So there you are – in the return line of a local big box retailer with whatever your item was that you no longer want. You need to return it and you get up to the front of the line just to find out that you don’t have you receipt and that they won’t give you cash – but instead a gift card.
Great, now what the hell do you do with this gift card that you really can’t use and/or don’t even want to begin with.
Well, one of the the things that most people will want to do is try to sell their gift cards for cash but where the heck do you do that?
If you try to sell it outside of the store, the store management will probably give you a really hard time and may even call the cops for soliciting their customers – and nobody needs that noise.
So what are your other options? How do you get cash out of this little credit card sized piece of plastic?
Well, have you thought about taking it down to your local pawn shop and see if they would be willing to buy it? If you don’t want to go down there in person, it might be worth just giving them a call instead as you might be surprised what a pawn shop will do with gift cards.
Pawn Shops Might Take Them
You will possibly be surprised to learn that pawn shops might take you gift card and give you cash for it on the spot.
In fact, gift cards purchases and sales are quickly becoming a larger part of the a pawn shop’s overall business these days and for good reason.
If someone needs to buy a lot of supplies or items from a given store, using a gift card can be a great way to do – especially if they can buy that gift card for less than the total monetary value that is one that card.
It’s like instantly saving money that people can put right back into their pockets the moment they purchase the card.
But with that in mind, let’s talk about another topic that is equally important if you are thinking about selling your gift card to a pawn shop.
How Much Do They Pay
Typically speaking, when you sell a gift card to a pawn shop you can expect to get about 50% of the value of whatever is currently on the card and can be verified.
What that means is that if you take a gift card into a pawn shop and they can verify that it has $80 worth of store credit on the card, then they are probably going to offer you around $40 for the card.
Now, that’s great news if you just want to get some cash out of this card that you basically can’t do anything else with.
Now on the other hand, you might feel that they should pay more for the gift cards but you’ve got to keep something in mind. They are going to have to turn around and sell this gift card to someone else, and they aren’t going to be able to sell a $80 gift card for $80+sales tax. That’s just not how it works and nobody would want that.
So they are probably going to end up selling a $80 gift card for $60+sales tax. That means that they’ve got to buy the gift card for less than $60 and still have some profit built into it – of which a $20 profit margin is very fair and reasonable for a pawn shop to expect to get.
Tips For Selling Gift Cards To Pawn Shops
Here are some tips to help you sell your gift card at your local pawn shop.
Call Around First – The fist big piece of advice to call around to the local pawn shops beforehand to to see which ones buy the cards and if you can get them to give you a price that’s even better. The best way to do this is simply to go to google.com and search “Local Pawn Shops” and google will give you a list of pawn shops in your area and their phone numbers.
Doing this in advance can save you some time and energy of making possibly wasted trips to pawn shops that don’t buy gift cards to begin with.
Sell It Quickly After You Get The Gift Card – Some gift cards begin to lose their values immediately (or after the first 30 days) so don’t let your gift cards just hang around. When you get one, take it to the pawn shop the same day if possible to sell it as that is when it will probably have the most value.
Bring A Printout With The Card’s Value – It’s always a very good idea to bring some kind of receipt with you that shows the value of the gift card. Of course, expect that the pawn shop will try to verify that value but it’s always best to have something to support what you are saying is on the gift card to begin with.
Following these tips should ensure that you have the greatest luck and success when trying to sell your gift card to a pawn shop.
WordPress junkie, music lover, and consumer of all things pizza-oriented. I’ve run pawn shops and check cashing operations for years. I developed the most successful digital marketing marketing strategy for pawn shops known to date, and flip items on eBay for fun.