Calculating the best gift card rates for your cards can be a bit tricky, but it’s a crucial step in maximizing the value of your gift cards. In this article, we’ll walk you through the steps to calculate the best gift card rates for your cards.
Step 1: Determine the Face Value of Your Gift Card
The first step is to determine the face value of your gift card. This is the amount that the gift card is worth, and it’s usually printed on the card itself.
Step 2: Research the Gift Card Exchange Rate
Next, you need to research the gift card exchange rate. This is the rate at which you can exchange your gift card for cash or other gift cards. You can find this information on gift card exchange websites such as Raise, Cardpool, or GiftCardGranny.
Step 3: Calculate the Exchange Rate Percentage
Once you have the exchange rate, you need to calculate the exchange rate percentage. This is the percentage of the face value that you’ll receive when you exchange your gift card. To calculate this, divide the exchange rate by the face value and multiply by 100.
Step 4: Consider Fees and Restrictions
Some gift card exchange websites may charge fees or have restrictions on certain gift cards. Make sure to factor these in when calculating the best gift card rate for your card.
Step 5: Compare Rates
Finally, compare the rates offered by different gift card exchange websites to find the top Gift card rates for your card.
By following these steps, you can calculate the best gift card rates for your cards and maximize their value.
Example
Let’s say you have a $100 Amazon gift card and you want to exchange it for cash. You research the gift card exchange rate and find that Raise is offering a rate of 90% of the face value. To calculate the exchange rate percentage, you divide the exchange rate by the face value and multiply by 100:
(90 / 100) x 100 = 90%
This means that you’ll receive 90% of the face value, or $90, when you exchange your gift card.
However, Raise also charges a fee of 10% on Amazon gift cards. To factor this in, you’ll need to subtract the fee from the exchange rate percentage:
90% – 10% = 80%
So, the best gift card rate for your Amazon gift card would be 80% of the face value, or $80.
Tips and Tricks
Here are some additional tips and tricks to help you calculate the best gift card rates:
- Always research the gift card exchange rate before making a purchase.
- Consider fees and restrictions when calculating the best gift card rate.
- Use gift card comparison tools to find the best rate.
- Look for promotions and discounts that can increase the value of your gift card.
- Consider alternative gift card options, such as digital gift cards or gift cards from lesser-known retailers.
Conclusion
Calculating the best gift card rates can be a bit tricky, but by following these steps and considering fees and restrictions, you can maximize the value of your gift cards. Remember to always research the gift card exchange rate, calculate the exchange rate percentage, and consider fees and restrictions. By doing so, you can find the best gift card rate for your cards and make the most of your gift card purchases.
Additionally, here are some popular gift card exchange websites that you can use to calculate the best gift card rates:
- Raise
- Cardpool
- GiftCardGranny
- eBay
- Craigslist
These websites allow you to buy, sell, and trade gift cards, and they often offer competitive exchange rates. However, be sure to read the terms and conditions and check for any fees or restrictions before making a purchase.
By following these tips and tricks, you can calculate the best gift card rates and make the most of your gift card purchases.
FAQs
Here are some frequently asked questions about calculating the best gift card rates:
Q: What is the best gift card exchange rate?
A: The best gift card exchange rate varies depending on the retailer and the gift card exchange website. However, some popular gift card exchange websites offer competitive exchange rates, such as Raise and Cardpool.
Q: How do I calculate the exchange rate percentage?
A: To calculate the exchange rate percentage, divide the exchange rate by the face value and multiply by 100.
Q: What fees and restrictions should I consider when calculating the best gift card rate?
A: Consider fees such as commission fees, shipping fees, and any restrictions on certain gift cards.
Q: Can I use gift card comparison tools to find the best rate?
A: Yes, gift card comparison tools can help you find the best rate by comparing exchange rates across multiple websites.
Q: Are there any alternative gift card options that I should consider?
A: Yes, consider alternative gift card options such as digital gift cards or gift cards from lesser-known retailers.
