Josh Elledge - Chief Executive Angel
Now that the start of school is behind us, your wallet may be feeling a little lighter. After all, the National Retail Federation estimated the average family would spend $669 to send their elementary and high school students back to school this year.
Fortunately, there is an easy way to trim down your expenses during the next few months and put some of that money back in your bank account. It's a strategy that doesn't require you to use coupons or scan ads either. My secret savings weapon? Discounted gift cards.
Basics of discounted gift cards
How many times have you gotten a gift card as a present and thought, “˜great, now I need to find something to buy there?' It could be the gift card is for a store you don't particularly like or maybe there are no convenient locations nearby.
Well, rather than let those gift cards languish in the junk drawer, some people sell their unwanted gift cards for a discount. They may only get $15 for their $20 gift card, but $15 is better than a useless piece of plastic.
You can buy discounted gift cards on eBay ““ a search for gift cards brings up 22,964 results right now ““ but I find those auctions tend to sell at very close to the asking price. In addition to not getting much of a discount, you also risk buying from an unscrupulous seller.
Instead, I prefer to purchase discounted gift cards from one of the many websites that act as a facilitator for these types of sales. These websites may verify the balance on the card, and many offer 100 percent guarantees on purchases.
5 websites for discounted gift cards
Here are five websites where you can shop for discounted gift cards. Some send a code via email rather than mailing a physical card. Others have the cards sent to you directly from sellers. Be sure to check the details and read the site's terms and conditions before making your purchase. The sample savings listed below reflect cards that were available at the time of this writing.
GiftCards.com
GiftCards.com says they pioneered the discount gift card industry in 2003 and are the number one site on the web for gift card purchases. Their discounted plastic cards come with a 100 day guarantee of up to $1000. Electronic gift certificates and codes are not guaranteed but they are verified a second time when a purchase is made.
Sample savings: Walmart for 3 percent off, McDonalds for 14 percent off and JC Penney for 19 percent off
Raise.com
The Raise marketplace allows sellers to post gift cards and set their own selling price. Then, they are responsible for shipping once a purchase has been made. Orders cannot be cancelled, but Raise offers a 100 percent guarantee in the event you receive a card with a different brand or value than that promised.
Sample savings: Kroger for 2 percent off, Kmart for 5.6 percent off and T.J. Maxx for 17.2 percent off
Cardpool.com
At Cardpool.com, you can get free shipping, a 100 day guarantee and up to 35 percent off your gift card purchase. Cardpool buys gift cards directly from sellers, verifies balances and ships them to buyers.
Sample savings: Burger King for 10 percent off, Rite Aid for 9 percent off and Walmart for 3.5 percent off
GiftCardRescue.com
Similar to Cardpool, GiftCardRescue also buys from sellers and ships to buyers, so there is no worry about John Doe from Topeka taking your money and running. The selection at GiftCardRescue is smaller, but the discounts seem to be bigger. Electronic gift cards and certificates are non-refundable, but there is a 100 percent guarantee on plastic and paper certificates.
Sample savings: Gymboree at 25 percent off, AMC entertainment at 17 percent off and Home Depot at 10.5 percent off
GiftCardGranny.com
Not sure which site to use for the best deal? Then head to Gift Card Granny. This isn't a website where you can buy gift cards, but it's an excellent resource for comparing what's available. Search for a brand, and Gift Card Granny will show you the inventory on 15 sites plus eBay. For example, a search of Family Dollar shows us you can get cards with discounts ranging from less than 3 percent at Raise to more than 7 percent at Junkcard.com and GiftCardZen.com.
Buying discounted gift cards can be excellent way to stretch your dollars even farther. Plus, don't forget you can use these websites to cash in on any unwanted gift cards you may receive this holiday season.
