Gift card reselling! Have you heard of it? I stumbled upon this money making opportunity a few years ago. Read on to learn how you can actually earn a full time living doing this. No joke. You can make $2,000-$3,000 per month doing this. I’ll spill all the details…
How to Get Started Gift Card Reselling
Ok, so this is how it works. Do you ever see those gift cards being sold online at a discount? Like, getting a $20 Starbucks gift card for $15. That’s $5 off. Or, getting a $100 Bestbuy gift card for $80, that’s $20 off. This is gift card reselling!
You see, the owners of these gift cards are selling because they have no interest in the cards. Like, if a friend got you a gift card to Starbucks but you aren’t a coffee or tea fan. You might go online to sell it. People have been doing this forever.
There’s a market in it!
Imagine if you came across 10 Bestbuy gift cards for $100 value each. That’s 10 cards, $100 each, so that value is $1,000. But, you bought those $100 cards, at $70 each. So, you spent $700 to get $1,000 in cards. Then, you sell them at a $5 discount each. So, each $100 card would sell for $95. You just made, $250!
Value of cards $1,000
Cost of cards $700
Revenue of resell less discount ($95 each) $950
Profit: $250 ($950 revenue minus $700 cost)
Where to Find Discounted Gift Cards
You can find discounts on the cheap online very easily. Here are some resources:
Gift card reselling is great for a full time income or part time side hustle. It’s relatively easy to source the cards and you can sell them online just as easy. Most of the sites above allow buying AND selling of gift cards.
To make this profitable and earn the most you can, look at these best practices:
- Negotiate: Make sure to negotiate where you can. If you are buying from an individual seller, there’s always room to negotiate. Don’t be afraid to ask for a deal or a discount.
- Leave room for profit: Think smart about each transaction. Make sure you leave enough room to mark up the card so you can make a profit.
- Keep track of your expenses: Stay organized and keep an accounting of your purchases.
- Take advantage of market changes and store closures: Like Toys R Us closing, this might be a good time to take advantage of those gift cards
That’s all there really is to it. If you want more of a hand holding, I recommend you take a look at this course. I’ve taken it. It shows you EXACTLY what to do to get in the gift card reselling game, sourcing and selling cards consistently to make it a real business.
What do you think about this money making opportunity? Would you try it? Comment below.