The gift card profession has become such a profitable online business in the recent years. People who no longer wish to use their gift cards and feel the need to sell them now do so with the click of a button from anywhere. The steps are pretty easy too. GiftCash, for example, has the simplest and easiest online portal that you can easily navigate through. You do not need to be a tech-savvy to know your way through the online portal. Just get online in the GiftCash portal, input your card’s name and balance and then click on the “GET YOUR OFFER” tab to get an offer from the GiftCash team. If you accept the offer, then you can sit back and wait for the funds to be sent to your account.
Selling gift cards has never been easier. And the many different merchants that buy unwanted or unused gift cards from customers keeps growing by the day. This is not a bad thing as competition keeps getting more stringent and the market is forced to exercise more reasonable rates. The only significant downside to this point is that it has also led to the rise of different scam markets.
Not all online gift card buyers are legitimate. Some are out there to con or scam you and leave you even more stranded. It is, thus, crucial that you do enough research on the online gift card merchant that you intend to transact with. GiftCash is one such online merchant. The company has been in business since 2017 and has steadily grown to establish itself among the best online gift card merchants to trust and use. You know that your gift cards and balances are safe when you use this reputable online portals and websites in the industry.
These scam sites make it necessary for you to take the utmost precaution when looking to buy or sell gift cards online. You need to look at and verify the website that you wish to transact with and ensure that everything is legit. Remember, you also don’t want to end up being robbed of your large gift card balances. The best and safest option for buying and selling gift cards is going to the physical merchant’s stores and dealing with the business directly. The online process is, however, much easier and faster. And it is also more prone to scams.
Fraudsters can scam you in many different ways. And if you are not keen enough, they will probably get away with it. For example, there are instances where a fraudster will pay you to buy your card. You will then send your card or the code of the card. The transaction may appear to have gone through smoothly. Only for the scammer to return after a short while to dispute or cancel the transaction after using the balance in the gift card.
Another popular method used by the scammers is when they ask you to provide them with a list of your gift cards to trade with an item/s on an auction site. Only to realize later on that there wasn’t any auction, to begin with. And if there was one, the scammer will not send you the purchase.
These are but a few of the common methods used by online gift card fraudsters and scammers that you need to be aware of. Both the buyers and sellers of gift cards can fall victim to these online scammers. And that is the main reason why you need to be very careful who you deal with and who you trust with your personal information like contact and payment information. Here are some of the precautions that you should take when dealing with online merchants to buy or sell gift cards.
- Be wary of the auction sites that sell gift cards at discounts and in bulk
- Check the reviews and referrals of any website that you intend to use before you use it
- If you are purchasing a gift card from a physical store, check the protective scratch-off area of the card and only proceed with the purchase if there is no evidence of tampering
- Never give out your gift card pin until after the payment transaction has been completed. That is if you are selling a gift card
- View your gift card balances before and immediately after you have purchased a card
As a potential gift card buyer or seller, you also need to be aware of any social media postings that offer gift cards or vouchers. You never know. Some of these messages that may have been shared by your social media friend may have come from scam artists. And venturing into them can lead you into deep trouble. Better be safe than sorry later on.
Precautions to take to avoid gift card fraud
In as much as gift cards may be the ‘best possible present’ to give to your family, friend, or loved one during the holiday times, it can also just as easily be the most stressful. And this comes about when fraudsters and thieves take this opportunity to steal your money. As mentioned earlier, not all gift card buyers and sellers are legit or genuine. Some are out there to make off with your money and leave you stranded about what to do next. There are, however, ways with which you can protect yourself from some of the most common gift card scams. This section of the article covers some of those points.
- Buy directly and only from reputable stores
If, for example, you are getting a restaurant gift card, then make it your job to stop by the said restaurant in person to pick the gift card. If not, then you can visit the official restaurant website and see if you can get the gift card from there. The same goes for the big box stores and airlines too. Be safe and avoid being scammed if you can help it.
- Check the reviews and references of online gift card sellers in online auctions
There is always a reason why someone will want to sell his/her gift card at a discounted price. And most of the time, the reason is not always a good one. The card may have been stolen or is counterfeit. And that is why the ‘owner’ may be looking to make some quick bucks off of it. Ask yourself if it is worth taking that risk.
- Examine the card
When buying a gift card, it is crucial that you inspect both the front and back of the card for any tampering. Examine the card thoroughly. Some gift cards have a PIN that must be used before the card can be used. Check that this PIN is still hidden and not visible to the naked eye. If you suspect that there has been any tampering on the gift card, then it is wise to look for a different option elsewhere. Do not purchase what your gut tells you may be a scam. It most likely is.
- Register the card
Registering your gift card is the best way to identify any misuse on the card. Most card issuers will let you register the cards from their store’s website. Take advantage of this so that you always have access to your cards and can check the balances at any time for any misuse.
The pros and cons of giving and using gift cards
Gift cards have easily wriggled their way to become some of the most sort-after holiday gifts for most people. For one, gift cards help people save a lot of time that would have, otherwise, been spent on looking for the perfect gifts for the holidays. Gift cards also help people save a lot of money as opposed to buying the actual gifts. Plus, if you have no clue about what to buy for your friend, family, or loved one for the holidays, gift cards are a great option.
Then again, with all good things in life, comes the bad sides of it. And gift cards fall in this docket too. There are instances where gift cards may not be the be best gifts. Take, for example, you buy a gift card for your friend or family member. Only for the store to close down the next day before he/she gets to use the gift card. That will make the gift card worthless.
What to look out for when buying gift cards
Before you make any gift card purchase, you need to know all the pros and cons that come with the gift cards. Here are some of the things you need to look out for when making a gift card purchase.
- The fees involved
When buying a gift card, t is vital that you go through all the documents needed for the purchase to be successful. Carefully read through the fine print and ensure that no automatic monthly or annual fees come as a surprise later on. Some cards may also not charge any fees until some time has elapsed on the card. The fee and time limits also vary from one card to another.
- Check for expiration dates
Try as much as possible to avoid buying the gift cards that have expiration dates. You will also find this information in the fine print. Most gift cards do not have expiration dates. But to be safe, do not assume this step.
- Check where you can use the card
Most of the gift cards are restricted to specific stores only. But there are gift cards that do not have this restriction and can be used anywhere. Some gift cards do not have the option of being used online while others can be used for both online purchases and in the stores.
It is vital to know these bits of information before buying a gift card so that you know exactly what you are getting yourself into Giftcash provides a wide variety of information for its users and anyone interested in selling their gift cards online.
The pros of purchasing and using gift cards
- Convenience
You may feel the need to want to get a present for a friend or loved one for the holidays. Only that you may not know the right type of gift to buy. Or the person you are buying the present for has specific needs and preferences. Thus, you may not know what to purchase. That is where the gift cards come to the rescue. The gift card will allow them to choose how and what to spend the money on.
- Low shipping costs
Shipping a gift card can cost you as low as the price of a stamp. Sometimes even less as some gift cards can also be sent electronically. As opposed to the shipping expenses of items, especially the large ones.
- Save money
You can also enjoy fantastic gift card discounts if you know where to buy the gift card. You get to enjoy amazing deals at great prices.
- Avoid buying unwanted gifts
If you have no clue what your partner or friend may want for his/her next birthday, why not just get them a gift card? Then they can buy what they want, and everyone ends up happy.
The cons of purchasing and using gift cards
- Not guaranteed
You can consider a gift card to be like an unsecured loan to the business. So, should the business go bankrupt or shut down, then gift card holders may never get repaid.
- They are impersonal
Gift cards can make you feel more like a machine than human at times. You do not even need to put much thought into a gift card. You only need to swipe your credit card, and it is done.
- Fees
Different gift cards apply different fee types for their services. Some charge upfront costs while other charge ongoing maintenance fees if you do not use your gift card after a certain period has elapsed.
- Expiration dates
Not all gift cards are valid forever. Some expire after some time, usually 12 months. If they go unused by then, then you would have bought the gift card for nothing and ended up running at a loss.
- You may end up spending more
In as much as you can save a lot of money using gift cards, you may also end up spending more than you would if you had bought the actual gift. Why? It is all about reasoning. Some people would consider gift cards of $20 cheap. But if you go to the store and buy a $20 gift, they would appreciate. Most of the time, they may not even know the actual cost of the gift and only imagine it as being expensive.
Final thoughts
Gift cards are a great option especially if you are looking for the perfect present to get for your friend, family member, or loved one for the holidays. But it also comes with its fair share of flaws that you need to deal with. The insecurities involved when buying gift cards also make it a risky investment. But still, if you factor in all these bits of information and plan yourself well when buying or selling your gift cards, then you will enjoy the benefits of selling your gift cards on Giftcash website.
