(WXIN) — According to a Bankrate survey conducted ahead of last year’s holiday season, approximately 2 in 5 Americans have unused gift cards in their possession. And of those Americans, the total average balance of their gift card cache is estimated to be around $244 — a figure which represents an increase over 2023 and 2022, when the average American with unused gift cards had a balance of under $200.

“Sometimes we’re our own worst enemy when it comes to gift cards,” Ted Rossman, a Bankrate senior analyst, said of the findings at the time. “We relegate them to the back of our wallet or stuff them in a junk drawer, never to be seen again.”

Some of the survey’s respondents claimed they had misplaced a gift card, or simply hadn’t gotten around to using it. But the majority alleged that they hadn’t spent their gift card money because they didn’t like the store it came from, or they found the retailer/restaurant “inconvenient” to get to.

Whatever the reason, many Americans are sitting on hundreds of dollars they have no intention of using in the near future. But they might be interested to know there are several websites where you can trade gift cards for cash, or even other gift cards they’re more likely to use.

One popular site is called Cardcash, where users can either exchange cards for different ones or trade them in for cash — just not for the full value. A $50 Walmart card might be worth $40 to $45 cash. Or, it could be traded for a $40 Amazon gift card.

Users can also sell cards on Giftcash. But major retailers like Target, Walmart, or Home Depot are likely to bring in more money than smaller stores and restaurants. A $50 Target card might be valued at $42, while a $50 Cheesecake Factory card might be valued at $37.

There’s also a site called Raise that works more like an auction site. Users set the price of their cards, and the site will suggest a competitive price based on what other cards are going for. Most payout times are between 1 and 5 days, either by direct deposit, Paypal or a paper check.

Consumers, however, should study the fine print before any online transactions, even if it only pertains to gift card balances. Exchange sites such as the ones mentioned above generally take a cut of the sale price, and may have conditions allowing them to reject specific gift cards or decline business with a user over balance discrepancies or other violations of their terms of service.

But if Americans with unwanted gift cards would rather settle for slightly less cash than their cards are worth, it might be worth looking into.

“Gift cards represent real money,” Rossman said. “It’s disappointing that the amount of unused value continues to grow.”