There is some sort of scam with gift cards. It started out on Craigslist with Walmart Gift Cards. Someone would buy the Gift Card and then before they could use it someone else entered the PIN at walmart.com to buy something using the Gift card. When someone returns an item without a receipt they get a gift card from Walmart. So some people shoplift items, and then return them to Walmart for gift cards and then sell the gift card on Craigslist or eBay for cash.

I imagine there is some sort of Verizon deal in trading in phones for gift cards. But instead of using gift cards to buy newer phones they get older phones for free and then sell the gift card on eBay. They most likely sell the phone as well.

My son and I once bought an iPhone 5S from eBay only to learn the number was blacklisted because the owner didn't pay their Sprint bill. We bought from Gazelle who claimed the phone was legit and unlocked. So people sell their phones when they can't afford to pay their bills, or they trade their phones in for gift cards that they sell.

Being more than face value, well it is a buy it now price, and not an auction. They can sell it for any price they want at buy it now. I doubt anyone would pay for more than the card is worth.

But there is some sort of scam going on with gift cards due to the Christmas season and people buying gift cards and giving them out, or people stealing them from each other, or doing the phone trade-in deals to get gift cards.

Some of the gift cards might even be already used. Buyer beware.

people use ebay bucks or ebay gift cards (often 90 for 100 or 85 for 100 value)

verizon itself is having some ridiculous promotions lately (requires 2yr/contract, but you can get something like $700 in tradeins - note: the tradein can be a $50 garbage-android)