Do Prepaid Cards Come With Fees
Before you open a prepaid card, it’s important to understand what fees may be associated with them. Most prepaid cards charge monthly maintenance fees around $10, which is similar to checking account fees that can cost up to $15 a month. But you may also pay a fee to open your prepaid card, typically around $5.
You can also expect to incur an ATM fee, reload fee and foreign transaction fee with many prepaid cards.
The PayPal Prepaid Mastercard® can cost up to $4.95 to purchase the card and charges you $4.95 a month to use the card. You may also incur ATM withdrawal fees of $2.50, check deposit fees ranging from $0 to 5% of the total check amount and a 4% fee on purchases made outside the U.S.
There are options out there with minimal fees. Bluebird® by American Express has no card opening fee when you open an account online , no monthly fee and no foreign transaction fees.
While there’s typically no minimum balance requirement, you could get stuck paying a monthly fee you regardless of your balance. Make sure you’re familiar with your card’s terms of service and reach out directly to your card issuer for more information.
Transfer The Balance Using Square
You can try using a company called Square to transfer a Visa gift card balance to your bank account. This method allows moving the entire gift card balance right into your account.
However, it may not work for everyone as the company Square has caught on and doesnt allow it. If you wanted to give this method a shot, there is an explanation here.
Turn Your Visa Gift Cards To Cash By Buying And Reselling Items
This may take a few extra steps to do but it may be the only other option on this list that lets you make money from converting your Visa gift cards to cash .
As mentioned, most stores treat Visa gift cards like credit cards. This means that you can generally use them to buy items at almost any store, so keep an eye out for things that are either heavily reduced or in high demand.
In both cases, theres a good chance you may be able to resell the item at a higher price than what you paid. This, in turn, will let you eventually get cash from your gift card.
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Scotia Momentum Visa Infinite*
The Scotia Momentum Visa Infinite is a strong cash-back card that offers competitive perks and rewards and comes with an excellent welcome offer. Cardholders can earn an impressive 4% cash back on groceries, recurring bills and subscription servicesa structure that may well suit large families or households. Transportation expensesgas and public transitearn at 2%, and everything else comes in at 1%. Note that there is a $25,000 cap on qualifying spends in each category any purchases exceeding that amount will earn the base 1%. Theres also $1,000 in mobile device insurance and $1,500 per person in trip cancellation protection.
Since this is a Visa Infinite card, there is a minimum annual income of $60,000 or a minimum household income of $100,000 requirement to be approved for the card. The annual feenow $120will be waived for new applicants for the first year.
- Annual fee: $120
- Welcome bonus: Earn 10% cash back on all purchases up to $2,000 for the first 3 months. Apply by January 1 2022.
- Earn rate: 4% cash back on groceries, recurring bills and subscription services 2% on public transit and gas and 1% on everything else
- Income requirement: $60,000 or $100,000
- Additional benefits: Mobile device insurance travel insurance concierge service Visa Infinite Dining and Wine Country Series
Sell Your Visa Gift Card For Cash
I hate these options out of most because you wont get 100% of your value, but with the right site, you could get up to 95% back. I would only consider this option if you dont have a PayPal/Venmo or you dont want to deal with the hassle of it.
To sell your Visa gift card for cash online, its relatively easy. Just head to one of the many sites Im about to mention, ask for a quote and then follow the prompts if you want to sell it to them.
In most cases, you can get your cash almost instant while some may have a 24-48 hour waiting period. You should know the terms before you sell them, however.
If interested, here are some websites that buy Visa gift cards:
Again, dont expect 100%. Instead, maybe 95% at most. For instance, I could get $22.50 for my $25 Visa gift card. You have to ask yourself if its worth it.
TIP: If you dont want to sell your Visa gift card, you can trade them on these platforms, too!
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First Check Your Balance
Before you throw any of your single-use gift cards away, make sure to check the remaining balance.
With almost every card, there will be multiple ways to do this:
- Online on the vendors website
- In store at one of the vendors outlets
Any remaining balance is good news. If it is a considerable sum, you can decide whether you want to use it to spoil yourself with something from the vendor.
If its a smaller amount, $5 or less, you may want to convert it to cash.
Can I Get Cash Back From A Visa Gift Card
If you have a Visa gift card and are wondering if you can get cash from it, the short answer is probably not. To fully answer the question, however, I need to clarify the difference between a Visa® gift card and a Visa Reloadable Prepaid Card. Both types of plastic may appear to be the sameboth carry the Visa logo and come preloaded with a finite dollar amount to spend. Thanks to a new law that went into effect in 2013, both now also come with a Personal Identification Number so they can be swiped as debit transactions on Point of Sale terminals. Though the two cards are similar, only prepaid cards can be used to get cash from an ATM or to get cash back from a merchant. Gift cards cannot. Read the terms and conditions on the back of your card to know for sure.
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Purchase A Money Order With Your Gift Card
A money order acts very similarly to a check but you have to have it issued by your bank or a specialty institution. The good news is that Walmart and some grocery stores customer service areas now issue money orders.
Youll have to check with each individual money order issuer, but you may be able to purchase your money order using your Visa gift card. This is no different than paying for your money order using a debit card.
Just make sure you have enough money on the gift card to cover the balance of the money order. Then you can cash the money order or deposit it into your bank account.
Can I Create A Pin
Yes – you can create a pin on the Gift Card website by selecting “My Pin” under the My Settings tab.
You can also request one at the time you activate your card using the toll-free number on the sticker. There is no charge for using the voice response system. If you activate your card on the website, you will need to call to request a PIN.
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Which Debit Cards Offer Cash Back On Purchases
- Visa Bank of America debit card. The Bank of Americas Visa debit card is a standard debit card in most cases.
- Reinforce your debit card. Empower is a personal finance app that offers cash debit card.
- Discover Cashback Debit.
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What Visa Gift Cards Can Be Used At An Atm
If you currently have a Visa gift card and want to know if you can use it directly at an ATM, the short answer is no. Because these types of gift cards are coded to be used in stores or at restaurants, you cant directly get money from an ATM from them.
You can, however, use some of the methods listed in this post such as selling the gift cards for cash on places such as Facebook Marketplace or Gift Card Granny.
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Resell Your Visa Gift Card
This is a pretty straightforward method of converting your Visa gift card to cash. You can list your Visa gift card on local selling apps and get cash right away if you can find an interested local buyer. Keep in mind that you will likely lose 5% face value of the value of your gift card by selling it here as many buyers will low-ball you with offers.
But you can increase your odds of selling it by listing it online on classified sites such as Craigslist or eBay to liquidate your Visa gift card. While selling it locally reduces the fees you pay, youll likely get a solid exchange rate by selling it online.
For example, on eBay, at times you can get the exact value on the Visa gift but just keep eBay fees in mind. They are known as selling fees and theyre a percentage of an items total sale price. For most sellers, its 10% or lower in 2020.
Overall, selling your gift card is a great choice if you wanted to get rid of it quickly and get straight cash.
Are Cash Back Cards Good
These cards offer cash back on purchases, which is a great way to get rewarded for your daily expenses. Like the reward cards, these cards are the cheapest if you don’t have a monthly loan. The typical cash back percentage is 1%, although some cash back credit cards offer a higher percentage on certain purchases, such as groceries and gasoline.
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Prepaid Cards Vs Gift Cards: An Overview
Prepaid cards and gift cards are both pieces of plastic that can be used to make purchases. They make popular presents as well: A versatile way to give a recipient the funds to buy whatever they like that seems safer and a touch classier than a wad of cash, and more convenient than a personal check. The biggest difference between the two reflects their permanence: prepaid cards can be reloaded and used indefinitely, while gift cards can generally only be used until the dollar amount on them is exhausted.
Chase Freedom Unlimited: Best For Drugstores
The Chase Freedom Unlimited starts you off with a $200 cash bonus when you spend $500 within three months of account opening. You also earn at least 1.5 percent back on all purchases, 5 percent back on travel booked through Chase Ultimate Rewards, 5 percent back on Lyft purchases , 3 percent back on dining and drugstore purchases and 1 percent back on other purchases. No annual fee applies.
Why this card is ideal for gift cards: The Chase Freedom Unlimited lets you earn 3 percent back when you buy gift cards from drugstores.
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Can You Withdraw Cash From A Prepaid Visa
You can withdraw cash from a prepaid Visa, with the card being treated the same way as any Visa debit card. This means that you can use the prepaid Visa to make purchases online or in-person, make bill payments and withdraw cash.
Just keep in mind that a prepaid Visa is different from a Visa gift card, with the latter being more restricted in terms of how you use them. While a Visa gift card can be used the same way as a prepaid Visa when it comes to making purchases, its usually isnt possible to use a Visa gift card for ATM withdrawal or as cash back in a store.
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.
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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, that it hasn’t expired. The last thing you want is to sell your gift card to someone and have it be 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.
Sell The Visa Gift Card Online
In addition to Raise.com, there are some additional sites that you can sell your Visa gift cards on. Check out the sites below.
- Gift Card Granny: This site has been seen in places such as Forbes, NBC, and Oprah Magazine. On this site, you can sell your unwanted gift cards, and its not limited to just Visa gift cards. You can sell any type of gift card from stores you may have laying around your house. to check out Gift Card Granny.
- Gift Cash: Like Gift Card Granny, this site lets people sell their unwanted gift cards and send them payment for it. This site is great because they are constantly updating their list of accepted merchants. So if you happen to have a gift card that isnt on their list, you can just let them know and they will look into adding them to the list.
- Card Cash: With Card Cash, you can sell your gift cards on this site or buy discount gift cards to save money quickly.
- Game Flip:Game Flipis another site where you can sell unwanted and non-reloadable gift cards to earn cash.
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Ways To Convert Visa Gift Cards To Cash
Perhaps you have received a Visa gift card as part of a promotion. Maybe you are registered on Swagbucks.com and redeemed the Swagbucks you earned for watching videos, taking surveys, playing games, and shopping online for a Visa gift card. Alternatively, you may have received your Visa gift card from your dear Aunt Thelma for your recent birthday when what you really needed was cold, hard cash to help you meet a financial goal you had set for yourself. Perhaps you wanted to pay down some debt, add to your emergency fund, or increase your retirement savings. Unfortunately, you cannot simply insert the gift card into an ATM to get the cash you desire. A Visa gift card is different from a Visa prepaid card, which is reloadable and can be used to get cash at an ATM. Nevertheless, there are multiple ways to convert that gift card to cash. Ten of these are discussed below:
1. Transfer Visa Gift Card to Bank Account via PayPal
If you do not have a PayPal account, consider asking a trusted friend or family member to upload the card to his or her account, giving you the cash for it.
2. How to Add Visa Gift Card to Venmo
Venmo is a PayPal-owned app that facilitates the transfer of money among friends and businesses. As with PayPal, you can upload your Visa gift card to the app and then transfer the funds to your linked bank account. Like PayPal, Venmo does not charge a transfer fee for a standard transfer, but charges 1% for an instant transfer.
5. Use It to Buy Groceries
Can You Transfer Money From A Prepaid Card To Your Debit Card
It is possible to transfer money from your prepaid debit card to an ordinary card within a short time. If I want to transfer money from my prepaid card to a debit card, I just select send money option and enter the debit card account number and send. As I had mentioned earlier, a prepaid card allows you to send money from a smartphone app to someone else.
When transferring money from your prepaid card to your debit card, you are sending money to yourself. You enter the account number to transfer the funds to and click send. The funds reflect after some time.
In most cases, people have prepaid cards from different banks other than where they have ordinary accounts. If you want to make a particular payment using your bank account, then you may have to use your prepaid card to load your bank account to perform the transaction.
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