Gift cards are the most frequently requested gift during the holiday season, yet not all cards are as highly prized as the giver might hope. In fact, an estimated $60 billion worth of gift cards go unredeemed each year.
Rather than toss Aunt Edna's thoughtful present into a dresser drawer, a recipient can bring it out into the fresh air forGift Card Exchange Day. Scheduled for Dec. 26, this one-day online event (developed by the creators of Gift Card Granny) will help consumers exchange their unwanted gift card for cash, or for an Amazon gift card. The date was selected because cardholders typically receive the best rates from resellers who want to encourage sales and restock depleted inventories.
"We also created the holiday as an annual reminder for cardholders," said event founder Luke Knowles. "They're less likely to forget unwanted cards if they have an opportunity to exchange them for cash."
Here's how it works: The day after Christmas consumers can visit GiftCardExchangeDay.com; enter the card value and the merchant's name; click on "Get Offers" and instantly receive bids from companies interested in purchasing the card.
Once the cash arrives, shoppers can either use it to offset their holiday spending or purchase something they really want.
This is an excellent initiative for gift card exchange!
ReplyDeleteThe amount of unredeemed gift cards is just unbelievable and it keeps growing every year. It's like paying to buy something, then forget to take it with you when you leave the store and never come back. So much money in unwanted gift cards is in fact a gift to the retailers; not the actual persons for whom the gift cards were bought at first place.
Even if you redeem your unused gift card for a lower cash amount from what was originally paid, it still makes sense, rather than keeping it in your wallet or drawer, God knows for how long.