In this article, I am going to share with you how to make money trading gift cards online. But before we dive in, let me tell you exactly what gift cards are.
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What are Gift Cards?
Gift cards are prepaid cards from specific stores or businesses that are loaded with certain amount of money. Gift card are bought/ given as a gift to be used to purchase items from a particular store, business, or company that owns the card.
Examples of popular gift cards
- Amazon gift cards
- Walmart gift cards
- Target gift cards
- iTunes gift cards
- Nordstrom gift cards
- Google play gift cards
- eBay gift cards
Gift cards can be physical (plastic cards) or digital (e-gift cards). And can have different values and different purchasing power. For example, you can buy 3 different gift cards from the same business or organization one for $20, another for $100, and another for $1,000.
How to make money from gift cards
To make money from gift cards, you need to own gift cards. If you don’t own gift cards, you can’t make money from them. There are numerous ways of getting gift cards. First, you can buy gift cards from someone or from a store, or you can get them via giveaway.
You can also get free gift cards doing surveys and completing common task on sites like Ysense, Swagbucks, etc.,
Other ways of getting gift cards include:
Credit Card Points: Credit card points are one of three main types of credit card rewards you can get and exchange for gift cards. Some credit card companies give you credit points for spending money and basically using their credit cards for your daily transactions. In some credit card cash back, you earn 2 cents cash back for every dollar spent.
Cashback Sites/Apps: Do you know that some sites reward you with points each time you make an online purchase? These points can be traded for a variety of gift cards. Example of such app/site is Rakuten (up to 40% cash back).
Steps on how to make money trading gift cards
Like selling, trading gift cards is relatively easy. Here’s how it works in 3 simple steps:
- Buy gift cards from owners/consumers at really discounted rates.
- Sell to shoppers or online platforms/businesses willing to bargain at a price higher than your purchase price.
- Keep the profit.
For example, let’s say you buy a $100 gift card at a discounted price of $60, and you resell it for $80, you get to keep the $20 profit.
However, for this business model to work for you, you need to have a trusted network where you can buy gift cards at really discounted rates.
Note: There’s a danger of selling or reselling gift cards person-to-person because there is a high chance you will get scammed. I recommend using trusted platforms/sites to trade your cards.
3 Trusted sites for trading your gift cards
Some of these sites like CoinCola allow you to trade your gift cards for popular cryptocurrencies like Bitcoin, Etherum, Litecoin, Ripple, etc. A plus for crypto traders.
That’s all from me on how to make money trading gift cards.