Gift Cards for more than face value on eBay.

[Disneyliscious]

I'm confused by some of the auctions I see on eBay in regards to gift cards.

$250 Walmart GC listed at $292 (BiN)
$500 Walmart GC is bidded up to $511
$100 Walmart GC listed for $112.99 (BiN)

$100 Target GC listed for $137.99 (BiN)
$25 Target Gift Card bidded up to $26.50
$350 Target GC bidded up to $256.13

Granted, the BiN's may not sell but why do sellers list them for more than whats on the card (and why do buyers bid more than the value of the card) when you can just order it from the stores website (or go into a store) and pay face value? Does this have something to do with eBay Bucks? Just trying to figure out how these buyers come out ahead.

 

[Jen and Ashwin]

I'm confused by some of the auctions I see on eBay in regards to gift cards.

$250 Walmart GC listed at $292 (BiN)
$500 Walmart GC is bidded up to $511
$100 Walmart GC listed for $112.99 (BiN)

$100 Target GC listed for $137.99 (BiN)
$25 Target Gift Card bidded up to $26.50
$350 Target GC bidded up to $256.13

Granted, the BiN's may not sell but why do sellers list them for more than whats on the card (and why do buyers bid more than the value of the card) when you can just order it from the stores website (or go into a store) and pay face value? Does this have something to do with eBay Bucks? Just trying to figure out how these buyers come out ahead.

Mostly I think it has to do with the eBay bucks program and gift card churning in general. Sellers have to pay about 13% in fees, so they want to sell them for more than face value. Buyers want to convert their eBay bucks or their churned gift cards into their desired currency. They probably don't mind loosing some value in the transfer, since they are often coming out well ahead anyways.