When I first started gift card churning, I sold most of my cards to Plastic Jungle, until they decided to close up shop in the B2C (Business 2 Consumer) realm. I wish I had started chasing the points sooner because they were offering 2.5% cash back after clicking through TopCashBack.
When they closed, I moved all of my business to Cardpool and learned how to deal with the adversity of gift card churning. Some of the things are in my control that I could have fixed like asking for ACH payments and I would not have had a lost check. Another instance, I could have redeemed a Target gift card electronically and the card would not have been lost in the mail, but I didn’t want to eat the fee charged for the electronic redemption.
I like redeeming with Cardpool, their website is great, I love how they pay for postage, but my biggest gripe with Cardpool is the fee for the electronic redemption, now at 2%.
I now plan to not limit myself and exclusively sell with Cardpool. Fortunately, Gift Card Granny has listed the exchange sites and I will investigate and let you know what I think. On the surface, I like the sounds of Junkcard if they offer 2% on top of the selling rate listed.
I have been selling my gift cards exclusively to abcgiftcards.com (atleast 20 transactions so far.) Most of the times they have a pretty competitive rate and their customer service has been awesome. Haven’t had any problems with them at all.
I’ve only dealt with them once, that was for a $200 Starbucks card they declined to buy from me. I didn’t like how there were so many pages to print for the invoice, signing my name on the contract (I’d assume this was every time there was a transaction, vs a one time deal online with Cardpool), and I didn’t like paying for postage since I was so used to Cardpool and Plastic Jungle paying for it.
I do like how ABC/Cardcash is on the East coast, it wouldn’t take nearly as long for the gift cards to arrive at their location. I also like how ABC/Cardcash is NOT a PO Box, unlike both Cardpool and Plastic Jungle since you couldn’t use like FedEx or UPS.
I might give ABC another swirl one of these days.
You started off by saying that you just had one transaction with ABC/CardCash and they declined to purchase your starbucks card. You then say you hate all the paperwork they print out for invoice and have you sign. Well if they agreed to buy your card initially, made you an offer and you tendered the card number with security pin then mailed in the card they were contractually obligated to pay you the money. That money is yours and when they receive card they have purchased from you its theirs and they are not allowed to cancel transaction later and return card to you. They are criminals and if you did get your card back you are one of the lucky ones. Go to BBB of New Jersey and review all the complaints against them then come back here and post you may give them another opportunity to commit fraud against you.
Think about continuing your little business relationship with these people. Go to BBB Better business bureau of New Jersey and review all the complaints against these people. See how similar the stories are. Then wait about 2-4 weeks and see if they are not in the news having huge class action lawsuit against them and other investigations going. I guarantee you will thank your lucky stars Madonna that you were do fortunate to complete the transactions you did. They are nothing more than a criminally operated entity that deceives everyone visiting their site. I bet that in your dealings you were violated in some way you just do not realize it or it was completed in your favor that you did not care. i am speaking as to what they advertise (exactly and literal terms), the language in agreement, Faq, How it Works, guarantees on ALL transactions, every detail. If you are a buyer then you probably did not receive your cards within allotted time, or you had something changed on you after the fact, something. Think about this, they tell buyers in the agreement that once you purchase and receive the giftcard(s) it is yours period. The only exception is if within 45 days something occurs that indicates fraud on card related to its origin (before you bought them) then you will be able to get replacement. However, if states if you are unhappy or any other reason at all, you cannot return that card to them. However they say they will allow you to exercise option to become a seller and sell those gift cards back to them at discounted price of course.
Now my point is this, they have duped a lot of sellers as they agree (in agreement, in Faq, How it Works, two times during and immediately following online transaction portion) that seller WILL BE and SHALL BE issued their money within 24 hours after they receive the cards they entered into agreement to purchase. Like in the case with myself and my family members that was far from accurate as they go weeks without depositing money as agreed, no notice, no contact, then after all this time they make claim that transaction is in what they call ESCALATION status and that their system flagged the transaction so they now need personal identifying information from you consisting of your social security number, drivers license copy, and address. If you do not comply you will not hear from them again for long time or keep getting run around when eventually after 6 weeks have gone by you file complaints against them then they suddenly cancel transaction and say they are sending you back to you. These are cards they legally purchased and took ownership possession of making those cards 100 percent theirs and if they send them anywhere it is not part of any transaction, it is a donation.
If you read complaints (like with us after we are owed more than $5,000) they claimed with me they were sending cards but never did or intended to. They (like with others in complaints I reviewed) give you a bogus tracking number that when you go to verify tracks nothing. Mine was tracking number which they claimed was shipped through stamps.com. That was a joke and a lie. They proceeded to make this sending cards back statement two other times and none of which have resulted in any cards arriving to me.
I told them that I will not accept those cards back anyway as they own them and under the agreement they have no right to cancel transaction or send cards back after they possessed them for 8 weeks plus. They get angry and say things and act as if I am doing something wrong like they do with all the other people who complain. I told them if they would like for me to purchase the cards back from them at discounted price we could discuss this. They are insulted but yet they have same provision with buyers not allowing someone to sit there with their cards even if buyer never uses card, they will not trade or accept return of cards so why would they expect that a seller would do what they will not do.
FYI – I almost decided to use Cardsnagger a few days ago (as they had highest payout for a number of cards I wanted to sell). But since they are new to me, did a bit of Googling to find out about them. Some guy posted some very interesting (and disturbing) telephone recordings on Ripoffreport.com from the guy who runs CS (and posted one on YouTube). Essentially the CS guy accused the seller of fraud, threatened to call police etc etc etc – totally unprofessional (and potentially libelous). The interesting thing is the CS guy denied it and said he offered to “help”, then the seller posted the recording for all to hear what “help” really meant. Also several other recent negative reports about CS.
Needless to say, I wouldn’t go near CS with a 100′ pole and will stick with CPool (even though I was irritated when CPool called me to inquire about a bunch of Whole Foods cards I was selling from the recent Amazon Amex Sync promotion).
I guess there is rampant fraud in these gift cards – and why the resellers love the space (buy em cheap and flip em for big $).
That is quite interesting, I would have thought Cardsnagger were reputable since they’re listed on Gift Card Granny. Cardpool never inquired about how I acquire my cards.
That is exactly the problem with gift cards is high fraud and is a risky business for gift card exchange sites
I would like to add that if you start selling them lots of cards, they will ask for a copy of your DL and a credit card number to cover themselves. But that wasn’t an issue with me.
Sounds just like Gift Card Zen and Cardpool – but they didn’t ask for a CC# on file
I am new to this selling GCs. I am using ABC Giftcards.com and no issues as of now.
I have to admit that I have not ventured in to the world of gift card churning but it does intrigue me enough to learn more. By the looks of this post it seems ABC Giftcards is the front runner for my business. Would anyone disagree? Thanks!
I’ve identified gift card churning as my best opportunity, margins are incredibly low, and most of the times the activities can be done all at home and little need to visit a store.
Yeah I would rethink if I were you and go review CardCash.com/ABCgiftcards.com (same company) before you make any further transactions. They have cheated my family and I out of more than $5,000 and a lot of other people. Go to BBB Better Business Bureau and look at all the complaints and see the similarities in how these people operate. They are lying criminals. Keep reviewing as very soon there will be a huge class action lawsuit against them and other investigations. They do not honor their agreements or the offers they advertise and present throughout website. Just be careful as they are very crooked.
@Danny Pomares wow! That’s quite an experience. Has everything been completely resolved to your satisfaction?
I got an email from Card Cadh today their buying PJ. Very amateurish looking. Good prices though.
If only there were some super deals around, I’d like to give them another shot