CALGARY – Gift cards are a popular Christmas present for those hard to shop for people on your list.
However, a lucrative business is booming thanks to recipients who can’t or don’t use them.
It’s estimated one out of every six gift cards sold is never used.
Cardswap.ca, an online gift card broker, allows Canadians to sell their unwanted gift cards at a discounted rate and they send you the cash.
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Card swap has been available in Canada for the past two years and has processed hundreds of thousands of deals.
“We provide the free shipping label, we validate the card and administer the whole transaction,” says Frances Ho, Cardswap.ca. “We make a cut of five to seven per cent on each transaction, so we may buy at 85 per cent and resell at 92 per cent.”
Lilah Poltz says she can’t count how much she’s saved buying gift cards from the site. She regularly searches cardswap and saves between 10 and 30 per cent on cards other people don’t want.
“I snap up cards and use them for the rest of the year at discounted savings and I can buy cards for superstore for my groceries, I can buy them for furniture, I can buy them for kids toys or birthday presents!”
The most popular cards sold are for Apple, Best Buy, Chapters, Hudson’s Bay and the Keg.
Besides buying and selling gift cards, you can also donate unwanted cards to one of five Canadian charities.
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