CardCash has become a prominent name in the discount industry, buying and selling unwanted gift cards for discounted prices. Claiming to save customers money, CardCash has supposedly saved customers more than $50 million, turning over $140 billion of unused gift cards into discounts for their customers. But how true is this? Through bulk selling, CardCash claims you can earn between $2,000 and $10,000 a month, making it an excellent source of income if it works. So, is CardCash too good to be true? In short, yes. With complaints of scams and low ratings, they are quickly receiving an unreliable reputation throughout the U.S.
CardCash Company Information
| Official Website: | https://www.cardcash.com. |
| Headquarters Location: | New Jersey, U.S. |
| Founded: | Marc Ackerman and Elliot Bohm, 2009 |
| Industry: | Gift Cards |
| Ownership | Elliot Bohm |
| Contact | Telephone: 800-277-4214, Email: support@cardcash.com |
| Trust Score: | Average |
| Social media: | Facebook: @CardCash, Instagram: @cardcash, LinkedIn: CardCash.com, Twitter: @CardCash, Telegram: CardCash |
What is CardCash?
CardCash is the “world’s largest inventory of discounted gift cards”, buying and selling unwanted gift cards at discounted prices. Its mission is “to never let anyone pay the full amount for anything”, providing customers with discounts across more than 1,100 brands. Partnering with Walmart, Uber, Amazon, Starbuck, and more, CardCash can offer discounts and gift cards for many well-known brands. In 2014, they acquired their competitors, PlasticJungle; CardCash growing exponentially as a result. In 2015, they were named one of the Forbers’ Most Promising Companies, as well as earning recognition in Inc 5000’s Nation’s Fastest-Growing Companies for six years in a row since 2017. Also, in 2017, CardCash partnered with Charity On Top to provide innovative fundraising for victims of Hurricane Harvey. They have since contributed to other charities and fundraising schemes.
>>MORE: Is Kidscasting Reputable & Valuable? Is It a Fraud?
Is CashCard safe or a scam?
Reviews
CardCash has received extremely varied views, many customers being happy, while others call it a scam. On Trustpilot, they have received a 3.6-star rating, with 60% of their customers saying the service was excellent. Despite the good reviews, Better Business Bureau has flagged the business due to many complaints. Many customers complain that their balance disappears after the 45-day guarantee expires.
45-Day Guarantee Policy
CardCash operates a 45-day guarantee policy to protect its customers. They openly state that they do not accept returns and all sales are final. However, if there are balance discrepancies, they will refund customers under their policy. This 100% guarantee says that every card will be valid and of the specified amount when ordered for a full 45 days from the purchase date. If there are issues within these 45 days, you will be refunded immediately.
>>MORE: Is Apex Focus Group Trustworthy & Secure? Is It a Fraud?
Is CardCash reliable and trustworthy?
Reputation
This US-based company prides itself on the trustworthiness of its cards. To sell a gift card, you must first verify your details. This requires you to enter your credit card details for identification. CardCash then makes a temporary $1 authorization charge on your card, which you will receive back upon completion of the transaction. They may request additional information for verification purposes if necessary. As well as this, none of the cards has an expiration date, meaning you can’t purchase gift cards that are no longer valid.
Buying and Selling
For those customers buying a gift card from CardCash, there have been some issues with balances. Despite the 45-day guarantee policy, many customers never received compensation or a refund on their gift cards. Furthermore, some cards required pins to spend the money; however, this was not provided by CardCash. As the card was valid and held the specified amount, CardCash refused to refund the customers. Payment can be made through credit card, PayPal, or bitcoin. If a physical card is to be sent, CardCash covers this; the card arrives via the US Postal Service for free.
For customers selling gift cards to CardCash, there have been numerous complaints surrounding payment. Many sellers received their money after a few weeks, or not at all. In addition, there is a considerable loss to some sellers as CardCash pays considerably less than the balance. They claim to give at least 92% of the value of the card, but depending on the popularity of the brand, this is usually much lower. Payment is made from CardCash in cash, checks, PayPal, or direct deposit.
>>MORE: Is Chime Safe & Legit? Is It a Fraud?
Pros and Cons
Pros:
- Significant discounts for buyers, up to 30% or more on popular brands.
- 45-day guarantee on all gift cards.
- Over 1,100 brands across the US.
Cons:
- Bad customer service.
- Sellers receive less than the gift card value.
- Significant balance discrepancies upon purchase.
- Removal of funds after the expiration of the 45-day guarantee.
>>MORE: Is Rotita Trustworthy and Legal? Is It Actually That Reliable?
How does CardCash make money?
CardCash makes money by taking a percentage from the sale of your gift card. When you sell a gift card on CardCash, they take commission by deducting a portion. CardCash claims to pay up to 92% of the value of the gift card, keeping the remaining percentage. This 8% or more goes directly to CardCash as income.
>>MORE: Is Lifepoints Secure & Reputable? Is It a Fraud?
Best Alternatives to CardCash
- GiftCards
- Raise
- ClipKard
- CardPool
- Gift Card Granny
>>MORE: Is It Worthwhile to Use Unbounce? Is It Accurate & Trustworthy?
FAQ’s
What is merchandise credit?
CardCash doesn’t just sell gift cards; they also sell merchandise credit to their customers. This is like store credit, received by a customer when they return a product to the store. This merchandise credit, purchasable by customers of CardCash, comes with certain restrictions, such as it being redeemable only in-store. When purchasing, read the directions and conditions first.
What is the bulk-buy program?
The bulk-buy program benefits customers who buy large amounts of gift cards in one go. Through this program, bulk-buy customers receive lower rates than regular customers and have a dedicated sales representative for better negotiations. In addition, the CardCash Elite program offers additional payment options.
What is the bulk sell program?
Like the bulk-buy program, the bulk sell program offers benefits to those who sell large quantities of gift cards. According to CardCash, premier sellers can earn between $2,000 and $10,000 a month through selling gift cards to the company. This is because they have access to better rates and discounts, a dedicated sales representative, access to other brands that may not be available to average members, and fast payment. By providing these benefits; CardCash encourages repeat customers and their business as a way to make some money on the side.
What is CardCash Exchange?
The CardCash exchange is designed to help businesses grow and beat their competitors. It allows you to take your competitor’s customers. This is done through CardCash buying gift cards from your competitor and converting them into your branded currency. Managed by CardCash, this helps to gain new customers. Furthermore, they are sold to you at face value, CardCash takes a percentage from your business; buy some of the gift cards. For example, if CardCash purchased a $100 gift card from your competitor, they would give you an $85 gift card for $85, keeping the $15 for themselves.