This Christmas, maybe you didn’t get a sweater from grandma that you’ll never wear, but instead you received a gift card for a store that you rarely visit. On Monday, recipients can trade in their unwanted gift cards for cash on the innagural Gift Card Exchange Day.
During this one-day event, resellers will be paying the highest premiums of the year for gift cards, because they are eager to restock their inventory after the holidays, said Kendal Perez, a representative of Gift Card Granny, which created Gift Card Exchange Day.
“The purpose of the event is to bring awareness to the fact that people can exchange unwanted gift cards for cash,” Perez said.
It seems that Gift Card Exchange Day will come in handy, because eight in 10 shoppers plan to give gift cards this holiday season, according to the National Retail Federation.
Total spending on gift cards nationwide will reach $27.8 billion.
On Monday, gift card holders can visit giftcardexchangeday.com to enter the merchant name and amount for their gift cards.
They will receive instant bids from several resellers that want to purchase the cards, Perez said.
Gift Card Granny works only with reputable resellers, and Gift Card Exchange Day founders are working with the same resellers, she said.
“The companies that we work with have a moneyback guarantee. There’s a consumer protection built into that. We want people to have a good experience,” Perez said.
Gift card holders will receive a check in the mail from the reseller. People can sell any card, but they will receive different rates for different cards, she said.
“Cards for Target and Walmart, the bigger-box retailers, you get a higher exchange, as opposed to smaller, local retailers that maybe don’t have the national locations as the larger retailers,” Perez said.
At Walmart or Target, for instance, gift card recipients could get up to 90 to 92 percent of the card’s value, she said.
“If you’re not going to spend the gift card, what you do get is probably more of value to you than the gift card itself,” Perez said.
In Sunday’s issue of The Augusta Chronicle, J.C. Penney has a coupon to save $10 off any purchase totaling $25 and up.
It is valid Monday and Tuesday only.