(PCM) Target has just announced plans for a new program that will allow customers to trade-in their unwanted gift cards for any other retailer in exchange for a gift card in a slightly reduced amount to any Target store. This is huge news, especially during the holiday season where it is certain that individuals will receive at least one gift card from somewhere that they don’t frequent and prior to now, felt stuck with the gift.
When put to the test and editor at Fortune magazine was able to trade-in a $100 Walmart gift card and received an $85 Target in-store credit card in it’s place. While it may seem like this is quite a bit of a loss, many feel that it is better than just letting the gift card sit around unused. Over the year’s many gift card exchange programs have popped up online, however Target is the only retailer to offer this option in-store and allow customers to use the in-store credit received immediately.
Sources claim that over 29.5 billion dollars in gift card spending occurred in 2015. According to CNN.com, a card from a big-box store is likely to have a higher exchange rate than a more regional establishment, but the rates vary with demand. Target will exchange gift cards from more than 600 brands, including Old Navy, Cheesecake Factory , Tiffany & Co , Staples and Pottery Barn, to name a few.
The program is currently available in 1,562 Target stores in the electronics department.
