Mobile applications and websites for converting unwanted prepaid gift cards into cash
Consumers often purchase or receive prepaid and gift cards worth billions of dollars annually. Gift cards are usually convenient to give, but recipients may not feel convenient using them with associated limitations and fees. Due to this, many prepaid and gift cards go unspent. For instance, if consumers receive gift cards for a store they do not often visit, they will not use them. Prepaid cards generally offer more choices as they are not tied to a particular retailer, but there are challenges associated with them too. Prepaid cards have certain limitations on when and how they can be spent that become barriers to using them conveniently.
A few mobile applications and various websites help convert these unspent prepaid and gift cards into cash. For instance,
- Prepaid2Cash platform allows consumers to receive the cash value of unused cards and spend it how they want. The app scans prepaid Visa, Amex, Mastercard, and vendor-specific gift cards and quickly returns a cash offer. Once the consumer accepts it, the gift card will go to someone who uses it, and the consumer will receive payment in a few days. Users can sign up via email or Facebook; a dashboard directs users to scan the card, and the app asks for bank account information to deposit the money. Cash offers for prepaid cards can be done via debit cards, and users will receive the money within 15 minutes. In contrast, cash for gift cards will be delivered within three days. Prepaid2Cash app is available in iOS and android operating systems and charges the lowest fees in the market.
- Cardtonic, a Nigeria-based gift card trading platform, allows users to sell various gift cards at swift duration and best exchange rates. The application is easily available on both iOS and Android operating systems. The Cardtonic app has a unique feature of a rate calculator that calculates and informs the user of the rate of their trade and the value of the asset before submission. It deals with gift cards from various countries, forms, and values. In December 2021, Cardtonic launched redesigned gift card trading platform that brings new features with a more customer-centric layout and experience.
- Users can sell unused gift cards to various websites, including Raise, CardCash, Giftcard Zen, GiftCash, Cash 4 Gift Cards, Craigslist, ClipKard, GiftCardBin, Cardpool, Gift Up, Gift Card Spread, Gameflip, Cardwell, EJ Gift Cards, and Gift Card Granny.
Most gift cards are unspent globally every year; around 10% to 19% of gift card balances remain unredeemed, and 6% of gift cards are never used. Hence, users are more inclined toward converting these unused gift cards into cash or trading gift cards for cards they like to use. The growing popularity of gift cards among users and the availability of numerous websites to sell unspent gift cards are paving the way for new applications for exchanging unused gift cards.
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