Walmart Will Trade You for Other Merchants' Gift Cards
Don't like the gift card you got for Christmas? This year, you can exchange gift cards from more than 200 different retailers, restaurants, and airlines for one from Walmart.
Don’t worry if you don’t like some of the gift cards you receive this Christmas. The AP reports that Walmart will trade store credit for gift cards from more than 200 different retailers, restaurants, and airlines.
Shoppers can trade in any eligible gift card for a Walmart gift card of similar value. How much you get depends on what kind of card you’re trading in. An Amazon card will fetch 95% of its value, a Gap card will be worth 85%, and some cards will be matched with just 70% of their original value. The exchange program is being done in partnership with CardCash, the largest platform for buying and selling gift cards. Walmart says this exchange is a test but could be made permanent if there is heavy demand. (Watch the video above to learn more.)
To exchange their gift cards, shoppers don’t even need to leave the house. Walmart’s card exchange website, Walmart.CardCash.com, lets users input their gift card’s information, and a Walmart gift card will be emailed to them once the original card’s balance is verified.
The motivation for Walmart’s gift exchange is probably to increase store traffic, but there are many reasons retailers love getting their gift cards into the hands of shoppers. As MONEY’s Kara Brandeisky points out, shoppers are likely to overspend when given what seems like fake money. In addition, researchers have found that consumers buy items they don’t need when they use a stored-value certificate; the CEB TowerGroup consultancy has found that 65% of gift card users spend 38% more than the face value of the card.
The CEB also reported that customers tend to forget about their gift cards and don’t spend the full balance, resulting in more than $1 billion in unused store credit this year alone. But that appears to be less true in the case of Walmart: A company spokesperson told the AP that 95% of Walmart holiday gift cards are usually redeemed by February.
- Who do you side with in the Great Gift Card Debate?
Why gift cards are the only present that makes sense
- Why gift cards are a crime against Christmas
- This article originally appeared on Money.com