Most of us have received gift cards on special occasions that we can use to buy things at our favorite store or restaurant. But sometimes you just don't want or need a particular gift card. So, then what?
It seems a growing trend in the pawn shop business offers a solution where everyone involved wins. Smyrna Pawn Brokers owner Jason Wallace said he learned about it last year at a pawn shop convention.
Wallace will buy gift cards from customers. The more popular the retail shop, the more money he will pay.
He called it "the new regifting," where everybody wins.
"I'm essentially trading cash for cash because these [the gift cards] have value to them," said Wallace. "What it is for the customer is they're getting cash they can spend anywhere."
An example of how it works is Wallace will give a customer $50 cash for their gift card worth $100 at a popular store. He then sells the card online for $85, profiting $35 himself.
Wallace admits fraud is possible. But by law, pawn shops must document your information, copy your I.D. card and take fingerprints.
He said in the year that he's been buying gift cards, a couple of customers have tried to scam him. "But when a customer sells us these, they're signing a contract that they're selling the value of the card. We have to hold it for 30 days. If that value's not there anymore, it's something they've done to deceive us, we charge them with theft by deception."
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Tuesday, April 20 2010 11:21 PM EDT2010-04-21 03:21:00 GMT
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