Every single year, $1 billion worth of gift cards go unused. This is regrettable – especially because knowing the right place to sell your gift card can net you a tidy profit. You can even sell your cards for more than face value if you know the right market.
In this article, we’ll explain why some cards sell for more than face value; how you can reach buyers prepared to pay extra for your cards; how to avoid getting scammed in the process. Let’s start with…
Why some cards sell for more than face value?
There’s one main reason people buy gift cards for more than they’re worth: lack of access.
One major market where people don’t have access is China. There, people can’t freely buy iTunes cards, shop on Amazon, or sign up for Netflix – so they’re happy to pay extra to get a gift card from someone who can. Since the market is huge, it’s easy to find Chinese buyers if you know where to look (more on this later).
Another reason folks overpay for gift cards is a lack of banking access. Many people just can’t get the debit or credit card they need to pay for popular services (like the ones listed above). As a result, they’re also happy to overpay to buy gift cards.
The only problem is…
The risk of getting scammed
Gift cards can be a little tricky to sell. Once you give someone a scan of your card, or the code that gives access to your funds, there’s no guarantee they’ll reciprocate by sending money your way.
That’s why it’s important to look for a marketplace that offers 2 things. The first is Know Your Seller/Customer controls that help make sure every trader’s real identity is known. This helps stop people from using their online anonymity to defraud gift card owners.
Another important thing to look for is an escrow system wherein money only gets released once the seller and buyer have both confirmed the transaction.
A quality escrow system should have two things. First, a simple process that stops funds from getting released until both sides are happy with the purchase. Second, a process for settling disputes.
These security measures aren’t just good for avoiding scams. They can also increase the value of the cards you sell because users are prepared to pay a premium to know for sure that they’re going to get what they paid for.
Accessing the best gift card markets quickly and safely
Usually, finding ways to sell your gift card about face value takes time and effort. To wit, the biggest, most lucrative resell market – China – is off-limits because the country has a separate, tightly regulated Internet network separate from the world wide web.
Fortunately, Hong-Kong based CoinCola has many gift card buyers based in China. For a small premium, these teams and individuals help Westerners trade their cards in above face value – and without having to break Chinese laws.
Moreover, CoinCola has a quality KYC process for buyers and sellers – and processes over 100,000 transactions each month. Given so much volume, the company has an excellent reputation for being secure and trustworthy.
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Founded in 2016, CoinCola is a Hong Kong based company offering both over-the-counter cryptocurrency trading and crypto-to-crypto pair trading exchange. CoinCola now serves millions of users from over 150 countries with our fast, secure, and reliable trading services. We support BTC, ETH, BCH, LTC, USDT, DASH, and XRP. Visit www.coincola.com to invest in digital assets.
Disclaimer: Trading and investing in cryptocurrencies, also called digital currencies, crypto assets, and so on) involves substantial risk of loss. All informations are used at your own risk, and any content on this site should not be relied upon as advice or construed as providing recommendation of any kind.