Swap your unwanted gift cards
Published Wednesday, January 30, 2013 6:00AM PST
Last Updated Friday, February 15, 2013 9:22AM PST
Gift cards are a billion dollar industry in Canada, but many cards go unused. It’s the reason two entrepreneurs launched a website called CardSwap.ca, which allows you to buy, swap and sell unwanted gift cards for cash.
CardSwap co-founder Frances Ho launched the site in 2009 after she studied similar websites in the U.S. Consumers looking to cash in can send the business their unwanted gift cards at a discounted rate.
"It might be anywhere between 75 and 90 per cent of the gift card, depends on the popularity of the gift card. Mail it in using our pre-paid shipping label and get a cheque in the mail,” said Ho.
If you are looking to buy gift cards on CardSwap.ca, you would pay the face value of the card, but earn points towards other cards.
You can also sell a gift card to CardSwap and it will turn it into a donation to a selected charitable organization. The charity will provide a tax receipt for all gift cards that are donated.
The company guarantees that all gift cards are safe and secure or your money back.
Legislation in BC has made it illegal for gift cards to have expiry dates or fees. That is good news for consumers, since one out of every four gift cards remains unused more than a year after it was received. For more information you can check out the Consumer Protection BC website.