from 15 days to 4 days. A card machine isn’t mandatory and you can still sell cards without a swipe machine but the process will be slower. The machine can be bought off Amazon and works by sending card data to GiftCash servers that makes verification easier and quicker, thus speeding up the process.
Otherwise, you may have to ship the card for verification.
- You can get paid in digital currencies
- Special rates for bulk sellers
- The site accepts partially used cards
- Doesn’t accept some popular international names like PlayStation
- Physical cards can be a little difficult to sell
GiftCash will not help you make a profit but it can be a great platform to sell digital cards since it offers fast processing times. The company has an excellent Trustpilot score of 4.4 and some exciting reviews. You will, however, find a few complaints on BBB. The good thing is that GiftCash is quick to solve problems and is known for offering excellent customer support.
With eBay, you will have full control over the price tag. It can be a great pick for people who want to sell at a high price. All that you need is a card that works and an account on eBay.
The platform is free to join. Plus, there are no listing charges for up to 50 items per month. Posting takes only a few minutes and you’re free to choose the selling price, which can be under or above the face value.
eBay requires sellers to take quality photos and write short and neat descriptions. In addition, you can ever choose to accept offers from buyers and sell your card to the highest bidder. It can take a week or two to receive payments.
The platform supports PayPal. However, remember that buyers will always have the option to request a refund if they’re not satisfied with the product or service. That is standard for the platform.
- You might be able to recover a huge chunk of the cost
- eBay is a reliable platform
- Offers discounted shipping rates up to 25 percent
- Selling used cards can be a little tricky
- Writing descriptions takes time
eBay is used by more than 9 million Canadians each month. However, competition on the platform is tough. You will have to write top titles and descriptions to attract customers.
Kijiji is an online classified advertising website that targets Canadians. The platform is simple: post an ad and wait for inquiries. You will find all kinds of brands here and not just Canadian retailers.
Prices range between 80 percent and 120 percent of face value. It can, however, be hard to sell cards at a higher price unless it is a rare card or in demand. Still, anything is possible.
Unlike some other platforms discussed here, on Kijiji you will have to wait for buyers to contact you. This means having to provide contact details such as your phone number and responding to text messages. Almost all buyers will negotiate and some may make ridiculous offers.
There is some work to do to unload your card. Get ready to wait to find buyers, especially if you are selling at an inflated price. If you are in a hurry then you can choose to promote your ad for a fee.
- No limits on what you can sell and for how much
- Only takes a few minutes to post ads
- Ads are free to post
- You can sell both digital and physical cards
- It can take a while to find buyers
- You may have to deal with a lot of bad buyers
Choose this option if you are a good negotiator since most clients will get in touch to reduce the price. If you have good skills, you might be able to make quick sales. However, remember that Kijiji doesn’t offer escrow protection or guarantee and only acts as a bridge between buyers and sellers.
Craigslist works quite like Kijiji. It is another classified advertisements website that allows users to sell both physical and digital cards. The process is simple: post an ad, wait for a buyer to contact you, negotiate a price, and close the deal.
Just like Kijiji, you are on your own when using Craigslist as its only job is to bridge the gap between buyers and sellers. But, with this platform, you will be able to sell everything including prepaid credit cards. Check these prepaid credit cards to identify brands that are easier to sell.
- The mobile app is easy to use
- It can take a while to find a buyer
- The platform is free to use
- You can set your desired price
- Scams are common
- Most buyers may ask to meet in person, especially if you’re selling physical cards
Craigslist can be a great platform if you want to reach a wider audience and have hundreds of cards to sell. It allows users to make a profit but remember that it cannot help if you get scammed. It is buyer and seller beware.
#6 Facebook Marketplace
Facebook, ever heard of it? The social media platform allows users to sell gift cards online through the Marketplace where you can post ads and contact potential buyers. It can help you find local buyers.
It is not hard to use. Consider it an advertisement platform where your main job is to post attractive ads. Since the platform is used by millions, you will have no issue finding a buyer.
However, you must have a Facebook account to sell on Marketplace. That means that your public details will be visible for others to see. The process is simple: post an ad, negotiate with buyers, and sell.
- You are free to set a price
- It only takes a few minutes to post an ad
- The algorithm is known to support interesting ads
- Expect a lot of scams
- Buyers still don’t take Facebook Marketplace very seriously
The best thing about Facebook Marketplace? Your friends might come across your ad, making it easier to sell gift cards. Every like might lead you to a sale.