Do you know that over $3 billion of gift cards are unused annually? If you have a gift card you’ve not used for at least three months, you’re one of those contributing to these statistics. Your gift cards are at certain risks when you hoard them.
I could recall receiving a gift card from my uncle a few years back. I ought to redeem the card at a store for products. But at that time, I didn’t have the sense of urgency to use the card. So I kept the card in my wallet. Unfortunately, I was unable to redeem the gift card at the time I wanted to use it as it has already expired, That’s sad! I believe many people have been in this shoe before.
Whether you received them as a gift from someone or you bought them yourself, you may need to know why you should not hoard your gift cards.
Why You Should Not Hoard Your Gift Cards
1. Expiration
I know you’ve heard that gift cards don’t expire several times. Some gift cards expire after a set period or on a specific date. Examples of expired gift cards include gift cards from specific retailers like Nike, Best Buy, or Macy’s. I can’t afford to waste my hard-earned money just like that.
That’s why I always ensure I use my gift card as soon as possible after I buy it or receive it as a gift from someone. If I realize I don’t need it for some time, I simply sell it for cash. But whether your gift card expires or not, you should use or sell it for money quickly.
2. Bankruptcy risks
In the face of inflation and economic meltdown, many companies are folding up, and gift card companies are not left behind. There’s always a risk that the gift card company can go bankrupt. Forever 21, Joann, and TGI Fridays filed for bankruptcy last year. So you want to make sure you use your gift card when you still have the chance to because you won’t be able to redeem or sell your gift card anymore once the company goes out of business.
3. Security or loss concerns
Your gift card can be stolen or lost if you keep it too long. For instance, if you’re moving to another apartment, you can lose your physical gift cards while packing and unpacking. For digital gift cards, if your phone is stolen, lost, or hacked, your gift card details could be compromised in the process.
4. Depreciation
There is also the risk of depreciation if you keep your gift cards too long. The value of currencies is unstable, which can affect your gift cards. For example, buying a $50 Apple gift card in December 2024 could trade for just $30 or $35 in six months due to inflation, price fluctuations, and other factors.
Selling Your Unused Gift Cards
Instead of hoarding your gift cards, selling them for cash is better. There are many gift card exchanges where you can easily sell your gift cards for cash. With many gift card marketplaces available today, it can be easy to get confused about which platform to choose.
Let me introduce Prestmit to you. Prestmit is a digital trading platform where you can buy and sell gift cards without stress. You can also sell crypto on the platform and buy and sell airtime and data. Prestmit stands out for many reasons above other platforms, and you should choose it to sell your gift cards.
Why You Should Sell Your Gift Cards On Prestmit
1. Instant payments
Prestmit offers instant payments for all gift card transactions. If you need urgent cash and want to sell your gift cards for cash, Prestmit will pay you immediately when your transaction is confirmed, so you don’t have to wait for hours or days to get your payment.
2. Wide range of gift cards
You can sell a wide range of gift cards on Prestmit. Whether it’s Amazon gift card, Nike gift card, Apple gift card, Sephora gift card or others, you can easily sell most gift cards for cash on Prestmit.
3. Security
Prestmit has a top-notch security system that protects your funds and data. These include 2FA authentication and a centralized security architecture that protects your account from unauthorized access.
4. Multiple payment methods
Prestmit offers multiple payment methods, so you can easily receive your cash with any method of your choice. You can receive your money in Naira, Cedis, Bitcoin, Litecoin, Dogecoin, and USDT.
5. Competitive rates
Prestmit offers one of the best gift card rates. You don’t have to worry about getting ripped off your money due to unfriendly rates. Rest assured, you’ll always get the best deals when you trade your gift cards with Prestmit.
How To Sell Your Gift Cards on Prestmit
Selling your gift cards on Prestmit is as simple as ABC. All you need to do is to follow the steps below:
- Download the Prestmit app from Google Play Store for Android or Apple Store for iOS devices
- Register and verify your account using the mail sent to your email address
- Open the app and complete your KYC details
- Click on “Gift Cards” on the home page and click on “Sell Gift Cards” from the subsequent menu
- Choose your payment method, enter your gift card details on the next page, and click “Proceed.”
- Confirm your transaction details and click on “Submit Trade.”
- Your payment will be processed instantly once your transaction is confirmed.
Frequently Asked Questions (FAQs) About Reasons You Should Not Hoard Your Gift Cards
What’s the best time to sell my gift cards?
There is no best time to sell your gift cards as their value is not fixed. So selling the card now might be the best idea.
Which gift cards hold their value better?
Due to high demand, gift cards from well-known brands like Amazon, Walmart, iTunes, Apple, Google Play, and Steam tend to retain their value.
How can I check my gift card’s current market value?
Prestmit offers a real-time rate calculator that lets you get the most up-to-date value for your gift card. You can also check the retailer’s website or call customer service to verify your card’s balance.
What should I look for when selling my gift cards?
Look for a platform like Prestmit that offers secure transactions, competitive rates, and instant payouts.
Can I get instant payment when I sell my gift cards?
Yes, the Platform offers instant payment options for gift cards, allowing you to receive cash or crypto quickly.
Conclusion
How many gift cards do you currently have? Don’t let your gift cards expire or lose value due to hoarding. Are you ready to sell your unused gift cards for cash? You can check current gift card rates on Prestmit and start trading.
