reports that Target is buying unwanted gift cards, albeit at a reduced price. Note that fees are taken out during the exchange, and the trade-in values vary. One example: a $100 Walmart gift card would exchange for an $85 Target gift card.
Target is partnering with gift card exchange website Cardpool and electronic trade-in company Nextworth for the program. Cardpool provides the trade-in rate of consumers' gift cards and then re-sells them.
Gift cards are the most asked-for present during the holidays, according to the National Retail Federation, which estimated total gift card spending to hit nearly $26 billion this season. Target will exchange gift cards from more than 600 brands, including Old Navy, Cheesecake Factory, Tiffany & Co, Staples and Pottery Barn.
The program is available in over 1,500 Target stores nationwide, but not all Targets offer this service. On CNN this morning, they gave the tip to head to the Electronics Department and ask for the Cardpool representative.