Gift Card Rescue from Shark Tank

Gift Card Rescue shark tank

It’s your birthday, and you are having a party. You have invited your friends, family, and neighbors to celebrate your big day. Not that you are a child anymore, but the accomplishment of turning 35 and becoming a homeowner has you happy beyond measure. It’s also a housewarming party, and you are excited to give the guests a tour of your house.

When the party ends, you grab your presents and start tearing into them giddily. Your family knows you pretty well and gave you some nice gifts, as did your friends. What you can’t figure out is who gave the gift cards. There are at least 10, all with varying values. There’s even one for a salon. The problem is — you are a dude, and the card is for a woman’s spa treatment. The others aren’t much better. However, their worth is pretty high. You don’t want to give them away.

The point of telling you this story is that if you ever find yourself in such a situation, do not re-gift the gift cards!

There’s a better way to utilize them — sell them on Gift Card Rescue.

Most people don’t know this, but there are plenty of websites that allow you to sell gift cards. One such is Gift Card Rescue which became a raging success after its appearance on TV.

Gift Card Rescue was founded by Kwame Kuadey. The Ghanaian man arrived in the US solely to start a business, and with the help of his friends, he was able to do it successfully. However, the journey was full of challenges, and to get a little reprieve from the financial burden, he decided to try his luck on Shark Tank.

Gift Card Rescue is a sale and exchange online marketplace in the US that offers people the opportunity to sell their gift cards. There are different brand categories on the website. Each category has a serial number allowing you to match it with your gift card to find out if it can be sold.

Did you know that 10% of gift cards go unused every year? This makes Gift Card Rescue the perfect platform to earn some money while offering others the happiness of buying their favorite items at a discount.

Is the Company Still Active?

No. Someone else has turned their website into an informational site about gift cards.

It is unclear whether Gift Card Rescue is active or not. After appearing on Shark Tank, Kwame rejected Kevin and Robert’s offer. The company had been going downhill, but Shark Tank helped revive it to the point that Kwame became very successful in a short time. In fact, to this date, Gift Card Rescue is one of the most profitable businesses to ever appear on the show.

Kwame has sold around $40 million worth of gift cards. The service has been promoted by The New York Times, Forbes, The Wall Street Journal, and several other popular outlets.

In 2021, Gift Card Rescue made $6 million, and in 2013, more than $10 million. Kwame’s commercial acumen and self-assurance tenacity propelled him forward into a world of success. In 2015, he grossed $15 million. When Kwame had pitched the idea, his company’s net worth was $500,000, which rose as his business expanded.

However, in 2016, the company closed because a lender won a case for debt default against them. As a result, their bank account was frozen. By this time, 300 complaints had been made to the Better Business Bureau about Gift Card Rescue.

Though the website is still active, there have been no purchases made from 2016. Whether Kwame is still the owner or not is also unknown.

How Did the Shark Tank Pitch Go?

Kwame Kuadey appeared in Ep.4 on Season 1 of Shark Tank, looking for $150,000 in investment for a 30% stake in the company. He had started the company on his money and now wanted someone to invest in it so he could expand.

He was making $120,000 a year and wanted capital if he wanted to make more. Robert wants to know how much his business is worth. After explaining the numbers and the deal he has in place with Amazon, Kwame says that all he wants is a little him. Daymond thinks his business is great, but it’s not the type he likes. He’s out.

Barbara outright says she’s not interested, and she’s out. Kevin Harrington likes Gift Card Rescue, but he’s not ready to take any risks. He’s out. Kevin O’Leary sees potential in the company and offers $150,000 for 50% equity. Kwame counters with 40% equity, but Kevin disagrees.

Robert speaks up again and says that Kwame will need more money to expand the offer to $200,000 for 50% equity. Kwame makes a deal with Robert.

Our Review of Gift Card Rescue

It was Kwame’s skills that made Gift Card Rescue successful. However, the fame was short-lived. Even though the company was featured in various outlets, grossing more than $15 million, it couldn’t stay on track.

We could say that it was the owner’s fault for not focusing on customer service, which led to negative reviews. The debt allegation was the cherry on top that shut down the company for good. Many blogs report that Gift Card Rescue is no longer in business, but in July 2021, the website came back online. However, there’s no information about any sales.

Pros of Gift Card Rescue

  • Money is deposited into your account within 24 hours
  • Some of the top gift card brands the company accepts are Amazon, Wal-Mart, JetBlue Airways, and Visa
  • Transactions outside the US, including Australia and Europe. The company has plans to expand more
  • Available from more than 450 different companies

Cons of Gift Card Rescue

  • Is ranked 83rdamong gift cards websites
  • Delayed payments
  • Negative reviews online claiming that the website is a scam
  • Has an online rating of 1 Star out of 5
  • When the company went out of business, all the gift cards bought by people lost the remaining balance

Who Is Gift Card Rescue For?

Gift Card Rescue is for enthusiastic gift card collectors. If you have a knack for finding the best and rare gift cards, you can make a fortune by selling them on this online marketplace.

Are There Any Alternatives?

Gift Card Rescue has plenty of competitors. Here’s a list of the top ones:

All these websites work on the same format of offering people a safe online platform to buy and sell gift cards.

Our Final Thoughts

Gift Card Rescue had a lot of potential to remain at the top. Even though Kwame didn’t go through the deal with the Sharks, he made quite the profit – the highest in a short time in the history of Shark Tank. However, his neglect led to the company’s downfall.