Target Exchange
Target announced last week a new way of getting rid of unwanted gift cards by trading them in for a Target gift card.
The service is available in Target stores at a dedicated kiosk for this purpose, and just in time for the major holiday gift card season. The exchange will be open year-round and is in partnership with discounted gift card exchange Cardpool.
Have a gift card you don’t want? Simply bring it into a Target store and trade it for a Target gift card. There are hundreds of card types eligible for exchange; based on the gift card brand, they’ll make you an offer to swap for a new Target GiftCard. Then you can choose if you want to accept or decline the offer.
The program is available in 1,562 Target stores in the electronics department.
Is it a good deal?
Is it a good deal? That, of course, is the question.
Readers comment to this post that the rates are bad; for example, they offer just 67% for a Best Buy gift card. You can do much better by selling the card for cash.
Other Options
There are numerous merchants who allow swapping gift cards, see List of Options to Exchange an Unwanted Gift Card for Another.
Many people will prefer to just sell the gift card for cash. We wrote a guide to explain how to do so, see The Complete Guide to Selling your Unwanted Gift Cards for Cash.
HT: Reader Eric and CNN Money
Updated 12/29/15
I can confirm Arvin that the rate is way worse than selling to an exchange. I was given a 67% for a $500 best buy gift card.
Wow, that is bad!
Coinstar has a kiosk in supermarkets, cash for gift cards, they pay out about 50%. Check cashing places in my area are not advertising the same service plastered on their store windows, “Cash for gift cards!” As a goof, went in there, you guessed it, 50% only.
Because most people are not buying gift cards to resell for a profit, these kiosks and other sources are getting all those folks who are just happy to get something for a gift card that probably really was a gift to them. To them 50% is free money.
“now advertising”
My sister is not getting 5% using her redcard.
My condolescences.
Thanks Calvin and Arvin
The mobile kiosk is the register by the electronics area. I just came from there. They said they took gift cards of value from 17 to 250. They couldn’t take my 350 dollar Best Buy gift card, and they offered 17 dollars for a Barnes and noble gift card. They wouldn’t take my IKEA gift card. In the end I didn’t trade anything in. By luck I stepped into the Best Buy next door and they finally had eBay gift cards in stock so I just cleared out their entire stock.
And how much value was on that B&N gift card they offered you for $17?
Oh, sorry. it was a 27 dollar gift card, so that’s a 60% value. Way worse than selling to an exchange.
May I ask what state you’re in? I haven’t found a store carrying them, where I live.
The mobile kiosk isnt actually a kiosk, it is a register near the electronics section run by an employee. There is limited amount of merchant gift cards that Target accepts.
I didn’t have a gift card that Target accepts, so I can’t comment on the rates.
I do know they do not accept Amazon or Exxon gift cards.
By “Mobile kiosk” do they mean the counter where they activate phones? The article says it will be running year round so it seems unlikely that they’ll have a special kiosk for it.
Not sure, if you find it please let us know.