LeverageCard Lets You Store And Trade Gift Card Data Online

A new website launched last week that lets you store your gift card data from a variety of retailers in one location, where you can track usage, retrieve card numbers if you lose the physical card, or even swap card balances with other members. The site will also pay you 1% interest on the balance of each card you register, or 3.65% interest if you purchase the card through their site.

What about privacy? “Leverage’s backers say they won’t compromise users’ privacy. Retailers won’t be able to contact users directly or gain access to their personal information.” So, your data may be no more or less secure than at any other online service, but they’re saying up front that you won’t be contacted by third party businesses.

“Online registry helps people buy, track gift cards” [Dallas Morning News]

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www.leveragecard.com

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  1. newlywed says:

    oh, how i miss cash…this is ridiculous. an entire industry based off of the idea that giving cash is tacky.

  2. camas22 says:

    whats the logic behind them paying you interest for the balances?

  3. coren says:

    @camas22: I’m not sure, but I wonder if it’s not to lure people in and “oops, giftcard spent”

  4. jimmy43 says:

    I would guess that the interest paid is a kickback from the company the gift card is for. If you buy a gift card, the company gets money right away. Between the time you buy the card and the time you cash it in, the company can make money by investing the cash, and by the devaluation of the gift card via inflation. This is an incentive for you to wait longer to cash it in (and maybe even totally forget about it before it expires).

  5. austinchu says:

    Thanks for the post! My name is Austin, and I actually work for LeverageCard.com.

    I just want to clarify and shed some light on our business model and interest questions:

    @newlywed: You’re totally right, it’s crazy how we as human beings have invented another form of money. Personally? Cash is king.

    @cmass22: This is how we pay on interest, it comes out of our pockets. If you want to see it as a marketing gimmick, it can be. However, there is a purpose behind it. For cards that have online balance checks its 1% (not purchased from us) and 3.65% for ones that are purchased from us. Consider this: the national savings rate is .77%. You’re not going to retire off of it, but at least it’s keeping up with inflation….well sorta..

    @coren not sure what you mean by “oops gift card spent” but we’re not spending your gift cards, if that is what you mean. Every step of leveragecard.com is free, except the shipping of the gift cards.

    @jimmy43: We’re not investing in the gift cards, like banks normally do. We’re a site that manages and tracks. we’re not helping you invest your gift card money, which is why, we don’t charge a service fee or interest fee. You’re not cashing in the gift cards. It’s just a site that organizes and informs you on your gift cards.

    I hope this answers some questions. I’m certainly 8 months too late, just started catching up on articles and blogs that were written about us. If you have questions, or concerns feel free to email me at austin at leveragecard . com