Published on September 2nd, 2015 | by Chuck25
Major Changes to Giftcardzen Reselling
One of the popular options for reselling unwanted gift cards is Giftcardzen.com. Last week, they began numerous changes to the rules of selling gift cards on their site. Thanks to the staff at Giftcardzen for clarifying the details with us.
$300 Weekly Limit
Giftcardzen now has a hard limit of $300 in gift cards which you can submit per rolling 7-days. This means that you won’t ever be able to sell a gift card with a balance of more than $300. And you won’t be able to sell multiple smaller gift cards with a face value of more than $300 at a time.
After 7 days, the limit resets and you can sell another $300 worth.
Another change now if effect is that most gift cards can now be submitted electronically. You’ll get the same payout whether you submit the cards physically or electronically.
Previously, only bulk sellers were allowed to submit codes electronically; now anyone can submit codes electronically, within the stated limit of $300 per week.
As always, there will be a number of cards which need to be submitted physically, such as gas gift cards and a few others. The system will tell you during the sell process whether it needs to be mailed in physically and you’ll know that before confirming the order.
Giftcardzen has now enforced must higher standards in order for someone to be eligible for bulk seller status. According to the rep we spoke to, you now need at least $30,000 in monthly sales to be eligible and you need a physical brick-and-mortar location as well.
Previously, there was no need for a physical location and you just needed $5,000 per month in sales to be eligible.
Note that the website seems to indicate that the minimum now is $20,000 and that you don’t need a physical location, but the rep we spoke to told us that you now need $30,000 and a physical location.
Payment from Giftcardzen is still in the form on a check (for non-bulk sellers), as it always was. The only small difference now is that the check will be issued more quickly when you submit gift cards electronically, since the check will be issued as soon as the order is processed and won’t need to wait for the mailing of the cards.
No real change here; just something to keep in mind.
Everyone will have their own opinion on these changes. In my view, it’s a net positive for us. I value highly the ability to submit gift cards electronically and this new move is a huge advantage.
Until now, only Saveya allowed electronic submission on most cards while Cardpool and Cardcash deduct 5% from the payout for electronic submission. Now we have both Saveya and Giftcardzen as options for submitting gift codes electronically. This is really a great addition both for selling e-gift cards and for selling physical gift cards more easily.
As for the new $300 weekly limit – obviously that’s not exciting, but the limit is really manageable. Think about it: you can sell over $15,000 per year by doing $300 a week. Sure, it’s easier to do it all in bigger orders, but since they allow electronic submission, the breaking up of the orders isn’t a huge ordeal. Saveya has a stated limit of just $300 or so per month and this Giftcardzen limit is significantly higher than that.
We’ve updated The Complete Guide to Selling your Unwanted Gift Cards for Cash to reflect the new rules of Giftcardzen.
HT: reader Wwllmm