Transcript for What to do with your unwanted gift cards
Now we've got great shopping advice and an estimated $27 billion in gift cards were exchanged over the holidays. But many of them never get used so Becky Worley is going to show us how to turn those gift cards into cash. Good morning, Becky. Good morning, Michael. I don't know about you but I have a drawer in my house with a bunch of unused gift cards. So why not get some cash out of them but the question, how much cash can we get? Cash? Well, you can got go out and get yoursel whatever you want. That's the hope, free cash to spend on something you might like and yet millions of cards go unused every year. We spent $130 billion on gift cards last year. Out of that, 1 billion have not been cashed in. That's good for the retailers, not good for you. Reporter: Websites and in-store kiosks have cropped up to help but the value you get back on those cards can vary dramatically. I've got four Home Depot gift cards. Good store but I don't have any DIY projects right now so let's try to sell them. I start at a card exchange kiosk in a grocery store. Super convenient. For this $100 gift card they're offering me $61 and I get the cash right now. Hi. I have a gift card that I redeemed and want to get cash. And $61. There you go. Great. Cash in hand is better than a card in the drawer. Now I try the online options at home. First cardpool.com. They also happen to run the kiosk where we got instant cash but the online experience is not the same. I get offered $83.50. That's a big difference. But I have to wait for the money. They send me a check that arrives four days later. Next up, cardkangaroo.com. Er it's offering $83.51. Move than the kiosk and just about the same as cardpool. I have to mail them in and I don't get paid until they receive the car. My check came ten days after I mailed the card in. Let's try another site, raise.com. They'll give me $89.40. That's the best so far. So no trip to the post office. But when will I actually get paid? Raise is kind of like the Ebay of gift cars. You get paid when it sos. The good news, mine sold in two hour answer funds transferred into my PayPal account in three days later. We made the most with raise.com. But there's trade-offs with each trade-in. More work on your part to peruse the sites but there will be more money in your pocket. Cash is king. Cash is king, Michael. Thank you so much, Becky. We'll be right back.
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