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You can't always cash out a gift card and use it for anything, unfortunately. Some gift cards have restrictions that limit how you can use them.
For example, a gift card specifically for a certain store or restaurant can only be used at that location. You can't exchange it for cash or use it to buy something from a different store.
If a gift card has a remaining balance, you can usually check the balance online or by calling the customer service number on the back of the card.
Understanding Gift Cards
Gift cards are essentially prepaid debit cards that can be used to make purchases at a specific store or online retailer. They often come with a set expiration date, after which they become invalid.
Some gift cards have a fee associated with them, which can range from a few dollars to a percentage of the card's balance. This fee can be deducted from the card's balance, leaving you with less money to spend.
If you're given a gift card, it's essential to check the card's balance and any associated fees as soon as possible. You can usually do this by visiting the store's website or by calling the customer service number on the back of the card.
Some gift cards can be used to make purchases online, while others can only be used in-store. Be sure to check the card's terms and conditions to see where you can use it.
Gift cards are often non-transferable, meaning you can't sell them or give them to someone else in exchange for cash.
Converting Gift Cards
You can convert a gift card to cash, but it's not always a straightforward process. You can't directly transfer money from a gift card to your Cash app, but you can use PayPal as an intermediary.
There are several ways to convert gift cards to cash, including selling them online or using a gift card exchange marketplace. You can also try selling your gift card to someone you know, or use it to buy products and then flip them for a profit.
If you're unable to find a buyer for your gift card online, you can try visiting an ATM or using your gift card like cash. Alternatively, you can sell your gift card to a buyer directly and request payment via PayPal.
Here are some options for converting gift cards to cash:
- Sell your gift card online through a gift card exchange marketplace
- Sell your gift card to someone you know
- Use your gift card to buy products and flip them for a profit
- Visit an ATM or use your gift card like cash
- Sell your gift card to a buyer directly and request payment via PayPal
Keep in mind that not all gift cards can be used to transfer cash to your Cash app, and it's essential to check the type of gift card you have before attempting to convert it. Prepaid gift cards like Visa can be linked to your PayPal account, but other types of gift cards may not be compatible.
Using Gift Cards
Using a Visa gift card is as easy as using cash, but with a few extra steps. You'll need to activate the card by calling the number listed or activating it online, and then write down the starting balance to keep track of how much you have to spend.
You should treat the gift card like cash, keeping it in your wallet and using it to buy anything from food to accessories. You can use it for a one-time purchase or as an ongoing debit card until the funds are depleted.
To squeeze out every last drop of your gift card balance, try ringing up a transaction that exceeds the total value of your card. For example, if you have a $100 gift card, go to the grocery store and rack up a $125 bill.
Using a Visa
Using a Visa gift card is a great way to make purchases without using cash. You can activate the card by following the instructions on the back, either by calling the number listed or activating it online.
The card won't work until you activate it, so don't worry if it doesn't seem to be working at first. You shouldn't get charged for the activation fee as a cardholder, unless you bought the card for yourself.
To avoid any embarrassing situations, it's a good idea to write down the starting balance of the card. This will help you keep track of how much you have left to spend.
Treating the gift card like cash is a good rule of thumb. Keep it in your wallet and use it to buy anything you need, from food to accessories.
You can use a Visa gift card for a one-time purchase or as an ongoing debit card until the funds are depleted. It's a flexible and convenient way to make purchases on the go.
If you have a small balance left on the card, ask the merchant to deduct that balance from your bill and put the remainder on another card. This way, you can squeeze out every last drop of value from your gift card.
Use an App for Them
If you've got a mobile device, you can try selling gift cards for cash via an app. CardSell is a gift card exchange marketplace app available in the App Store that matches buyers with sellers.
To sell your gift cards for cash, you need to enter the card details, including the store or brand name, gift card amount, card number, and security code. CardSell then matches you with a buyer.
Once your gift card sells, you'll get the cash deposited in your PayPal account within 48 hours. You can then leave the money in your PayPal account or transfer it to a linked bank account.
There are also other apps available that allow you to sell your gift cards for cash, such as Cardtonic, which offers a similar service to CardSell.
Here's a quick rundown of the details you'll need to enter to sell your gift card via an app:
- Store or brand name
- Gift card amount
- Card number
- Security code
Transferring Gift Card Value
You can transfer the value of a gift card to your bank account if the card bears a Visa or Mastercard logo, but check the issuer's terms and conditions first.
Some cards may have restrictions on how much face value you can transfer, and fees may apply. You can also consider selling the gift card through a gift card exchange marketplace or directly to buyers and request payment via PayPal.
Linking your gift card to your PayPal account can also be an option, allowing you to transfer funds from PayPal to your Cash app. This way, you can access the gift card value without having to physically exchange it.
You can't directly add funds from a gift card to your PayPal account, but selling the gift card and receiving funds as a deposit to PayPal is a viable alternative.
Selling or Returning Gift Cards
You can't directly add funds from a gift card to your PayPal account, but you can sell gift cards through a gift card exchange marketplace and receive the funds as a deposit to PayPal. This way, you can cash out your gift card and use the money on PayPal.
According to a CreditCards.com survey, nearly half of U.S. adults (47%) have at least one unused gift card, with the average unspent gift card being $175 per person. This adds up to about $21 billion in the U.S.
If you decide to sell your gift card, you can list it for sale on other websites, such as Reddit or Craigslist. However, be aware that these platforms can be a target for scammers, and it's essential to take necessary precautions.
Some gift card exchange apps and websites can help you compare prices and sell your gift cards for the most value. You can also sell your gift cards to a pawnshop, but the amount you'll get depends on the type of cards, their face value, and the pawnshop's policies.
Here's a comparison of some common gift card exchange platforms:
If you're not comfortable selling your gift card, you can also consider trading it on a site like CardCash or using it for a purchase you need to make.
Is It a Good Idea?
Nearly half of U.S. adults had at least one unused gift card last year, according to a survey. That's a staggering 47% of people who didn't use their gift cards.
If you're the kind of person who might set your gift card aside and not use it, you might be better off selling it. The average unspent gift card was $175 per person, which amounts to about $21 billion in the U.S.
Since you get a lower value for the card when you trade it for cash, consider trading it instead of selling it. This way, you can still use the card for a future purchase.
You can also regift the gift card to someone who would really like it. Just remember, if the card has a specific design or theme, you may be found out if you regift it for a different occasion.
List for Sale
You can sell your unwanted gift card for cash, but be cautious of scammers. You can list your gift card for sale on websites like Craigslist or Reddit, but be aware that these platforms often attract scammers. You can also list your gift card on Facebook Marketplace, but be aware that Facebook's terms and conditions restrict the sale of gift cards.
Selling on Craigslist is convenient, but it's essential to keep in mind that you're taking a risk by meeting with someone you don't know in person. You can arrange to sell your gift card to buyers online and accept payment via PayPal, Venmo, or Cash App, or you can meet in person to complete the sale.
Selling on Reddit can be a good option, but you'll need moderator approval to sell gift cards at higher values. You can create a post detailing the gift card you have to sell and get offers from other Redditors.
Listing your gift card on eBay is not a good idea, as the platform has strict rules regarding gift cards that make it difficult to sell them without violating the platform's policies.
Taking to a Pawnshop
You can sell your unwanted gift cards to a pawnshop for cash.
The pawnshop's willingness to buy and the amount of cash you'll get depends on the type of cards you have, their face value, and the pawnshop's policies.
New gift cards from major brands are likely to fetch more cash than partially used cards from less popular retailers.
If you need cash fast, selling gift cards to a pawnshop can put money in your hands the same day.
Frequently Asked Questions
How do I withdraw money from a gift card?
You can withdraw money from a gift card by selling it through an app, exchanging it at a kiosk, or trading it with a friend for cash. Consider exploring these options to turn your gift card into usable funds.
What gift cards allow ATM withdrawal?
You can withdraw cash from ATMs with the following prepaid cards: Netspend Visa Prepaid Card, PayPal Prepaid Mastercard, and Walmart MoneyCard. These cards offer convenient ATM access, but fees may apply.
Sources
- https://cardtonic.com/read/transfer-money-gift-card-to-cash-app
- https://millennialmoney.com/visa-gift-card-to-cash/
- https://thesavvycouple.com/visa-gift-card-to-cash/
- https://time.com/personal-finance/article/how-to-sell-gift-cards-for-cash/
- https://www.usatoday.com/story/money/2023/12/27/sell-gift-cards/72039146007/
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