Post by "Pop" Stran on Oct 30, 2015 20:29:01 GMT -5
While some of you may already know this, most people are completely unaware of an entire industry that has grown up around the concept of cashing out gift cards.
That Sears gift card that grandma sent you for your last birthday, that has been sitting in your dresser drawer because Sears sucks, can actually be converted to cash! Or Amazon credit. Or Outback Steakhouse. Or whatever.
The point is this; There are easily thousands of unused and unwanted store credits and gift accounts floating around the web at the moment, and a dozen or so companies have started a swapping service whereby you can either sell your giftcard to someone who loves Sears, or simply trade it for something that you love, like the Cheesecake Factory.
Generally, you can expect to get about 85-95% of face value when you sell, depending on how you sell and to whom.
So, on to the current test.
Cardpool is one of the largest and long-standing of the gift card exchange services, so I chose them as my first test of this type.
This test is long overdue because frankly, I'm the type of person who gives gift cards on occasion, but receives them...never.
Recently however, a company that I work for began handing out performance bonuses in the form of Best Buy gift cards.
Pretty cool idea, but personally I think I actually hate Best Buy, if that's possible.
Too much trendy junk at pumped-up trendy prices, and not nearly enough simple common sense in the form of a rounded stock offering.
Amazon has far more selection, at much better prices, and I don't have to deal with a blue-shirted putz following you around asking every 3 minutes if I'm lost.
My recent bonus gift card was for $400, so after browsing the store for a while I decided to give half of it away. My wife got a small gadget she's had her eye on and my granddaughter got an overpriced (but super cool) lifeproof case for her new iPhone.
The remaining balance I am converting to an Amazon giftcard, because only Amazon has what I really want, the way I want to shop for it.
I made the deal for the conversion online, and they offered me 94% of face value which I felt was fair, since I had just browsed 4 competitors and not one came past 90%.
Cardpool provided a free shipping label (free postage!) and I mailed the cards* to them for verification and reimbursement on the afternoon of October the 24th, which was a Saturday.
Of course, I verified the cards at Bestbuy.com prior to mailing them, as well as photographing both sides of the cards and the hard copy of the original deal as insurance against any mail mishaps.
*(my balance was on 2 separate cards because Best Buy sucks like that)
The first impression is a good one: The online portion is a very friendly and simple process, and the website at Cardpool.com shows you 2 immediate options: You can cash out instantly, without waiting for the mail to process, or you can make a bit more for your card by sending it to them. I chose the extra 5% for mailing in the physical card.
I assumed at the time, because I'm very familiar with the USPS, that the deal would close within 7 days.
Today marks the 6th day total, but to be fair most mail is merely sorted on Saturdays, and won't actually begin moving until Monday, meaning that it has actually been 5 business days.
The next update for this post will be in the next 24 hours because 7 working days is more than enough time for delivery of a USPS First Class letter to California, and I am also expecting an immediate turn-around since my Amazon credit is merely a code via email.
Cardpool.com will receive their first of 3 grades on Saturday the 31st of October.
That Sears gift card that grandma sent you for your last birthday, that has been sitting in your dresser drawer because Sears sucks, can actually be converted to cash! Or Amazon credit. Or Outback Steakhouse. Or whatever.
The point is this; There are easily thousands of unused and unwanted store credits and gift accounts floating around the web at the moment, and a dozen or so companies have started a swapping service whereby you can either sell your giftcard to someone who loves Sears, or simply trade it for something that you love, like the Cheesecake Factory.
Generally, you can expect to get about 85-95% of face value when you sell, depending on how you sell and to whom.
So, on to the current test.
Cardpool is one of the largest and long-standing of the gift card exchange services, so I chose them as my first test of this type.
This test is long overdue because frankly, I'm the type of person who gives gift cards on occasion, but receives them...never.
Recently however, a company that I work for began handing out performance bonuses in the form of Best Buy gift cards.
Pretty cool idea, but personally I think I actually hate Best Buy, if that's possible.
Too much trendy junk at pumped-up trendy prices, and not nearly enough simple common sense in the form of a rounded stock offering.
Amazon has far more selection, at much better prices, and I don't have to deal with a blue-shirted putz following you around asking every 3 minutes if I'm lost.
My recent bonus gift card was for $400, so after browsing the store for a while I decided to give half of it away. My wife got a small gadget she's had her eye on and my granddaughter got an overpriced (but super cool) lifeproof case for her new iPhone.
The remaining balance I am converting to an Amazon giftcard, because only Amazon has what I really want, the way I want to shop for it.
I made the deal for the conversion online, and they offered me 94% of face value which I felt was fair, since I had just browsed 4 competitors and not one came past 90%.
Cardpool provided a free shipping label (free postage!) and I mailed the cards* to them for verification and reimbursement on the afternoon of October the 24th, which was a Saturday.
Of course, I verified the cards at Bestbuy.com prior to mailing them, as well as photographing both sides of the cards and the hard copy of the original deal as insurance against any mail mishaps.
*(my balance was on 2 separate cards because Best Buy sucks like that)
The first impression is a good one: The online portion is a very friendly and simple process, and the website at Cardpool.com shows you 2 immediate options: You can cash out instantly, without waiting for the mail to process, or you can make a bit more for your card by sending it to them. I chose the extra 5% for mailing in the physical card.
I assumed at the time, because I'm very familiar with the USPS, that the deal would close within 7 days.
Today marks the 6th day total, but to be fair most mail is merely sorted on Saturdays, and won't actually begin moving until Monday, meaning that it has actually been 5 business days.
The next update for this post will be in the next 24 hours because 7 working days is more than enough time for delivery of a USPS First Class letter to California, and I am also expecting an immediate turn-around since my Amazon credit is merely a code via email.
Cardpool.com will receive their first of 3 grades on Saturday the 31st of October.