Giftcardzen used to be one of the biggest gift card buyers with regards to the number of brands they’d buy. Over the past little while I’ve noticed that they stopped buying most gift cards brands. They still from around 25 brands that they are still accepting, like Best Buy, Walmart, Nike, Cabela’s, and a few others.
Most likely, they are shifting to buying more and more from their bulk sellers and are winding down, to an extent, the ordinary seller marketplace. Giftcardzen has difficult thresholds for bulk seller, requiring a minimum of $20,000 to become one.
Interestingly, the brands they are taking are largely brands which have deals on them, so they might be moving to a deals-based system where they stock up on given brands when there are sales, and then use their inventory to tide them over for a while.
Another change is that Giftcardzen began paying via Paypal instead of mailed check. They do have a ~10 day wait from processing until initiating the Paypal transaction. And from what I’ve been hearing, they’ve also removed their $600 weekly sales limit.
We’ll update The Complete Guide to Selling your Unwanted Gift Cards for Cash with these changes.
my weekly limit was set at $2,000
How would you find daily/weekly/monthly limit?
when you go over you will get a hard block preventing you from entering the card. IME the limit is on resale value. So if they offer 50% for a card you can sell 4k of that brand
There has to be more to the story. GCZ was one of the best and now it’s sold and drastically cut back. Must have been losing money.
I suspect there is rampant fraud/losses in the industry that takes a few years to wend it’s way thru the financials of these companies (ie not recognizing losses in real time).
FWIW, I bought some Panera gcs from them recently and about 1/3 of the cards had been all or partially drained weeks/months earlier. Previous order also had a couple drained from a 6 card order (several of the drained cards were $200 gcs). Those sorts of losses add up fast.
I am still waiting on my payment from them for Neiman Marcus deal. Just sent them an email checking on it.
we’re all waiting… it takes about 10 days since you got the “everything looks ok” email.
I’ll add that
10 *business* days ;).
I think they are doing a lot of direct from merchant buying now.
I sold 2 batches of Neiman Marcus gcs a few weeks back, the orders both say payment processed with one in mail form and one with paypal, but I never got any check or payment from paypal. Anyone know if the payment is suppose to be 3-5 weeks/ 10 days after the payment processed status?
I was under the impression 10 business days from payment processed message. Same boat here.
I only sold a single $100 card to test things and I emailed them about this last week. It’s 10 business days from when they process your payment. So a little over two weeks from when you originally submitted the order. I’m still waiting for that $83 and I should receive it tomorrow according to them.
Ken, have you received the payment?
No, I have not. Zen CSR says I should have received it, but there’s nothing in my PP account and they have confirmed the email is correct.
It took 17 days for me to receive payment from Zen.