How to Make Money Reselling Gift Cards: A Detailed Guide
Reselling gift cards can be a lucrative side hustle or even a full-time business. With the right strategy and knowledge, you can turn unused gift cards into cash. Here’s a comprehensive guide on how to make money reselling gift cards.
Understanding the Market
Before diving into the world of gift card reselling, it’s crucial to understand the market. Gift cards are popular because they offer flexibility and convenience. However, not all gift cards are created equal. Some cards have higher demand and better resale values than others.
Research popular retailers and brands that are likely to have high demand. For instance, gift cards from major department stores, electronics stores, and popular online retailers often have a higher resale value.
Where to Buy Gift Cards
There are several ways to acquire gift cards for reselling:
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Online Marketplaces: Websites like eBay, Facebook Marketplace, and OfferUp allow you to buy and sell gift cards. These platforms offer a wide range of options and are convenient for both buyers and sellers.
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Local Stores: Some local stores may sell discounted gift cards. Check with your local grocery stores, pharmacies, and department stores to see if they offer this service.
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Online Deals: Keep an eye out for online deals and promotions that offer discounted gift cards. Websites like Groupon and RetailMeNot often have great deals on gift cards.
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Friends and Family: Sometimes, friends and family members may have unused gift cards they’re willing to sell at a lower price.
Reselling Gift Cards Online
Once you have a stock of gift cards, it’s time to start reselling them. Here are some popular online platforms to consider:
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Flippa: Flippa is a marketplace for buying and selling online businesses. You can list your gift card reselling business for sale on Flippa and reach a wide audience of potential buyers.
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Facebook Groups: Join Facebook groups dedicated to gift card reselling. These groups can be a great source of buyers and sellers, as well as valuable advice and tips.
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Online Marketplaces: As mentioned earlier, websites like eBay, Facebook Marketplace, and OfferUp are excellent platforms for reselling gift cards.
Setting Your Prices
When setting your prices, consider the following factors:
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Face Value: The face value of the gift card is the amount of money it’s worth. This is the starting point for your pricing.
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Resale Value: The resale value is the amount you can expect to get for the gift card. This is typically lower than the face value, as you need to account for fees and the time it takes to process the sale.
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Market Demand: The demand for certain gift cards can affect their resale value. Popular gift cards may sell for a higher price than less popular ones.
Use online tools and resources to determine the resale value of gift cards. Websites like GiftCardGranny and Cardpool can provide you with valuable information.
Handling Transactions
When reselling gift cards, it’s important to handle transactions securely and efficiently:
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Payment Methods: Accept multiple payment methods to cater to different buyers. PayPal, credit/debit cards, and bank transfers are popular options.
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Secure Transactions: Use secure payment gateways to protect both you and your buyers. Avoid sharing sensitive information, such as your bank account details.
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Shipping: Decide whether you’ll ship the gift cards or have buyers pick them up in person. If shipping, use reliable carriers and track your packages to ensure they arrive safely.
Building a Reputation
Building a reputation as a reliable and trustworthy gift card reseller is essential for long-term success:
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Positive Reviews: Encourage satisfied customers to leave positive reviews on your online profiles and social media pages.
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Customer Service: Provide excellent customer service by responding promptly to inquiries and addressing any issues that arise.
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Networking: Connect with other gift card resellers and
