There are more and more sites popping up each day to help people both trade their gift cards for cards from other stores and to also simply turn their cards into cash. Has anyone participated in either of these? I would love to know what the catch is. Certainly on the card to card trade the web site must simply take a percentage or a flat rate. Does the same go for gift card to cash transactions and if so, what is the percentage they take?
A quick look at Cardavenue.com and I see a blockbuster card valued at $15 and the 'seller' is taking a minimum bid of $11. Their web site makes it very clear that if you bid on a gift card, the bid is binding and you will be expected to pay for it. This is a crucial component to all auctions. The seller and the buyer need to be valid.
So it does not appear that this site is actually willing to buy the gift cards, merely they provide a platform for for people to sell, buy and trade cards. I wonder if there is a site out there willing to actually buy them themselves. This would be a great business I believe. You would have to know the market and vlaue of the cards very well but in this economy you could scare up a great deal of business. In essence this would be no different than the "we buy homes for cash" guys you see advertising on telephone poles.
Does this model of buying gift cards exist? if so, can someone tell me the URL. Thanks!
Added on 05/26/2009
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