Many newbie gift card traders never go far because they prey on many mishaps.
Since gift card trading is a relatively new phenomenon that has grown in popularity over the past few years, only a few people can call themselves experts.
With sites like Cardtonic, you can buy and sell unwanted gift cards or even purchase discount gift cards for restaurants and retailers.
Using open marketplaces tends to expose one unnecessarily to risks that can be mitigated by trading on safer platforms.
To ensure one can fully explore the business of trading gift cards,
Here are 5 lessons that no one teaches newbies about gift card trading.
1) You Can Trade Unusable Gift Cards for Money
Even though a gift card cannot be used in your location, you can still trade it for cash on a platform like Cardtonic. You can still trade if you possess a gift card like Amazon UK and are based in Nigeria. Usually, many newbies go to online marketplaces to trade these gift cards, but they expose themselves to card grifters. As long as the gift card’s value remains intact, it can be traded even if you cannot use it in your immediate location.
2) You Can Trade Your Gift Cards for Other Gift Cards
If you want to get some bang for your buck, there are other options besides trading gift cards for cash. The e are also plenty of websites that will allow you to trade your gift cards for different brands and retailers. For example, Raise. Raise enables users to exchange unwanted gift cards for other gift cards. The website will allow you to choose from over 100 brands and retailers, including Amazon, Target and Sephora.
3) Gift card trading can be risky.
Gift cards can be a great way to earn a little extra money on the side, but they can also be risky investments. When you trade gift cards online, you’re exposing yourself to the same risks as any other type of online investing. Sometimes the gift card rates might be lower than anticipated because demand dipped. You could also lose money if you fail to protect your account or if your account is hacked.
You may also get scammed by a gift card trading site. Scammers often create fake online marketplaces, like the ones described above, and then steal your money.
They can do this by holding on to your gift cards for longer than expected or never sending you any payment.
This is why the best place to trade remains Cardtonic. They have an encrypted system that safeguards the interest of clients. You also get the best rates and can earn money simply by trading and referring others.
4: Gift Card Rates Fluctuate
The rates that may seem favourable today might not be so much tomorrow. Like in every market, the value of gift cards is affected by demand and supply. Because of this, at different times, certain gift cards will be more valuable and have a higher rate than others. Depending on the associated benefits, some gift cards sell for higher rates than others.
What To Do As A Newbie Gift Card Trader?
It may be daunting initially, but the benefits of trading gift cards far outweigh the negatives.
Here are some things you should do to maximize your gains as a newbie gift card trader.
1. Follow the market trends
Gift card platforms like Cardtonic constantly update their website and social media with new rates and information on the most valuable gift cards. They also share tips and tricks on using certain gift cards, what to do when issues arise with gift card loading and others.
Following the market trends and info will allow you to have firsthand information to make better decisions when you wish to trade.
2. Only trade on secure platforms
One of the reasons you find a lot of users on Cardtonic is that they are a secure platform that also pays good money for gift cards. Many platforms exist where you can trade securely and at reasonable rates. Still, if you are based in Ghana, your best bet is Cardtonic. This will ensure your trades are secure and you need not worry about the payment because they have a dedicated customer care rep on standby at all times.
3. Take advantage of gift card offers
Many platforms occasionally organize campaigns where they trade gift cards at unbelievable rates that favour the cardholders. This is an excellent way to stack up on cash because it only happens sometimes. Also, some platforms offer reward points for trading, like Cardtonic, and even allow you to make money when you refer them to other customers.
As a new person to the business of trading gift cards, you will encounter a number of hurdles along the way.
However, to ensure you have the right information and make the best decisions about your trades, use trusted platforms like Cardtonic and follow their rates to stay in the know of the best deals and times to trade.