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Target is now buying your unwanted gift cards

Posted at 12:00 PM, Dec 29, 2015
and last updated 2015-12-29 12:00:53-05

Pretty much everyone has received a gift card to a store they just never shop at. But Target might have a way to make that card actually worth something to you. 

The retailer is exchanging unwanted gift cards for in-store credit at a reduced rate. (Video via Target)

Unfortunately, the loss isn't small. For instance, Fortune found a $100 Wal-Mart gift card traded in for an $85 Target card. Still, it's probably better than letting a useless gift card take up space in your wallet forever. 

Target's program is far from a new concept. Sites like GiftCardGranny.com and Cardpool.com both offer the same service and, depending on the card, may actually offer a more even exchange than Target. 

But on the other hand, Target offers the convenience of being able to go to a store and immediately get credit to spend.

The National Retail Federation estimates $25.9 billion in gift card spending in 2015. 

This video includes images from Getty Images.