How to Cash in on All Those Unwanted Gift Cards You're Getting for Christmas

The holiday season may be a time for giving, but it's no secret that we all sometimes end up with some unwanted gifts. While getting stuck with a gift that you don't want can put a damper on the holiday cheer, there are a few ways to get rid to those pesky gift cards taking up room in your wallet and exchange them for something you actually want.

It's no secret that gift cards are a popular gift during the holidays, but they aren't always a hit. Whether it's a card to a store you've never heard of, one to a store you'd never even fathom stepping into, or there was something else on your wish list that you were hoping Santa would bring you, we've all been there. In fact, 47% of Americans have at least one unused gift card, according to a CreditCards.com study, and the average unused amount is $175 per person. That's a lot of money you're potentially missing out on, but thankfully there are ways to trade those unwanted gift cards in online or sell them, though you will give up bit of value.

There are several third-party websites that allow you to exchange gift cards for cash. According to CNBC, sites like Raise operate as a sort of marketplace, where you are responsible for selling the gift card. These types of sites give you the power to choose how much you want to discount the card and also allow you to view the discounts that others with similar gift cards are offering. The site imposes a 15% fee for using it to sell your card, meaning you will get an 85 cents on the dollar return. You won't receive any money until someone buys your gift card. Another option is CardCash, which gives you up to 92% of the cash value of your cards, though the return fluctuates from retailer to retailer. CardCash verifies y your gift cards, pays you, and then takes care of the hassle of actually selling the card.

There are several other sites out there that will let you trade in your unwanted gift cards for cash, including GiftCash, ClipKard, Gameflip, QuickcashMI, GiftCardBin, and CardSell. When selling or trading in, you may be tempted to do it as soon as the holiday is over, but if you're looking to get the most out of your unwanted present, consider holding onto it until summer, when websites are being flooded with other people trying to sell gift cards. You should also shop around a little before deciding which site to sell or exchange your gift card to given that how much money you will receive in exchange for you gift card can vary.

Meanwhile, if you are simply hoping to spread the holiday cheer, you can also donate your unwanted gift card to a charitable nonprofit. CharityChoice, a nonprofit organization, allows you to donate unwanted store and restaurant gift cards to your choice of more than 2,500 charities, per NerdWallet.