February 21, 2020 - Pawn Resources
Inevitably, in this stack are a few gift cards that we can’t or don’t want to use. Or maybe you returned an item but could only get a gift card back?
Pawn shops are an excellent option to sell your gift cards, however you got them. But there’s something really specific I want you to know. Think about this like you’re the one buying the gift card, like a businessperson.
When you sell a gift card to a pawn shop, you can typically expect to get about 50% of the value of whatever is currently on the card and can be verified. We want to thank Brian the PawnNerd for this insight, which he wrote about earlier this year in Can Pawn Shops Buy Giftcards?
You may be thinking, “I have a $80 gift card to Starbucks, why should you only get $40 back?” The answer is pawn shops are going to have to turn around and sell this gift card to someone else, and they aren’t going to be able to sell an $80 gift card for $80 + sales tax. Instead, they’ll have to sell your gift card for $60 + sales tax. That means that they’ve got to buy the gift card for less than $60 and still have some profit built into it – of which a $20 profit margin is very fair and reasonable for a pawn shop to expect to get.
Not every pawn shop buys gift cards. To save you time and gas, submit your gift card via PawnGuru.
If you got a gift card from a store that currently has a sale, pawn shops will be more willing to do business with you because there will be a higher demand for that gift card.
Bringing proof of value assures pawn shops that your gift card truly has the money that it’s worth, making them more inclined to giving you a good offer for your gift card.
If you need any help or have questions, please email us at firstname.lastname@example.org. We’re eager to help!
Jordan Birnholtz is the cofounder of PawnGuru. An alumnus of the University of Michigan, Jordan started PawnGuru in 2015 with Jon Polter, David Stiebel, and Jessica Zahnd. When he's not working at PawnGuru, Jordan volunteers his time to support undergraduates in building socially-responsible businesses and organizations through Optimize, a program at the University of Michigan.More Articles