Ring in the New Year With Some Extra Cash

Start the year on the right foot by getting cash from unwanted gift cards!

Have you ever received a gift card you had no intention of using? We’ve all been there—a well-meaning relative gives us a gift card to a store they love, but we can’t picture ourselves even stepping in the door. If you’re in this situation, you may find yourself thinking, “Well, maybe I can at least buy gifts for other people on my list from this place next year…”

Then the card sits, unused, in your wallet or desk drawer for months upon months. And all the money loaded onto it goes to waste.

That’s hardly a unique situation—47% of all Americans have at least one unused gift card gathering dust (or worse, getting lost). Digital gift cards have played a big role in the rise of the industry. So have gift cards given through company and store rewards programs—let’s face it, your boss may have no clue where you’d prefer to shop or dine out.

We misplace these gift cards, save them for a shopping trip we never get around to taking, or simply forget about them. Other times, we have a small remaining balance on a card and aren’t sure what to use it for. 

So, What’s the Solution?

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Let’s be real: These gift cards will never have more value than they do right now. Inflation will make sure of that. So, put them to use as quickly as possible. If you don’t want to use them, kickstart the new year on the right foot—with some extra cash.

How does this work? You can trade in those unwanted cards for cash, right from home. Simply use the Prepaid2Cash app to make the exchange. To get started, download the app from the iTunes store or Google Play. Once the platform verifies the amount on your card, you’ll receive an offer via the app and you can decide whether to accept it. 

You can also connect your bank account so funds will be deposited directly into it. Many transactions are processed instantly or by the next business day, while others take 2–3 business days. The platform is highly secure and intuitive to use.

Using Prepaid2Cash, you can also trade in any prepaid cards you’ve received. Have a card with an odd balance that you know you’ll never remember to use? Swap it out for cash!

Increasingly, people are taking advantage of this easy solution for dealing with unwanted gift cards. At one time, not using a card was seen as being in poor taste. But with the popularity of gift cards, that’s been changing. After all, what if you find yourself with a card from an expensive restaurant that won’t cover the full cost of a meal for two? Or a card from a company like Apple that will barely make a dent in the cost of a product—or a card from a store with no locations in your area? There are all sorts of reasons to trade in your card for cash—and you don’t need to feel guilty in any way for doing so.

What to Do With Your Extra Cash?

Depending on how much you’ve received, you could end up with a small windfall by trading your cards for cash. Think strategically about how to use those funds.

Of course, you may need to use your extra cash for necessities like rent or food. And it’s okay to splurge on yourself too—after all, the card was a gift! But consider these alternatives, which could set you up for success down the road:

• Put your gift card cash into investments or a high-yield savings account that will grow for you over time. Then it will really be the gift that keeps on giving!
• Pay off high-interest debts. For instance, pay off your credit card with the highest interest rate or make an extra payment on a loan.
• Start an emergency or rainy-day fund. It’s wise to stash funds to cover at least three to six months of your living expenses in an emergency fund. A rainy-day fund should cover the types of expenses that crop up from time to time, like car repairs and vet bills.
• Put the cash into a college fund to benefit a child or other young person in your life. Over time, the accumulated interest will add value. (If it’s for a niece, nephew, or grandchild, find out if they already have a college fund account that you can contribute to.)
• Buy a needed appliance that you’ve been saving up for. Or, spend the funds on home repairs you’ve been planning to make.
• Donate the funds to a favorite nonprofit, youth group, or community organization. You’ll have the satisfaction of contributing to their success.
• Create a special fund for “extras” like food and entertainment. Use the funds as needed over the next few months (or throughout the year, if it’s a larger amount).
• Start a fund for this year’s birthday and holiday shopping—including holidays like Mother’s Day! Instead of feeling overwhelmed about holiday shopping, you’ll feel prepared.

Think about which of these options will most benefit you over the coming year. You’ll be thankful you did when you’re able to cover an important need down the road. But again, there’s nothing wrong with treating yourself to something special instead, like tickets to a concert or game, a spa day, an evening out with your significant other, or a new pair of shoes you have your eye on. 

Don’t let the gift cards you received over the holidays go to waste—redeem them for cash with Prepaid2Cash. No matter how you use the funds, you’ll have the satisfaction of choosing what you really want to spend them on!