Do you have a Visa gift card that you wish to exchange for cash? Here are several easy methods you can use to convert gift cards for cash.
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How to Convert Gift Cards for Cash
Visa gift cards are a great way of saving on shopping. They allow you to enjoy various offers and discounts as you shop at your favorite stores. And who wouldn't want to save some cash?
Usually, gift cards are sold during promotions as stores offer incentives for shoppers to buy and use them. However, sometimes people need to do more than shop with these gift cards. They want cash!
And that's where the conversation about converting a Visa gift card to cash comes in. Is it possible? or must you shop with that card?
Well, fortunately, the answer is yes. You can convert a gift card to cash. But how?
No need to worry! This article handles all that and more. I will cover all the possible and most feasible ways to convert that gift card to liquid cash.
But why would you want to convert your Visa gift card? That's another question that might pop up. And there are a number of reasons.
For instance, sometimes gift cards are a waste of time and space. Why carry virtual money when you can have cold hard cash to invest or pay down debt?
Gift cards are great, but why not get some liquidity for investing? Click To Tweet
These Visa gift cards cannot be used to withdraw money at an ATM, which therefore makes them somewhat inflexible. So, let's get down to it and see how you can convert gift cards for cash.
How to Get Cash from a Gift Card
Gift cards have been the preferred present or gift of choice for nearly every occasion, including holidays, birthdays, Valentine's Day and… you get the point.
Gift cards seem to be the king of gifts when you don't know what to get that special someone.
But what if you don't get the right gift card? That money shouldn't have to go to waste now, should it?
What if I were to tell you that you could get cash off of that gift card? Don't worry; this is perfectly legal and rather simple.
How to Get Money Off Your Gift Card (Instead of Using It)
Here is how to get money off a gift card.
The process is easier than you think. First, you have to check the balance on the card. This is to determine if this is worth it or not.
Next, you are going to want to take your card to a gift card exchange kiosk. Follow the directions on the screen. Check over everything before you hit accept.
Take the receipt to the cashier and get your cash. It's like going to the CoinStar.
Alternatively, to get money from your gift card, you can do the following:
- Sell your gift card.
- Use the gift card to buy an in-demand product and then sell the product.
- Buy money orders directly to pay yourself.
- Trade your gift card for something else. This is similar to selling, but you can get a different product for it in exchange.
Now, let's explore all these options:
How to Transfer Money from Gift Card to Bank Account
1. Use the Visa Gift Card to Pay Your Bills
The first method, which is as good as getting liquid cash, is using a gift card to cover your bills. This can be done with the free service called Plastiq.
You can do this in the following ways:
Pay large bills like your mortgage, car payment, and more
Since you would have used cash to pay for the installments of loans like your car loan or mortgage, using the card is as good as cash. Some companies, such as Plastiq, allow clients to settle certain bills through credit cards.
And, since Visa cards are perceived as credit cards, you can use them with companies that allow payment by credit.
However, you should know that since the company will treat the card as a credit card, the card will incur slight fees. It's completely free to sign up and try.
Pay everyday bills
Besides using the cards for larger bills, you can also use them to settle regular bills. Better still, you can make some local purchases with the Visa gift card.
This is possible since, in most cases, Visa gift cards are acceptable in stores that accept normal Visa cards. Also, billers who accept the use of credit cards will, in most instances, take the gift card as payment.
See Related: Ways to Get Money
2. Sell the Gift Cards
The most common option to convert your Visa gift cards to cash is by selling them. You can sell the card through any of the following ways and make money.
Through a website
Some websites – such as MyGiftCards+, Prepaid2Cash, Giftcard Zen, and Cardpool – will buy your Visa gift card in exchange for cash. In some instances, these websites will even send you prepaid postage that you can use to send the gift card to them. Even better, if your gift card is digital, some websites will instantly buy it from you.
However, make sure you search for reviews about the website before making a deal with them. These websites will likely give you just a part of the amount the Visa card is worth, but it's a good percentage if you need the cash.
Here is the ultimate guide to help you sell gift cards efficiently and effectively.
Using an app
Several buying companies also offer mobile apps from where you can sell your Visa gift card. For example, Raise has a mobile app on which you can sell your gift card.
All you need to do is download the app and send your card. Then, you can choose the mode of payment you prefer most, either PayPal or check. However, the company will take 15% of the card's worth as their commission.
You can also check out Prepaid2Cash to instantly liquidate Visa gift cards.
List it on eCommerce websites
Besides selling your Visa gift card through buying websites, you can also list it on eCommerce websites like eBay and marketplaces like Facebook Marketplace and Craigslist.
This way, you can sell the card at the same price as its value, unlike the other websites, which take a considerable cut of the total value. However, if you want to sell it fast, you can consider making the price slightly lower than the actual value.
If you offer them a discount, you can quickly get your cash. There are always buyers who look for good deals.
One thing you should keep in mind is the shipping cost if you will have to send the card. Also, these eCommerce websites charge a small percentage as commission, although not as much as other websites.
Sell to your family & friends' circle
If you have a friend who can buy the gift card directly from you, this might be the easiest way to get cash. You can ask around in your groups of friends, who can also check with their friends.
Through this, you will evade the commissions you would have incurred if you sold the gift card online. Now, that's additional cash.
See Related: Apps to Make Money
3. Buy Money Orders
Some stores, including Walmart as well as various other grocery stores, allow you to purchase money orders using Visa gift cards. You can then deposit the money orders into your account and use the cash the way you desire.
Generally, money orders can be deposited in a bank account as a form of money. However, although this seems like a simple method, you must proceed with caution. Numerous banks are known to close down accounts if they notice too many money order deposits.
Therefore, be careful if you use this method.
4. Gift Card Exchange Kiosk
The Gift Card Exchange Kiosk is a physical machine where you trade your Gift Card for another gift card or for a cash voucher. But those kiosk exchanges charge a huge fee. For instance, you will get 60% to 90% of your cash value.
These counters are usually located in grocery stores, and you can identify them by their bright yellow color. Here, you just need to insert your gift card’s data into the kiosk, wait for an offer, and decide whether to accept.
If the offer is favorable, you can accept and receive a voucher, take it to a cashier, and receive cash.
One popular kiosk you can try out is the CoinStar kiosk. To find a Gift Card Exchange Kiosk, you can search on Google for “Gift Card Exchange Kiosk near me.”
5. Emergency Disposal Options
If it’s not possible to liquidate the Visa card through the above methods, you can use these two options, though with a fee.
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Send money through services such as PayPal
Some service providers, like PayPal, are built to enable users to send or receive cash from other people with a fee. Usually, PayPal charges a fee for transfers that is equal to 3% of their value.
The good thing about this is that you can use prepaid Visa gift cards to send money in this manner. This will solve your need to get cash from the card, although at an extra fee.
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Mobile payment solutions
Several mobile money service companies have payment readers that will allow you to accept payments from credit cards. Through this, you can pay yourself with a Visa gift card and pay a certain fee to a merchant.
Some caution, though: this is not as easy as it sounds. You have to be very careful to use this as an emergency option, as some companies will shut down your account if you abuse it.
In addition, if you use the merchant method to pay yourself, tax implications might occur. For this reason, it's wise to consult a financial adviser before doing this.
6. Give out the Visa Gift Card as a Gift
Sometimes, you may be required to give a gift to a friend or a family member for special occasions such as weddings.
Since prepaid Visa gift cards are usually bought in denominations of $100, $200, or $500, it can be an excellent gift and will essentially serve as cash. Instead of giving a check, a Visa gift card is just as good.
See Related: Best Side Hustle Ideas
7. Jour Cards Store
Jour Cards Store is an online payment and games e-shop. One of the many services available in the Jour Cards Store is the exchange of Visa gift cards for liquid cash.
Since many people struggle to find a simple way to exchange these cards, this is a significant relief for many.
The store incorporates a brand new idea of trading e-currency through various platforms such as Bitcoin and PayPal.
Jour Cards gives you 80% of the total value of the Visa gift card, and they take the other 20%. The company wires the 80% either to your purse or account email.
The whole process will take around 24 to 72 hours to complete. This is because their exchange department has to first test your gift card.
8. Buying Products to Resell
I know you’ve probably heard about this method. But if you haven’t, here is how it goes.
The technique not only offers you a chance to get cash out of your Visa gift card, but you can also make some extra money. In essence, it’s about taking advantage of great deals.
Platforms like PayPal allow you to pay for products through prepaid gift cards, and various retailers accept online payments. Therefore, you can make an online or in-store purchase using Visa gift cards through PayPal.
If you spot a deal that is ideal for a product you can buy, you can do so and then resell the product at a profit or at a breakeven price to get your cash. This can be a great option if you can get cheap deals for useful products that you can later resell.
See Related: Highest Paying Survey Sites to Make Money
9. Add the Gift Card to Your Venmo Wallet
Just like with PayPal, you can link your Visa gift card with your Venmo wallet. This means that the funds on the Visa gift card will be transferred to the Venmo account.
After this, once the money is available in your Venmo wallet, you can use it the way you like. For instance, you can make online purchases in stores that accept Venmo.
Better still, you can easily withdraw that cash from Venmo. How do you do that?
You simply need to transfer that money to your bank account. From here, you can use your debit card to withdraw that money from an ATM. And the best thing? Venmo has zero charges on money transfers to your bank account.
10. Try a Pawn Shop
When you need quick cash, pawn shops always come in handy. You only need to take your item there; they value it and get you the cash. And while they might not give you the best value for your item, they can always get you out of that fix quickly.
Gift cards are some of the items you can sell at pawn shops. Locate a pawn shop near you, take your Visa gift cards there, and see what they can give you for the cards.
11. Sell them at GiftCardBin
Like the exchange kiosks, GiftCardBin is a retailer that buys gift cards from those willing to sell. In other words, they convert your gift cards for cash.
Currently, there are over 600 GiftCardBin partner stores across the US. This means that you can easily find one near you.
Usually, they are located in pawn shops or check cashing stores. And they will give you around 70% of your gift card's value.
But if you can't locate a GiftCardBin location near you, simply visit their official website, enter the necessary information as prompted (state, city, or zip code), and you will get that partner location.
How to get free Gift Cards
You might also be using any of a handful of awesome ways to get Visa gift cards for nearly free:
- Opinion Output – Use my link and get $10 free when you sign up. It's 100% free to join.
- Swagbucks – Get $5 completely free if you join using my link. This is also 100% free to join and use.
- Drop App – Link your credit and debit accounts and get $5 free when you use my link.
It's so easy to get free money from these sites. All you need to know is how to turn the gift cards that you get into hard cash.
Can you get Money from Selling your Gift Cards?
The answer is yes. The first consideration is that you may want to sell your gift card to friends and relatives first. If they don't want it, you can turn to a number of websites like Prepaid2Cash or MyGiftCardPlus to sell your gift card.
Just make sure that the site is legitimate so that you don't end up getting scammed out of more money or lose your gift card.
Also, make sure that by the time you do sell your card, it hasn't expired. The last thing you want is to sell your gift card to someone when it's completely expired.
To ensure this doesn't happen, list your gift card weeks before the expiration date to ensure you have enough time to sell it.
Can you take Money off a Gift Card?
Sadly, probably not. You can't simply take a gift card to an ATM machine and get cash immediately.
Why? Just for the simple fact that it is a gift card. However, there are plenty of options that you can do to get money in exchange for the value of the gift card.
You can likely get money off of a reloadable prepaid card. But that's not the question. We are talking about gift cards. Based on our research, the best option to get cash in exchange for a gift card is to simply sell it for a discount instead.
Conclusion on How to Convert Gift Cards to Cash
Sometimes you may have that Visa gift card and don’t want to go shopping with it. You only want to get liquid cash from it to cater to other bills.
Well, I hope that from this piece, you can find an ideal way to convert Visa gift cards to cash.
Use Personal Capital to monitor your cash flow and assets. You can link up your checking accounts to ensure you are tracking your income and assets for free.
Have you found a method that suits your needs? Please share your views by contacting me directly. I am here to help.