Bought the $20 Amazon card for $10? This frugal hack (almost) re-doubles your investment.Posted by Donna Freedman on Jan 25, 2011 | 8 comments
Maybe you were one of the 1,378,938 folks who recently bought a $20 Amazon gift card for $10 from Living Social.
If you haven’t already spent it, here’s a way to turn that $10 investment into as much as $18.40:
Re-sell it on a discount gift card website.
“People can actually make money on this,” says Anson Tsai, CEO of Cardpool.com.
His site is offering 85 cents on the dollar. Normally that would work out to $17 but only if it were for an actual Amazon card rather than a code. Selling your $20 code will net you $16.
Over at ABC Gift Cards they’re currently offering 92% — $18.40 – because Amazon is such a popular card. “It’s pretty much like cash,” says spokesman Elliot Klier.
But…How is that a profit?!?
Now wait a second, you may be thinking. Isn’t $20 in scrip worth more than $18.40?
It is if you’re planning to shop. But I can think of a couple of reasons to prefer the cash:
- You can’t afford to buy anything right now and you know you can’t trust yourself to stay anywhere close to a $20 tab on Amazon.
- You’re on a tight budget and regretting even an additional $10 on your credit card.
- You’re in a financial pickle and realizing that $18.40 would keep you in gasoline/transit tickets until you get paid in 10 days.
Or suppose you got a $25 Amazon card for Christmas. It represents a quick infusion of cash. The same can be said for any other gift cards you received, although not all pay as high as that.
The percentages may change depending on supply and demand, so I’d recommend moving quickly. Most sites will send the money within a few business days. You may be able to opt for PayPal instead of a check if you prefer.
Frankly, you probably won’t do better than 92% but to be on the safe side you can check the rates at Gift Card Granny, a price comparison site.
And speaking of Gift Card Granny: Be sure to check out “Win a $250 gift card of your choice,” which shows you how to enter that site’s giveaway. The deadline is 11:59 p.m. Monday, Jan. 31.