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Cardnap launches

Monday March 29, 2010  Perth, Australia

Turn Cards into Cash cardnap


Cardnap, a new company that offers a simple and secure way to turn unwanted gift cards into cash, was launched in Perth today (Monday March 29).

Founded by Perth entrepreneur Lachy Groom, Cardnap Pty Ltd will initially support more than 45 retailers across Australia, including Westfield, Hoyts, Village Cinemas, Sussans, David Jones, Myer and Woolworths.

Mr Groom said that in the lead-up to Christmas 2009, it was estimated that one in five Australians intended to purchase a gift card voucher, making the cards last year’s number one Christmas gift item.

However, he said that many of these gift cards expired before being used and the Australian Consumers’ Association, believed that up to one in three Australian gift card vouchers expired without being used.

Mr Groom said that Cardnap would give shoppers the option to save money by turning their cards into cash or buy store credit at a price less than the face value of a card.

“Cardnap will offer customers discounts of up to 30% and will buy unwanted gift cards for as much as 90% of the face value,” Mr Groom said.

“At a time when shoppers have less confidence, as well as less money to part with, we want to offer people the opportunity to become savvy shoppers by providing them with a way to make their money go further.”

To sell unused cards customers visit the Cardnap website and enter the gift card voucher details and receive an instant cash quote. Once a customer accepts the quote, they can choose to accept payment via online banking or PayPal.

Gift card voucher cards are mailed to Cardnap and when the gift card voucher is received, validates it and then transfers the cash to the customer.

Mr Groom said that Cardnap offers free shipping of the purchased gift card vouchers to consumers anywhere in Australia.

Cardnap also provides customers the option of donating part or the full value of the giftcard to Kids Under Cover ( with plans to support many more charities in the coming weeks.

Kids Under Cover is a not-for-profit organization that builds homes and provides scholarships for young people who are homeless or at-risk.


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