Getting Cash for Gift Card Rebates
Many companies offer great refunds, discounts, or other savings when you sign up for their service or switch to become their customer. Nowhere is this more pronounced than in the mobile phone industry, where carriers vie to outdo each other to acquire new customers with discounts on the latest phones. Unfortunately, those rebates often come in the form of gift cards instead of cash.
Who Gives Gift Card Rebates?
Cellphone companies are known for giving rebates or other “cash back” in the form of gift cards. Verizon currently advertises “Get up to $500 when you switch and bring your phone.”
Think you’re getting a $500 check?
The fine print spells out that you will receive a $500 Verizon e-gift card.
That’s great if there is something you want for $500 at Verizon, but what if you need that $500 for something else like rent, utilities, or your spouse’s birthday present? Unfortunately, you can’t use a Verizon e-gift card anywhere but Verizon.
Hopefully your spouse would like a new iPhone case from Verizon.
Verizon’s trade-in and switch offer is also $500, but in this case, you’ll get a prepaid Mastercard. That’s more flexible, but it still isn’t cash.
T-Mobile does the same. “Keep your current phone and switch at zero cost,” the bold type on the website says. “$800 paid by virtual prepaid MasterCard,” is what the fine print says. By the way, it expires in six months. Don’t put it in a drawer and forget about it, or you’ll lose your $800.
Get Cash for Gift Cards
Fortunately, there is a way to turn those gift cards into cash.
There are businesses that will buy your gift cards from you. You take your gift cards to them and get a cash offer. If you think you can get more value out of a gift card than you can get in cash, then it makes sense for you to keep that card and use it. For the rest of your cards, you can take the cash offer and not worry about anything expiring or not being able to spend the money on what you really need.
Be sure to use a reputable company like EZ Money to ensure fair treatment and a good offer.
Whatever you do, be sure to use your gift cards or exchange them before they expire. Letting a $100 gift card expire is like throwing a $100 bill out the window. If you think you won’t use it in time, hurry and exchange it for cash. Cash never expires.