Department Store gift certificate cash conversion is a common approach to obtaining quick money, according to InfoNow Korea (인포나우코리아). Usually at a somewhat reduced price, this entails purchasing gift cards from department stores and subsequently selling them for cash.

Gift certificates are highly valued and traded in South Korea, hence, this approach is especially helpful there.

How it Works

Usually, the process consists of these stages:

• Purchasing gift certificates from a respectable department store. Your purchase will dictate the possible cash you could get.
• Look for a buyer from a company purchasing gift certificates for cash. InfoNow Korea advises against fraud and guarantees open fee agreements by employing registered companies.
• Give the customer the gift cards to sell. The service fee will cause the cash you get to be somewhat less than the certificates’ face value.

Points of View and Helpful Tips

Here are some things that you must consider:

Fees

Usually a percentage of the value of the gift certificate, expect to pay a fee. Fees in connected cash conversion services can average roughly 15%, according to InfoNow Korea.

Legality

Although this is usually lawful, it is advisable to employ registered companies to guarantee a clear and open transaction.

Speed

Usually in minutes, this approach gives fast access to funds.

Alternatives

Although handy, think about if, over time, other choices—such as credit or loans—might be more reasonably priced.

Recommendations of InfoNow Korea

InfoNow Korea stresses the need to do these transactions utilizing registered companies. This guarantees openness of charging policies and lowers fraud risk. To get the best terms and pricing, users should also evaluate several service providers, they counsel.

Particularly in cases of emergency cash needs, department store gift certificate cash conversion provides a quick approach to get money. But as InfoNow Korea emphasizes, it’s important to be mindful of the related costs and to choose respectable companies.