Taking a look at reviews for similar products:

I liked the opertunity to win this card, However I was not very happt paying a dollar more than the card was actually worth. I was locked in on the bid so had to pay for it. I will be more careful in future biddings on eBay and that's for sure!!

If your mental model of the world does not immediately suggest that that commenter exists in spades, your mental model of the world needs an update.

I know a few cases where people have sold gift cards above market value. Mostly it's because the purchaser is unable to buy from the shop because of their location, credit card brand or other enforced block.

Many online games for instance block purchases from Israel due to the large amount of fraud. Israels will then purchase game cards on ebay (often above market value) from people who bought them in North America.

The problem with Amazon is that you become very, very aware of the items not on Amazon. I recently got an Amazon gift card and realized that I can't get an iPhone.

Some online vendors (like iTunes) won't accept your credit card unless you're from the US. To go around this you have to pay a bit extra (usually ~5%) to be able to get a gift card and use it in your account.

The bid is past cash value. Now it is valuing the free shipping..