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Gift Card Exchange Day helps people get the gift they really wanted

Wednesday - 12/26/2012, 8:48am  ET

Randi Martin, wtop.com

WASHINGTON - Many people found gift cards in their holiday stockings, and while the sentiment was welcome, the card may not have been.

A new initiative called Gift Card Exchange Day aims to help people exchange unwanted gift cards or sell them back.

Luke Knowles, founder of Gift Card Granny, created the Gift Card Exchange Day after realizing the online search term "exchange gift cards" peaks the day after Christmas. He also knew many gift card resale businesses want to replenish their gift card inventory after selling them over the holidays, according to MSN Money.

Websites like GiftCardExchangeDay.com will buy a gift card for cash, exchange it for a new card or donate the value to a charity.

Other companies like Card Pool, Plastic Jungle and Gift Card Rescue will pay 50 to 90 percent of the card value.

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(Copyright 2012 by WTOP. All Rights Reserved.)