Gift Card Wiki Adds 2 New Features
I have written quite a lot about Gift Card Wiki. After being tipped off by a commenter, I found the site and quickly discovered it is way better than its competitor Gift Card Granny. Since then they have made a number of improvements.
In the early days of the site I noticed that sell rates weren’t really that accurate. Thankfully Gift Card Wiki has worked hard to fix that. They have also added historical sell data and broken down whether you can sell a digital code or just a physical card. All amazing features, but they continue to improve.
I noticed on Twitter yesterday that GCW was advertising their new Chrome plugin. It is actually quite simple. If you visit a website, the plugin will show you the discount you can get on that company’s gift cards. The screenshot above is from GCW, although I have tested it out and found it to work well. A simple idea and one that can be useful for people who are skilled in the art of ninja trickery.
Sory by Arbitrage
Ok the plugin is nice, but the real killer feature is their sort new “Sort by Arbitrage Rate” function. If you go to their Gift Cards page, you now have the ability to sort the deals by buy/sell rate. If those two add up to more than 100%, then you have an arbitrage opportunity. Let me show you an example.
So these are the top four results this morning when I sort by arbitrage rate. Lets look at New York & Company. You can purchase these cards at 40.3% off of face value and sell them for 68% of face value. That means in theory you can make an 8.3% profit.
In the New York & Company example, GiftCardZen is selling them for up to 40.3% off. You must buy physical cards to sell and then the only companies that are buying are smaller outfits liked GiftCardBin, Gift Card Rescue, etc. I would steer clear of this, but every once in awhile you will find a gem.
As I mentioned above, most of the arbitrage opportunities aren’t going to work out once you click through and check things out. Here are a few reasons why:
- The buy discount is for one low denomination card.
- The buy discount is for digital cards where the sell percentage is for physical cards.
- The buy discount is out of date and is now much lower.
- The buy/sell rates are from/for unreliable companies.
Even if you are able to find an arbitrage opportunity, make sure that you are comfortable with the risks of buying from one exchange and selling to another. It isn’t all peaches and cream.
Gift Card Wiki continues to add some pretty amazing functionality. I’m not sure if I will use the plugin for the long term, however I think the arbitrage sort feature is really useful and it automates something I was doing more manually anyway. I hope this helps some of you, but please please use caution and take it slow.