We all know that gift cards can save you money, but did you know that they can make you money too? I’m going to show you how with this technique I discovered yesterday when I wrote the post “Buy Gift Cards at a Discount at These Online Discount Gift Card Websites.”
I enjoyed writing the post yesterday on saving money by buying discounted gift cards for gifts as well as for personal use. If you’ve been a reader of mine for any amount of time, you know how much I enjoy finding new ways to make extra cash from home to supplement a current income, for spending on extra goodies you normally wouldn’t buy for yourself, or to put away for a rainy day. I also enjoy finding new ways to make money from home that are fun and easy to implement. My gift card technique is just that!
It does help to have a little bit of knowledge of eBay and/or Amazon selling practices because you are going to use one or both of these websites to sell what you buy with your new discounted gift card(s). This will be considered an arbitrage technique because what you are going to do is buy items low either online or at a retail store, and turn around and sell them for a higher price on either eBay or Amazon.
Here’s an example, yesterday I was doing research on the different websites where you can buy discounted gift cards online. I came across a really good deal for an Ann Taylor Loft gift card. It was a $396 gift card being sold for $324.72. That’s an 18% discount! I was thinking of how I could go to the Ann Taylor Loft outlet store, choose some items that are on sale like jewelry or clothes that are seasonal (you don’t want to try and sell winter clothes on eBay when spring is approaching) and list them on eBay. I know from a family member’s experience selling Ann Taylor and Ann Taylor Loft items on eBay, that they sell fairly well. The $71 you are ahead from the purchase of the discounted gift card coupled with purchasing items on sale, should make you a nice profit on eBay. However, you might also be able to find great deals online at the company’s website.
When I checked the Ann Taylor Loft website, they were having a free shipping special if you purchased $125 or more–not a problem for us since we need to spend $396! In addition, I checked retailmenot.com for any coupon codes that were listed for Ann Taylor Loft, and there was one for 20% off $100 or more! Since we are spending $396, that would be an extra $79 off on top of the $71 I basically scored for free by buying the discounted gift card! In addition, I’m getting my items shipped for free, so I also saved money on gas! By the way, they had plenty of merchandise on sale which included regular, tall and petite sizes as well as maternity clothes. In addition, there was a clearance section that had amazing deals like $60 sweaters marked down to $12.88. If you wanted to forget the arbitrage idea and just stock up on next fall and winter’s wardrobes with this technique, then that would make you a pretty smart shopper!
To summarize this technique, go back to my Buy Gift Cards at a Discount post from yesterday and check out the discounted gift card websites I have listed there. Find cards from merchants that have the biggest percentage off. Next, go to retailmenot.com to see if you can find a coupon code, or search online for a printable coupon to the store. Basically, you want to search for any additional coupons or discounts you can find for that merchant. A gift card is like cash, so it won’t interfere with any promotional codes or coupons you use at the merchant’s store or website.
Before you purchase the gift card (if you are buying it for arbitrage reasons), check out eBay.com and Amazon to make sure you can sell what you buy. On eBay.com, check out the completed auctions and find out what items are selling for. Amazon is a little bit easier to determine the price of listed items. You don’t want to get stuck with a bunch of merchandise you can’t sell!
Once you have your gift card in hand, find sale items at the merchants store or website that you believe you will have a really good chance of reselling for a profit. If you are buying at the merchant’s website, see if they have any free shipping specials. If not, double check the price of shipping. You don’t want to eat into your profit with shipping charges! In addition, check for additional on site discounts or specials (Remember the 20% off of $100 at the Ann Taylor Loft website?).
After you’ve done all of the above, all that is left to do is buy, list and sell your items! Hopefully, you will make some nice extra money from home with this technique. All that is left to do is rinse and repeat!