Mastercard Gift Card to Cash: A Step-by-Step Guide

If you've received a Mastercard gift card but need to turn it into cash, there's a straightforward process to follow. You can exchange a Mastercard gift card for cash at a participating retailer.

To begin, you'll need to find a retailer that accepts Mastercard gift cards for cash back. Some popular options include Walmart, Target, and CVS Pharmacy.

Most retailers will require you to bring the gift card and a valid government-issued ID to exchange it for cash. This is a standard security measure to prevent card misuse.

You can transfer a Mastercard gift card balance to a bank account, but it's not a straightforward process.

Contrary to popular belief, you can't directly deposit a Mastercard gift card into your bank like a traditional check.

To transfer the balance, you need to use intermediary services like PayPal, Venmo, or Cash App, which treat the gift card as a payment method.

You can't directly transfer money from a gift card to your Cash app, but you can use PayPal as an intermediary to get the money to your Cash app indirectly.

There is an alternative to using PayPal, which is to sell the gift card for cash on Cardtonic and add the cash to your Cash app.

You can add a prepaid gift card like Visa to your PayPal account, but it has to be one of those types of gift cards.

Before you start transferring your gift card balance, make sure to verify the remaining balance on your card. You can log in to the issuer's website or call the support number on the back of the card to confirm the available funds.

It's also essential to ensure the card hasn't expired, as expired cards can no longer be used for purchases or transfers. If your card has expired, you'll need to get a new one.

Transaction fees and potential deductions are another crucial factor to consider. Most methods for transferring funds come with fees, which may vary depending on the platform or service you choose. For example, PayPal may charge a small percentage of the transfer amount as a fee.

To minimize deductions, research and compare fee structures across different platforms. This will help you make an informed decision and avoid any unexpected costs.

Before initiating a transfer, verify that your Mastercard gift card has been activated and is functioning properly. Some cards require an initial setup, such as online activation or phone verification, before they can be used. If you're unsure, attempt a small transaction to confirm the card works properly.

Lastly, be aware of security risks when transferring funds. Use only trusted platforms like PayPal, Venmo, or Cash App, and avoid third-party services that seem suspicious or request unnecessary personal information. Always check for secure website connections (indicated by "https://") when entering card details.

Transferring money from a Mastercard gift card to a bank account can be done through various methods. You can link your gift card to a payment service like PayPal, Venmo, or Cash App, which treats the gift card as a debit card, allowing you to transfer funds seamlessly.

Using a payment service like PayPal, Venmo, or Cash App is an easy and widely available option. Transfers can be completed quickly, but may include small fees for the transfer process and some services may limit transfer amounts.

You can also use a prepaid debit card or specialized transfer service to transfer a Mastercard gift card balance. These services act as intermediaries, converting the gift card balance into cash that you can deposit into your bank.

Here are the key steps to follow:

It's essential to look for services with low or no fees to maximize your transfer value. You can also use your Mastercard gift card to purchase a money order or reload an existing account like a prepaid card, and then deposit the money into your bank account.

To initiate a transfer, you'll need to verify the gift card details, link the gift card to a payment platform, transfer the gift card balance to the payment platform, initiate the bank transfer, and monitor the transfer status. Be sure to ensure sufficient balance, avoid mismatches, use trusted platforms, and check transaction limits to prevent delays and ensure a smooth process.

You can use your Mastercard gift card to pay for goods or services in-store at any Mastercard-affiliated store, restaurant, bar, leisure facility, or service provider.

To pay in-store, you'll need a physical Mastercard gift card, as eGift cards are not usually accepted. This is a convenient option for everyday purchases.

If you need to get a money order, you can use your Mastercard gift card to pay for it, along with cash or a debit card. The purchase fees for money orders are usually between 65 cents to $1.50, depending on the location.

You can also trade your Mastercard gift card for cash on platforms like Prestmit, which offers a quick and secure way to exchange your gift card for cash in minutes.

You can use your Mastercard gift card in-store to pay for goods or services at various locations. Mastercard gift cards can be used in the same way as a debit card, whether you're at home or abroad.

Mastercard-affiliated stores, restaurants, bars, leisure facilities, and service providers accept Mastercard gift cards. This means you can use them to pay for everything from groceries to movie tickets.

Physical Mastercard gift cards are usually only accepted in-store, while eGift cards are not. So, if you're planning to use your Mastercard gift card to make a purchase, make sure you have the physical card with you.

Here are some examples of places where you can use your Mastercard gift card in-store:

This list is not exhaustive, but it gives you an idea of the types of places where you can use your Mastercard gift card.

To get the best deal for your Mastercard gift card, it's essential to check the trade rates beforehand. Every reliable gift card exchange platform should have a gift card rate calculator.

On platforms like Prestmit, you can check the current rates per time by entering the gift card details. Make sure to pick Mastercard when selecting your Gift card category.

You'll get an automatic calculation of what your gift card will cost in Naira. This will give you a clear idea of how much cash you'll receive in exchange for your gift card.

Prestmit is a leading digital trading platform that enables you to buy gift cards at good rates and sell the ones you don't want at the highest rates per time.

You can withdraw cash from an ATM using your Mastercard gift card, but only if it's a physical card. Insert the card and type in your PIN to withdraw any amount up to the preloaded value.

If you want to transfer the balance to a bank account, you can use various methods, including linking your gift card to a payment service like PayPal, Venmo, or Cash App. These platforms treat the gift card as a debit card, allowing you to transfer funds seamlessly.

Most methods for transferring funds come with fees, which may vary depending on the platform or service you choose. For example, PayPal may charge a small percentage of the transfer amount as a fee.

Before initiating a transfer, verify the remaining balance on your gift card by logging in to the issuer's website or calling the support number on the back of the card. Ensure the card hasn't expired, as expired cards can no longer be used for purchases or transfers.

You can also transfer a Mastercard gift card balance using a prepaid debit card or specialized transfer service. These services act as intermediaries, converting the gift card balance into cash that you can deposit into your bank.

Here are some popular options for transferring a Mastercard gift card to a bank account:

Each of these services has its own fees and transfer limits, so be sure to research and compare them before making a decision.

If you're not satisfied with trading your Mastercard gift card on Prestmit, there are other platforms where you can trade it for cash.

You can download and use other apps like the one mentioned in Example 2 to trade your gift card for cash. Some of these platforms may offer better rates or more convenient payment options.

To find a reliable platform, ensure you run a critical check using speed, security, ease of use, and great customer support as metrics, just like suggested in Example 2.

If you're looking to trade your Mastercard gift card for cash, there are several platforms to consider. You can trade on platforms that allow users to exchange gift cards for cash, but be wary of fraudulent platforms.

To ensure you're trading on a reliable platform, carry out certain checks and look for platforms that fulfill certain requirements. This will help you avoid getting scammed.

You can trade your Mastercard gift card for cash on platforms like Prestmit, which is a popular option. On Prestmit, you can download the app on your iOS or Android phone and create an account or sign in if you're an existing member.

To trade on Prestmit, follow these steps:

When choosing a platform, consider metrics like speed, security, ease of use, and great customer support. This will help you pick a reliable and suitable platform for trading your Mastercard gift card.

Trading your Mastercard gift card for cash might seem counterintuitive, but there are solid reasons to consider it.

If you really need the cash, it can be a convenient option. Mastercard gift cards are very versatile, but sometimes cash is just what you need.

There are two solid reasons why you might decide to trade your gift card for cash.