How Do Gift Cards Work
Gift cards can be open-loop or closed-loop. Consult the following table for more details:
|Open-Loop||Open-loop gift cards can be used for purchases anywhere where the brand of the card is accepted. Multiple restaurant chains offer gift cards you can use at all their eateries. For example, you can use a Darden gift card at Olive Garden and Red Lobster|
|Closed-Loop||Closed-loop gift cards can be used only at the issuers storese.g., if you have a Starbucks gift card, you can only buy coffee in Starbucks|
Most retailers offer two types of gift cardsphysical and digitalthat can be used for both online and in-store purchases. All you need to do is provide the card number and PIN to the cashier or at checkout on the website.
A Few Tips About Giving Gift Cards
Before long, youll likely turn from a gift recipient to a gift giver. Gift cards are one of the most requested holiday gifts each year, according to the National Retail Federation.
Avoid placing your friends and family in a precarious gift card position by selecting your gifts carefully. Aside from opting for a store you know they like, here are some other trusty gift card tips from the Federal Trade Commission:
Take the financial situation of the retailer into account. If a business files for bankruptcy, the gift recipient may be left in limbo.
Give the receipt along with the gift card so the receiver has verification of the purchase.
Read the fine print. Check for expiration dates and fees.
Pay Your Bills With Your Visa Gift Card
Using your gift card to pay a bill is exactly the same as converting your Visa gift cards to cash although youll never actually get to see the money.
Just remember that because the Visa gift card is treated the same as a credit card, youll also incur any credit card fees, so make sure you do the math to confirm that its worth it.
How do you liquidate a Visa gift card by paying bills?
This can be done with any billing provider that accepts Visa credit cards for bill payments, as the Visa gift cards are treated exactly the same.
Not every single company will allow this, but youll almost certainly be able to use your card in this way for things like topping up your phone credit, buying groceries and gas or renewing your subscription at the local yoga studio.
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Get A Merchant Refund
In my opinion, this is the easiest and best way to get cash for your Visa Gift Card, however, it may be a bit unethical. All you would have to do is buy something from a retailer with your Visa gift card and return it a few days later.
Some stores will process your return and give you cash since you paid via debit. This method is pretty simple too and is not against store policy. This may be the best way to get cash back, the entire amount too, from your Visa gift card. The best part is that you get to walk away with cash!
Pay Yourself With Square
If youre a freelancer of sorts and accept credit cards, then I highly recommend a Square reader if you dont already have one. Its a great way to swipe credit cards and get paid on the spot.
If you already have one or youre interested in one, the reader is free and lets you accept credit cards anywhere as long as you have your smartphone. Generally, you can get paid the next day.
In this case, you could pay yourself with the gift cards full value, but you will have to pay a fee in doing so, usually 2.6% + $0.10. Nonetheless, its a quick way to get cash if need be, but I would only do so if you have the reader and use them consistently. If you sign up to do this, you may get a warning email.
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Can I Sell My Walmart Gift Card For Cash
Yes, but you might not get the full amount in cash. Several gift card exchange websites such as Raise, CardCash and Cardpool will buy your Walmart gift card, but usually for less than its full value.
Additionally, Walmart also offers a gift card buyback incentive where you can exchange unwanted gift cards for other stores at up to 95% of the original value.
To learn more, you can also see my other posts on buying a Visa card with a Walmart gift card and also where to buy Walmart gift cards besides Walmart.
How To Transfer A Visa Gift Card To A Bank Account
You can transfer money from a prepaid card to your bank account indirectly by trying some of the following options, which we go into more detail about above:
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How Can I Get Cash From A Visa Gift Card
How Do I Earn Cash Back
You can earn cash back rewards by using your credit card to make purchases, with many card issuers offering different rates of return depending on the category of your purchase . Credit card issuers and banks sometimes offer opportunities for earning cash back rewards in cycles or promotions. While most cash back credit cards offer at least 1% cash back on all purchases, there may be a greater earning potential in purchases of specific categories such as travel, department stores, grocery and dining. For instance, you might get an alert to activate your cash back redemption cycle for 5% of cash on groceries or department store purchases, which were previously only 3%. In other cases, you might have opportunities to earn 1-5% cash on all categories.
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Find Ways To Pay Yourself
I dont advise trying this as it is against PayPals TOS but some people have mentioned online that they paid themselves with ease. Do this at your own risk of losing your account.
The process is simple though, you could get a friend to send you money and have them use the card. The only caveat is that you would lose 3% in the process due to Paypals fees. I dont recommend this, however, it is an option.
Can You Transfer Money From Visa Gift Cards To Paypal
Using the Card Cash website, you can sell your unwanted gift cards and get money for them.According to the PayPal site, you can transfer money from a gift card right into your balance on PayPal.
Keep in mind that you will have to buy another merchants gift card with your Visa gift card first and then upload that gift card onto the Card Cash website.
From my knowledge, it looks like the Card Cash website only accepts gift cards from stores such as Target, Walmart, Jewels-Osco, etc. Therefore, you will have to purchase a gift card with your Visa gift card from one of the accepted Card Cash merchants.
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Where To Buy Gift Cards
Before you buy a gift card, ask if there are any restrictions on what you can buy.
Gift cards for various retailers are available:
- at Canada Post outlets
When you buy a gift card, make sure the retailer activates the card.
When you buy a gift card, you dont pay tax on the gift card. The retailer will charge tax when you buy a taxable item with the gift card. For example, you pay tax on a sweater you buy with a gift card, the same as you would when you pay with cash or credit.
Shop Raise On Fridays
Youll get an extra 3-5% off if you subscribe to Raise.coms email newsletter delivered every Friday.
Most folks also purchase their cards right before or during their weekend shopping trips, so if youre purchasing yours on Friday, youll beat the rush and may have more deals available to you.
GiftCardGrannys Secret Deals lists free card bonuses.
For example, buy $50 of Applebees gift cards and get an extra $10 bonus card for free!
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Gift Cards Linked To Loyalty Programs
One of the best-known examples of pairing gift cards and rewards: Starbucks.
When you buy a gift card, load it into the retailer app and use it at the coffee giant, you accumulate 2 stars per dollar spent. And those can be redeemed for a number of goodies such as food, merchandise and , coffee. Most drinks and food items currently can be redeemed for 125 stars.
Richard Kerr, a senior points and miles correspondent for The Points Guy, is a recent convert to the Starbucks Rewards program and a big fan.
Kerr joined the program about six months ago, and his drink-of-choice is black coffee. So, even with five or six jaunts a week, hes not spending a ton, but Kerr is racking up the points.
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Because of promotions, Im getting free rewards that are good for almost anything in the store, he says. And since Ive been participating, I continue to get targeted for more Ive come out way ahead.
One strategy for boosting rewards: He combines credit card and gift card bonus offers.
Simultaneously, Starbucks offered him 300 extra points to reload his gift card in the store. So, he combined the two. For a $20 spend, he earned 100 Chase points and 300 Starbucks points which he figures are worth about 2.5 foodie treats at the cafe.
Converting Visa Gift Cards To Cash
These are the top ways to get cash for your Visa gift card. I hope you found this article useful.
If you wanted to find ways to make Visa gift cards you can check out these apps that pay you real money.
Do you know of any ways to get cash out of a Visa gift card that I missed?
None of the authors, contributors, administrators, or anyone else connected with My Millennial Guide, in any way whatsoever, can be responsible for your use of the information contained in or linked from these web pages.
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Many Ways To Sell Gift Cards For Cash
There are many ways to sell gift cards for cash. The most common way is to sell a gift card online to a gift card reseller that buys the unwanted gift card, sends payment to the seller and then resells the gift card to another customer. In addition to true resellers, there are also online sites that match gift card sellers up with gift card buyers, facilitating transactions without actually touching the cards.
One of the benefits of selling your gift card to an online reseller is that the cash back offer will generally be higher than any other method. The one drawback to using these sites, however, is that youll generally have to wait for payment to arrive. Depending on the reseller and payment method selected, you might wait a couple of days for a PayPal deposit or a few days for a check to arrive in the mail. Because the cashback offer is so good, however, I think online resellers are the best choice when you dont mind waiting to get your money.
Use It To Buy A Money Order
Stores like Walmart as well as certain grocery stores will let you buy money orders using your Visa gift card. That said, the availability of this can vary, so check if this is an option in your area.
But once youve done this, the money order can then be deposited into your bank account to be used as straight up cash.
One thing you should keep in mind, however, is that some banks have had a habit of shutting down accounts if too many money orders are deposited. As such if you do choose to do this, perhaps combine it with some of the other options on this list.
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What Is Pay With Cashback Bonus
The Pay with Cashback Bonus program allows you to use your rewards at checkout to pay for a portion or your entire purchase on Amazon.com and PayPal. Enrollment is required.
Visit the following pages for full details about the program, including how to enroll/link your card.
- See PayPal Terms and Conditions for the Pay with Cashback Bonusprogram.
How Can You Get Cash Back With A Debit Card
When you pay with a debit card at a physical retailer, you often have the option to get physical cash back. This allows you to withdraw cash from your checking account during the transaction without paying a fee.
If you request cash back, the extra money is included in the total sale price. Your bank then deducts the combined amount from your checking account.
Getting cash with your debit card can cost you. Some stores set a minimum purchase amount before you can get cash back with your debit card. In some cases, you may be required to buy something you didnt want or need.
You might also pay a fee to withdraw cash using your debit card to help cover the stores costs. Its similar to what youd pay at an out-of-network ATM.
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Exchange It For Cryptocurrency
If you have ever traveled overseas, you have most likely seen the currency exchange booths in the airport terminals. Paybis is an online version of that for crypto currencies.
You enter the balance of your Amazon gift cards and Paybis will instantly quote the exchange rate for Bitcoin or other digital wallets including PayPal and Skrill.
If you accept the quote, your gift card is instantly sold and the payment process will be initiated into your payment account.
There is a 24-hour holding period for new customers. At this time, only physical U.S. issued gift cards are accepted.
Flip Items Purchased On Amazon
Are you an entrepreneur that relishes the idea of thinking outside the box?
Selling items for a profit that you purchased with your Amazon gift card is a prime example of making money with retail arbitrage.
There is an extra step or two involved to make money, but it can be an enjoyable experience and more profitable than selling it for a discount online.
Plus, if you are an or own an Amazon credit card, you can earn cash rewards that can maximize your profit even more.
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Buy A Money Order With It
If you have a PIN you can go to a retailer like Wal-Mart or any place that sells money orders, purchase a money order then deposit the money order into your account. Money orders will only cost you a .70 cent fee and youre done.
This method may not work anymore as stores force non-chip cards to use credit rather than debit, even with a PIN. However, not all retailers have integrated this into their POS system.
How To Get Cash Back From A Gift Card Vendor
Many gift card vendors tell you that they will not exchange your gift card for cash except where required by law.
This refers to legislation in 11 states and Puerto Rico that forces vendors to give you cash for the value remaining on your gift card. The amount they have to reimburse is limited to:
- $5 in most states
- $3 in Connecticut
- $1 in Rhode Island and Vermont
This is great news if you live in one of those states, but you will still have to:
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Are Mastercard Gift Cards Reloadable
A bank-issued gift card carries the logo of a credit card company, such as Visa® or Mastercard®, and is redeemable wherever that credit card is accepted. Typically, the words gift card are also written either on the front or the back of the card. A reloadable bank-issued card, however, is NOT a gift card.
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