Common misconceptions about gift card exchange

Cardvest
3 min readFeb 2, 2023

Gift card trading is a common and popular way to make use of unwanted gift cards, by exchanging them for cash or other gift cards that you would like to have. Despite its popularity, there are still many misconceptions surrounding gift card trading that can cause misunderstandings.
These misconceptions can range from the value of the gift cards, the process of exchanging them, and the potential limitations and restrictions on their use. Understanding the realities of gift card trading is important for anyone who wants to take advantage of this convenient and practical way of using their gift cards. Here are some common misconceptions:

  • Myth 1: Gift card exchange is illegal.
    Gift card exchange is not illegal as long as it is done through a reputable platform or marketplace. In any case, it is important to be cautious when exchanging gift cards, and to only use trusted platforms to avoid any legal issues or scams. It is also advisable to research the platform’s policies and regulations, and to understand the terms and conditions of the gift card exchange, before proceeding with the transaction.
  • Myth 2: Gift cards never expire.
    Some gift cards don’t have an expiration date, meaning they can be redeemed at any time after they are purchased. However, other gift cards come with a set expiration date, which means they can only be redeemed within a certain period of time. To avoid any potential issues or disappointments, it is essential to check the terms and conditions of the gift card before participating in a trade. This information can usually be found on the card or on the issuer’s website. Knowing the expiration date of a gift card can help ensure that you are able to use it before it becomes invalid, and can help you make informed decisions when it comes to exchanging gift cards.
  • Myth 3: You’ll always get full value for your gift card.
    The value of a gift card can fluctuate based on the gift card rate, which is the market rate at which gift cards are traded. The gift card rate is determined by supply and demand, just like any other commodity. When the demand for a particular gift card is high, the gift card rate for that card will usually be higher. On the other hand, when there is a surplus of that gift card on the market, the gift card rate will likely be lower. The value of a gift card can therefore change depending on the current gift card rate, which is why it’s important to stay informed about market trends and conditions if you are looking to exchange gift cards.
  • Myth 4: Gift card trading is unsafe.
    Gift card trading can be safe as long as you trade with a reputable platform that has a secure payment system and protects personal information. Such platforms should use encryption technologies and other security measures to protect your financial information, personal data, and other sensitive information. Additionally, it is important to only trade with platforms that have a good reputation and positive customer reviews, as well as established policies for resolving disputes and protecting consumers. Cardvest has a reputation for offering competitive rates and fair prices for gift cards, making it a popular choice among gift card traders.

These are just a few of the misconceptions surrounding gift card exchange. By understanding the truth behind these myths, you can make informed decisions and participate in gift card trading with confidence.

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Cardvest

Most reliable and secure trading platform trusted by 5000+ traders in West Africa.