One of the most popular gifts for Christmas or any other time of the year is a gift card. They are significantly cheaper to mail to family and friends than a large present. And, gift cards are a convenient option for somebody who already has everything and is impossible to buy for. While you can buy gift cards at the checkout line of nearly any fine retail establishment, you might be able to find a better deal online. Or you can also sell gift cards you will never be able to use.
Raise is one of the first peer-peer gift card exchanges that enables consumers to buy gift cards at a discount. This is possible because people sell their unneeded gift cards. For example, you might be able to buy a $60 gift card for Netflix for 2.2% off for a total of $58.65. While this might not be a large amount of savings for this brand, you might be able to save up to 11% at Buffalo Wild Wings and up to 30% at other retailers and restaurants. Plus, you may have the opportunity to get $5 back on your first $50 purchase! Plus, you can earn additional cash back with the Ebates and Giving Assistant shopping portals.
Another awesome thing about Raise is that you can buy gift cards for most stores and restaurants, one of the widest selections among the gift card exchanges. Try typing one of your favorite retailers into the search bar and check for yourself. One downside – Raise tends to have smaller discounts than other sites, such as Cardcash, but it's a small tradeoff for the larger variety and quicker delivery times.
What Gift Cards Does Raise Sell
Most gift cards on Raise.com are eGift cards that are e-mailed and only available for use online. Although, Raise also sells cards that can be used online or in-store. Below is a short summary of the three different products that Raise sells.
eGift Card: Funds are delivered electronically and you (the seller) aren't charged extra for shipping fees.
Voucher: Funds are transferred electronically and can be printed out to be used in-person or online.
Physical Gift Card: Raise will mail a physical gift card to the buyer at no additional cost, but your seller fees will be more to pay for the postage and tracking.
I personally only sell digital and voucher cards because of the additional selling fees with physical gift cards. Unless you're never going to use a physical gift card, you might be better off keeping the card or regifting it to a friend.
Is there Buyer Protection?
Yes. Buyers have a one-year guarantee in case the incorrect gift card is shipped, the balance is inaccurate, or the card is invalid. Note the guarantee doesn't reimburse purchases due to a misunderstanding of the type of card purchased (eGift, voucher, physical) or buyer's remorse.
Selling Gift Cards on Raise
Most people will not mention that they “regift” their cards (for obvious reasons). Yet Raise.com is a great solution when you receive a Domino's gift card but only buy pizza from Papa John's or Pizza Hut.
To sell, you simply click the “Sell Gift Cards” button and enter the card information for the retailer. The card funds will need to be verified before it goes on sale. As you enter in the current balance, Raise will automatically include a recommended selling price. You can adjust this price to help win a “bidding war” if you desire. Once you submit your listing for review, it can take a few hours before it is officially listed and available for purchase.
Enter the card information & selling price to get started!
You won't get paid until somebody actually buys the card. This isn't bad if you have one of the few gift cards for the price listed, but, if there are two pages of $25 gift cards for sale, you might be waiting a while to have it sold.
What about Seller Fees?
Raise keeps 15% of the selling price. As most cards sell at a 1-5% discount, the seller takes home about 80% of the actual card value (on average). This means you will keep approximately $24 on a $30 gift card and $12 on a $15 gift card.
Also, Raise will charge an additional $1 or 1% fee (whichever is greater) for physical gift cards to offset shipping costs. This charge isn't passed on to the buyer. When a physical card sells, Raise will email the seller a prepaid shipping label, and the seller will mail the card directly to the buyer.
20% (in most selling instances) is a sizable fee. But, if you want the cash more than the card, something is better than nothing. It's $12 or $24 more dollars that you didn't have before it sold.
The seller fees might be too high and you might decide it is better to keep the card or pass it on to a friend. That's okay too.
Once you sell a card, you will still need to keep it in a safe space for up to 180 days. This is how long buyer protections last for most purchases. In the unlikely event of a claim, the seller might be liable for reimbursing the fees if they cannot furnish the physical gift card.
Is raise.com Legit?
Gift cards are something that most people really don't talk about. For many, they go to the gift card aisle in a store to buy a last-minute gift and that's that. While buying cards on Raise might not be a total replacement if you want to give a loved one or friend a physical card for a birthday or Christmas, it can be a great way to save money when you are planning to make a major purchase or want to reload a shopping card for Starbucks or gas stations.
I have personally used Raise and are pleased with their service. I especially like using them, instead of other exchanges, because I also use Ebates or Giving Assistant to earn some additional cash back. It can be a great option to save a few bucks when boosting your Netflix or Amazon account balance or looking for a gift card to save some money on the next date night.
Josh founded Money Buffalo in 2015 to help people get out of debt and make smart financial decisions. He is currently a full-time personal finance writer with work featured in Forbes Advisor, Fox Business, and Credible.