GREENSBORO, NC -- Maybe you're guilty of this - Americans have let more than $44 billion in gift cards go unused since 2008. Part of the reason - you got a card for a place you don't go to often. There are several gift card swap businesses. Most are online and that kind of makes people nervous - you don't know who you're dealing with.
This year Target is getting in on the gift card exchange program. You physically go to the store and walk out with the new gift card in hand.
We checked out how Target's program compares to other services and the first thing we learned is - how convenient it is for you to trade in a gift card will cost you!
Let's start with Target's. It's very convenient – it happens in the store on the spot. When you get to the store, head for the mobile phone counter in Electronics. Look for the person in the black shirt. They'll tell you the resale value of the card.
So for example – if you take in a $100 Walmart gift card, you will get an $85 Target gift card. Get that - the card's only good for Target. But you can trade in gift cards from hundreds of different stores!
With the gift card exchange sites you get back cash. How does that compare to Target's offer?
If you go with Cardcash's convenient, online submission - you get $85 but you have to wait for a check. If you mail in your card to the site, you get $5.50 more. And you have the option the option of getting your money by direct deposit or PayPal as well as by check.
On Cardpool – you get $.50 more if you enter the codes online but the same amount as Cardcash if you mail in the cards. Either way, you have to wait for a check.
So why do you get less if you submit your card online? After all they don't have to handle your card when it comes in - so less work for them, right? Actually Cardcash says they give less for online submission to cover the costs of fraud detection. They say technology is making it easy to catch cheaters so they'll soon offer the same value for both. Cardpool says fraud detection is also part of their price difference. But they also say supply and demand determines the amount you get back.
Here's more information on trading in gift cards from Consumer Reports.
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