Cash back: Web site offers cash for unused gift cards

11:40 AM, Mar 22, 2010   |    comments
  • Share
  • Print
  • - A A A +

FLORIDA -- Gift cards have exploded in popularity.  And they're great until you get you one for a store you don't like.

Like most people, Floridian Jessica Benoit gets gift cards on birthdays and holidays and puts them to use. But if it's a book store, it'll just waste away in her wallet. But not anymore. 

Cardpool.com is a new website that lets you sell your unwanted gift card for cash.

Here's how it works. You take out the gift card you want to sell. Like one from Macy's for $100. Then you go to the website, you enter in the merchant, Macy's, the value, 100, and click 'get offer.' And right away it shows you how much money they'll give you in cash. In this case, $80.

That's not as good as Target and Walmart. Those are most popular gift cards and that's why they pay out the most money. $92 for a $100 card.

It's all supply and demand. For instance, Kmart and Sears will earn you a check for 80 percent of the card's value

Cardpool.com also lets you buy gift cards at a discounted rate, and eventually you'll even be able to trade them.

"The last couple of years we've found that a lot more people are giving gift cards. And so if you get stuck with one, hey, if you can redeem it for a fraction of the cost why not?" says shopper Andrew Saunderson.

It's like a stock exchange for gift cards with a couple of ground rules. Cardpool will not buy or sell any gift-card with an expiration date or fee.

(Copyright 2010 by NBC. All Rights Reserved.)

Most Watched Videos