Buying Unwanted Gift Cards That Are Current and Have a Balance Remaining

Teamhickey on 04/02/2017 - 22:42
Last edited 05/02/2017 - 10:36 by 1 other user

I have a website currently where I sell discounted Australian iTunes and Phone credit. For the last 5+ years I have been scouring eBay, Gumtree etc to buy Unwanted Gift cards, and I have always thought about the likes of Card Limbo etc that used to buy unwanted gift cards. I got the feeling that people trusted them and would send there gift cards to Card Limbo, and once verified, Card Limbo would deposit an agreed amount in to the sellers bank account.

I want to do some buying of gift cards, and I was thinking that I would offer 87 cents per dollar, including postage to me, regardless of value. The only thing is that I would pay via PayPal up front (using my Credit Card for added security and points), or via bank deposit/cash if I receive the cards up front, or in person. I am based on the Gold Coast.

Does this sound attractive to OzBargainers? I know that most people comment saying that 15% is a decent discount which is why I have offered 87 cents per dollar, (85 + 2 for PayPal fees).

Thanks in advance
Chris

Financial

Comments

  • [Deactivated] on 04/02/2017 - 23:10
    +1

    I don't know if I'm reading it right but what happens if I purchase a itunes card at 25% discount from a major retailer when on special then I sell it to you for 87% face value. I can't see any benifit for you.

    • Teamhickey on 04/02/2017 - 23:51

      I wouldn't be buying iTunes cards this way. The Major stores such as Big W, BP, Caltex, Coles, JB HI FI, Kmart, Myer, Target and Woolworths

  • airal3rt on 04/02/2017 - 23:11
    +1

    Seems strange there'd be so many unwanted gift vouchers out there, even if it's for a store you'd never want anything from you can just use it to purchase a gift for others. That's the whole attraction, despite being a completely impersonal gift it's a can't miss, really.

  • macamaca on 04/02/2017 - 23:44
    +3

    Recently I bought unwanted gift cards at half price of face value. They are out there all right.
    I suggest the OP looks at better margins though.

    • Teamhickey on 04/02/2017 - 23:53

      You could have sold them to me

  • JIMB0 on 05/02/2017 - 00:07

    It would be risky for the buyer. Whats stopping the seller from keeping the number and pin then using the remaining balance online once the card is sold?

    • Teamhickey on 05/02/2017 - 07:24

      This is true. This is why I am wanting to use PayPal via my credit card, prior to receiving, or bank deposit/cash after I have verified the card or voucher is authentic.

      • altomic on 05/02/2017 - 08:48

        paypal doesn't cover gift cards

        • Teamhickey on 05/02/2017 - 09:04

          I know this issue only too well. But if I pay using my credit card that ia linked to PayPal, I can do a charge back through my bank. This has worked for me in the past.

          • brisdaz on 01/10/2018 - 01:25

            @Teamhickey: I've read in forums that PayPal chargeback the buyers account sometimes and not the sellers account. please confirm actual experience?

      • shrek4 on 05/02/2017 - 08:51

        And after you've verified- they could still use the voucher online?

        It sounds like a very risky venture.

        • Teamhickey on 05/02/2017 - 09:05

          By verification I mean use so there won't be any funds available when I make the payment.

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