(Adapted from my comment on post for "Converting a $250 JB Hifi Gift Card into a $250 Bunnings Gift Card")
I've received gift cards that I would rather have just as cash, and have wrestled with how best to convert them to cash, like selling them, exchanging them. I've eventually concluded that the best way is transfer the value out with someone who's already buying something
JB Hi-Fi Example, for $50 gift card:
1) Hang out at the JB checkout line
2) See who (a) has $50+ worth of stuff in their basket, and approach them
3) Ask if (b) they're paying by cash.
4) If they fit the above two points, tell them you have a gift card worth $50 that you need to swap for money for, as you need to buy something elsewhere, and ask if they can help swap it out for cash.
5) Offer to shadow them to the counter and for the staff to credit the gift card first.
6) If they agree (they are now referred to as the helper), confirm with them that they'll give you the cash when the staff swipes through your gift card, and confirms the credit.
7) Follow the helper to the counter.
8) After all items are scanned through, give the staff your gift card.
9) Staff swipes and confirms the credit.
10) Look to the helper, who should pay you the full amount of the gift card in cash.
11) Thank them and leave. Don't run, as that would look suspicious.
With a bit of guts, you can pull the entire value of your gift card out as cash.
I exchanged my $30 JB gift card for $30 cash that way, with no discount. On Gumtree I was low-balled as low as $15 for the same gift cards.
I've also done the same for expiring Event Cinemas credit (side-benefit: the ticket sale is credited on my Cinebuzz account).
<FAQ>
Q:
Why would ppl want to help me?
A:
It doesn't cost them anything to help, since:
- You're both already there at the checkout
- They're already spending that amount
- It's as easy as the staff swiping your card, and them paying $250 to you instead of JB.
Q:
Won't I be imposing on them?
A:
Stop feeling that way - you're not selling them penny stocks: You're not scamming the person, or taking other value from them; and they get to feel good about helping a stranger out (which seems exceedingly rare these days).
Q:
How do I ensure I get the cash?
A:
People who aren't stupid, will give you the money, since you can just ask the staff to reverse the credit someone stiffs you: The stiff-er can't allege that it's their gift card, since you had it the whole time - as security footage can support; and other ppl in line behind you can attest to your verbal agreement.
Q:
What if people low-ball me for my gift card?
A:
See above about how it's no extra effort to help you. Just move to the next person.
Q:
What if nobody wants to help?
A:
If you get desperate, you can sweeten the deal with having them pay you a bit less (which you'll already be doing if you're planning to sell it - and you won't have to discount nearly as much too).
Q:
But I'm shy?
A:
Life is full of negotiations - if you've gone through life not recalling ever having negotiated for anything, you've either been compromising your values, or leaving value for you on the table. If you don't ask, you don't get.
And if it helps, nobody loses in this transaction:
- You: Get cash for store credit that's worthless to you, gain confidence that you can ask for what you want out of life
- Helper: They got to help someone and feel good about it, and it didn't even cost them anything
- Store: They've already gotten paid for the value of the gift card - the helper paying you cash instead of the store makes no difference
- Staff: They scanned a gift card instead of handling cash (or had to handle less of it) - if anything, it's more convenient for them
Enough talk, go out and convert some gift cards into cash today!
Good tips for those yelling in the classified for Hardly Normal GCs:)