Posted: Tuesday, 14 January 2014 6:10AM
Unused gift cards can be turned into cash
Ever wish those gift cards you got for the holidays or your birthday were good for cash?
Now they are, if you don't mind a little bit of the profit shaved off the top.
Although you won't get face value for them, one local company is paying a pretty good percentage for those cards.
"For a 100 dollar gift card value, we're probably going to give you right about 75 or 80 dollars for the card," says Ronnie Bonano, with Top Dollar Gold Buyers.
He says the average is 65 to 75 percent.
"Every week it changes," says Bonano. "Usually, Home Depot, Lowe's and Walmart are the highest in demand, so those will pretty much stay at a higher payout."
Even if a card has been partially used, you can sell it for cash.
"The ones that we've been buying, believe it or not, are ones that are somewhat used. If I bought fifty cards already, I'd say about 40 of the cards have been used to some degree."
"But, the card must have at least 25 dollars of value on it in order for us to buy it...up to a thousand dollars."
It's estimated that 10 to 15 percent of all gift cards go unused each year.
Bonano says he buys cards from more than 350 major retailers.