Deal of the week: Buy and sell unwanted gift cards using Zeek
Zeek is an app-based exchange where you can offload unwanted gift vouchers for retailers you don’t use, or boost your spending power by snapping up other people’s vouchers at a discount.
What’s the deal?
The free-to-download app, which is available on Android and iOS, lets people sign up for Zeek in minutes. If you’re looking to buy, you can scour the site for vouchers and order in minutes with discounts of at least 10% off the face value available.
What you’ll pay for gift cards depends on the retailer it’s for. Based on our glance at the service, you could buy £50 worth of Xbox vouchers for £45, effectively making your money go 10% further, while a £50 voucher at Starbucks (a lot of coffee, admittedly) could be picked up for £38 – a 24% discount.
Electronic vouchers are delivered almost instantly, though you’ll need to wait for physical vouchers to work their way through the postal system.
You can also use the service to sell unwanted giftcards (more on this below).
Why should I care?
If you get given giftcards for shops you don’t use, if you don’t get rid of them you’ll make unwanted purchases at best, or let them expire at worst, effectively handing over their full value to the retailer and getting nothing in return.
In December 2014, the UK Gift Card and Voucher Association estimated that £300 million is wasted each year through vouchers that get lost or expire.
Zeek users will also get £5 credit by referring friends to the service.
What’s the catch?
Buyers don’t need to pay a fee to use Zeek, but sellers do.
If you’re getting rid of unwanted vouchers, you can set your own asking price, which has to be at least 10% below the face value, but Zeek will take 7% in commission with a £3 minimum fee.
If you’re selling, you’ll be paid within a fortnight of the vouchers being delivered via a payment directly to your bank or PayPal account. This payment should be near instant for e-vouchers being sold, once Zeek has verified their validity, but for physical gift vouchers it can take a little longer and you’ll need to pay for the cost of postage too.
You can only sell gift vouchers – not discount coupons.
What are my other options?
Zeek isn’t the only place to offload unwanted vouchers, or to snap up a bargain. eBay does a roaring trade, though the auction process means buying or selling can take a little longer and there’s no guarantee how much people will bid for your wares.
If you have vouchers for a retailer you don’t use, you may also be able to come to a mutually beneficial arrangement with a friend or family member who would like them.