It happens every year. I get a gift card from a well-meaning friend or family member to a place that I never visit.
This many times led to me eventually losing the gift card or, at best, regifting the gift card to someone who would actually use it.
This was before I discovered CardPool and its seamless system for selling and buying second hand gift cards.
Is CardPool Legit or a Scam?
When I first found out about CardPool I thought it was a brilliant idea with the great possibility for being a scam. Fortunately, I tried it out, first as a buyer.
The process went seamlessly. The card came in the mail with no problems.
Next I decided to try the selling process and it went smoothly as well. So, I can say without a doubt that CardPool is 100% legit and not a scam.
How Does it Work?
CardPool works as a broker of second hand gift cards. This means that someone else originally purchased the gift cards and they are now being sold on the CardPool platform.
Unlike other platforms where you buy and sell with other users, CardPool actually purchases the gift cards, verifies the balances, and then sells them on their website. This way you get a secure transaction from a guaranteed seller/buyer and have none of the hassles of an Ebay type transaction.
CardPool will only accept and sell cards that have no expiration date and do not charge any fees for being used. All transaction have a 180 day guarantee and there are no shipping fees for any buying or selling transaction.
CardPool Options
With any transaction there are buyers and sellers. The same goes with CardPool.
Buying Gift Cards on Cardpool
I have become a HUGE fan of using CardPool to purchase gift cards. The website will tell you that you can save as much as 35% off the face value of the card and this is technically true, but you are more likely to get 5-10% off at major retailers and 5-20% off at major restaurants.
Couple that by purchasing your gift card with a rewards credit card and you can score another 1% cashback on your purchase.
Types of Gift Cards
You can purchase both physical gift cards that come in the mail or electronic gift cards that you receive instantly and use online. Bothe come with the same amount of credit and are easy to process.
Since my discovery of CardPool.com the only time I purchase a gift card in the store is when I need something last minute. In those cases I make sure to go to a grocery store that is part of the Fuel Rewards Network and use a rewards credit card so that I get the most cash back possible.
Selling Gift Cards on CardPool
You are not going to get full price for your gift cards when you sell them on CarPool, but you can get up to 92% off the face value. The amount you get will depend on the popularity of the card.
Places like BestBuy and Walmart are going to fetch the highest prices because people are purchasing them all the time. Other retailers that are not as popular will garner lower returns on the face value. You will probably only get 70% cash back at Sally Beauty Supply or Lane Bryant.
That being said, if you are stuck with a card that you are never going to use, even 70% of face value in the form of cash is much better than a useless gift card.
Cash Out Options
CardPool offers you the option cash out via paper check or Amazon.com eGift card. If you choose the eGift card from Amazon you can score as much as 4% in additional money.
How I Use CardPool.com
When it comes to selling my gift cards I always choose the Amazon.com option because of the additional money you get. Plus, you can buy just about anything on Amazon these days.
The real strategy is when you use CardPool to BUY gift cards. The discounted rates you get give you the opportunity to really rack up the savings on your online shopping and even grocery shopping.
The system is pretty easy, but takes three steps. The first is to know that you have a purchase coming and to buy a discounted gift card from Cardpool for the store where you will be purchasing. If e-gift cards are available for that store then you can put this off until right before you make the purchase.
Next, you need to have an account with Ebates or Mr. Rebates. These sites give you cash back for using their website to go shopping on other major websites. For example, if you wanted to make a purchase from Walmart.com, you would first go to Ebates.com, log into your account, and search for Walmart. Ebates would then give you a link to click on that takes you to Walmart.com. This small action allows you to get an additional 1% cash back on your purchase. There are a bunch of these sites that you can learn more about in our review of the best cash back shopping rebate sites.
Finally, you want to be using a cash back credit card. For most purchases this will get you an additional 1% cash back. I am currently using a travel rewards card. For our Anniversary my wife and I were able to stay at the Hilton in Charlotte, NC for just points and that included breakfast in the restaurant (not a crappy continental breakfast).
When you use this kind of strategy it will look something like this.
- Buy gift card to Walmart from Cardpool.com with a 4% discount
- Find a deal on wanted item (20% off or more)
- Use Ebates to get 1% cash back on the purchase
- Use rewards credit card for 1% cash back on the purchase.
On top of finding the sale item you also got an additional 6% off because you were smarter than the average shopper.
This works with just about any major retailer or grocery chain.
Get Started!
Saving money online isn’t rocket science it just take patience to learn how to shop better than the average shopper. The great news is that you don’t have to spend any money out of pocket to get started. Sign up for a Cardpool.com account (it’s free), sign up for an Ebates and Mr Rebates account (they vary in which one gives you the best cash back), and then get your shop on.
Using the combination of these services has saved me hundreds, if not thousands, of dollars over the years.
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