Plastic Jungle, a gift card exchange site, announced Monday that it's no longer buying or selling gift cards on its website. Instead, it is offering customers exchange opportunities through its business partners.
The change was effective immediately, according to a letter to customers on its website.
The company said that current orders being processed will be completed, and customers will be able to access their purchased gift cards on the website through Nov. 1. Plastic Jungle customer service representatives will also be available during the transition to answer any questions.
What replaces the current site is an exchange site with five business partners. Consumers can swap their unused gift cards with balances of at least $25 for Best Buy Reward Zone points, CVS Pharmacy gift cards, MileagePlus United points, U.S. Bank FlexPerks points and Zeevex virtual currency.
The site doesn't explain what the company does with the unused gift cards it collects. Calls to the company were not immediately returned.
The company said in its letter that the change in business model offers the "greatest potential for … long-term success."
The news follows the company's recent partnership with CardCash.com, another exchange site that offers cash or Amazon gift cards for unused gift cards, and the departure of its CEO, Margaret Mackenzie. Having taken the helm of the company late last year, she made no hints about Plastic Jungle's new course in an interview with Bankrate in December. Instead, Mackenzie touted the site's ability to guarantee the value of gift cards sold on the site.
The new partnership was announced via Plastic Jungle's Twitter account last week. Mackenzie appears to have left the company this month to work on a new startup company, according to her LinkedIn account.
Still, the site has run into problems. In the last three years, 281 complaints have been logged by the Better Business Bureau. Of those, 247 of the complaints were problems with the product or service. The company resolved 244 of the complaints with the BBB's assistance. In 36 instances, Plastic Jungle made a good-faith effort to resolve the issue, but the consumer was left unsatisfied.
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