How do gift cards, payment cards, and money transfer vouchers compare for resale value and liquidity?
Executive summary
Gift cards generally resell at a meaningful discount to face value but are the most liquid of the three when tied to large, popular brands and listed on major exchanges; typical marketplace offers commonly range from ~70–80% of face value for strong merchant cards after fees, and kiosk or instant options can be lower, often 50–70% [1] [2] [3]. Prepaid payment cards (bank‑network Visa/Mastercard/AmEx reloadable cards) are functionally closer to cash in acceptance but still trade at a discount or face restrictions that limit resale, while vouchers or tightly constrained money‑transfer receipts are the least liquid because they are often nontransferable, single‑use, or legally constrained [4] [5] [6].
1. Gift cards — resale value driven by brand, platform and market competition
Resale value for gift cards depends first on issuer and demand: broadly accepted or bank‑network cards and major retailer cards command the highest resale percentages, while niche or regionally restricted cards fetch less; analysts and marketplace studies show resale estimates for $100 cards vary widely and that a seller’s competitive edge depends on pricing vs. market averages [1] [7]. Third‑party exchanges and kiosk routes dominate cash‑out options: online exchanges typically make offers after verification and will often pay in the 70–80% range for desirable cards, while in‑store kiosks or rapid‑payout machines commonly return a lower share, frequently 50–70% of face value [8] [2] [3]. Fees, verification rules, and platform policies — for example exclusions for promotional, registered or expiring cards — further depress realized value and can block some cards from resale entirely [8] [2].
2. Prepaid/payment cards — closer to cash but constrained in resale and legal treatment
Prepaid payment cards that operate on Visa/Mastercard/AmEx rails are broadly accepted and therefore more fungible in everyday spending than store‑specific gift cards; economists and policy summaries note prepaid cards function as a store of value and medium of exchange in ways gift cards do not fully, but they remain liabilities of firms rather than bank money, which affects fungibility and secondary‑market behavior [5] [4]. That acceptance reduces the need to resell, but when converted into cash on secondary markets these cards still often trade at discounts and face anti‑fraud checks and vendor restrictions; authoritative consumer rules and platforms may treat them differently from merchant gift cards [4] [9]. Reporting on “gift‑card‑network” products warns that while they may seem “as good as cash,” network fees and resale friction mean realized cash is usually below nominal value [7].
3. Money‑transfer vouchers and promotional vouchers — highest friction, lowest liquidity
Vouchers tied to specific promotions, product redemptions, or single‑use discounts are structurally the least liquid: many require full redemption in one transaction, exclude combination with other tenders, or are nontransferable under issuer rules, which sharply limits secondary‑market demand and resale value [6]. Institutional guidance distinguishes vouchers from open‑value gift cards precisely because vouchers are often promotional tools with restrictive terms, making them poor candidates for resale except at deep discounts or through informal private trades [6]. Where reporting exists, marketplaces and consumer guidance frequently exclude promotional or restricted vouchers from exchanges altogether, leaving holders stuck unless they can use the value directly [8].
4. Liquidity tradeoffs and tactics — time, platform, and product selection matter
Liquidity is a function of buyer depth and settlement speed: major exchange listings and popular brands shorten sale time and increase achievable price, while nontransferable or obscure issuers lengthen sale time and push prices down [1] [2]. Sellers chasing speed can accept ACH/PayPal instant options or kiosk payouts at lower rates; those willing to wait for a competitive buyer can approach parity with marketplace averages but never reliably reach face value because exchanges and buyers price in fraud risk and fees [8] [3]. Analysts caution that buying products with high resale durability and reselling the physical goods purchased with cards is another route — it converts card value into liquid cash but introduces market, shipping and time costs [3].
5. What the record does not fully show — gaps and caveats
Available reporting provides granular data on gift‑card resale spreads and practical seller options, but empirical comparisons across gift cards, prepaid payment cards, and money‑transfer‑style vouchers are uneven: detailed percent‑of‑face‑value metrics concentrate on merchant gift cards and kiosks, less on bank‑network prepaid resale rates, and almost nothing on structured voucher secondary markets beyond qualitative descriptions [1] [2] [6]. Where sources are silent, this analysis does not speculate about precise dollar percentages for payment cards or niche vouchers beyond documented generalities.