If you have ever gotten a gift card that you felt you couldn't use or just plain didn't want, well now there's an easy solution. Instead of having to pawn off the gift card to a friend or relative you can now sell it online to get credit for another store or even cash.
So how does it work? It's simple really, if you are willing to give up a few dollars then a company, such as Plastic Jungle, will buy the gift card from you. After checking online to see how much your card is worth you can request a prepaid envelope be sent to your address. Once you get your prepaid envelope, you place your gift cards inside and mail them in. After the company verifies the cards they will give you a credit so that you can buy different gift cards off of their site or send you cash if you so choose. Because of the simplicity of the process, it has been very easy for the company to make money seeing as they sold over $10 million in gift cards within the last year.
As the popularity of these sites have grown more and more competition has started to emerge. Since Plastic Jungle was first created in 2006 several other sites have popped up like GiftCards.com and CardWoo. With this competition and the possibility of crooks using the site to spend money that isn't theirs it has become a little harder for these businesses to make money, but I don't think they are hurting too much as of right now. I think that this area of the market isn't very big and if new businesses keep showing up it will put a lot of strain on all of them, because there just won't be enough demand for their services.