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How Do You Cash In Gift Cards

Gift Cards Encourage The Recipient To Treat Themselves

How to turn unused gift cards into cash

While some generic gift cards could technically be used for the weekly shop, gift cards are designed to encourage people to treat themselves.

Some people dont like to, or cant afford to, spend money on items they dont technically need but would love. With a gift card, youre giving them permission and the means to do that, guilt-free.

Where Can I Sell My Gift Cards

One of the most important things to consider before selling your gift cards is how you want to receive your payment. Are you hoping for the instant gratification of PayPal or direct deposit? Or are you more of a paper check, in the mail type of person?

This may seem irrelevant to some, but to others, the accessibility of their cash is important. Your unwanted gift cards are stacking up, and its time to unload them. Googling where to get cash back for my gift card isnt going to cut it this time. It would be best if you had a clear direction on how youre going to sell your gift cards and what platform will give you the most money with the quickest turnover.

Once youve settled on this important facet, you can filter through your options.

Do Gift Cards Expire Or Have Fees

Depending on the card, it’s possible that a gift card may expire if the money loaded onto it is not used within a specific time period. You may also pay fees to activate a new gift card or reload money onto an existing gift card. Some prepaid gift cards may also charge monthly or dormant account fees.

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Can You Put A Visa Gift Card In Your Bank Account

You can deposit a gift card to your bank account, although not directly. Visa gift cards are treated like Visa credit cards, meaning the balance isnt transferable to an account.

However, as shown above, there are some roundabout ways to achieve this. For example, there are several options to transfer money from a gift card to your bank account via PayPal. All you do is follow the steps outlined above for getting the balance into your PayPal account and, from there, transfer that money to your bank account.

Keep reading to find out which specific options are available for this, if youd prefer the money end up in your account rather than converting your Visa gift card to cash in hand.

Consider Ways To Get Paid

Can You Get Cash Back From A Walmart Gift Card In 2021?

Depending on the service you choose, when you sell a gift card you can receive a check in the mail, a PayPal payment or a more useful gift card.

Payment apps might be quick, but keep those pesky transaction fees in mind if you want to maximize your payout. Checks may take a little longer, but theyre as good as cold, hard cash. And depending on your spending habits, another gift card might be the best choice, as the conversion rate is going to be the highest.

Each selection has its own perks, so choose whichever best fits your needs.

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You Still Have To Put Some Thought Into It

While you can express your own interests and values, such as a gift card for a sustainable brand, make sure youre focusing on their interests more than yours. And consider that some hobbies, such as gaming, will need a gift card specific to the console they use.

Not everyone wants to go on a bushcraft course, even if these skills might come in handy one day. So unlike when you give cash, you may still need to have a word with their nearest and dearest, or the recipient themselves, to find out what sort of thing they enjoy doing.

How To Exchange Gift Cards For Cash

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A gift card is an easy and thoughtful holiday present and especially great for the person who seemingly has everything but sometimes the card doesnt line up with your interests or tastes. And lets be honest, sometimes you just want the cash.

You dont have to be stuck with a gift card that will sit in your wallet for a year, however, taunting you with its attractive dollar amount . Weve broken down the steps you can follow to redeem your unwanted gift cards for cash, and how to avoid potentially getting scammed in the process.

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Earn Money Along The Way

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Use The Visa Gift Card To Pay Your Bills

HOW TO CASH OUT GIFT CARDS ON IBOTTA | QUICK TUTORIAL |

The next method, which is as good as getting liquid cash, is using the gift card to cover your bills. This can be done with the free service called Plastiq as mentioned above.

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 slightly fees. It’s completely free to sign up and try.

Free

  • Pay everyday bills

Besides using the cards for larger bills, you can also use it to settle regular bills or, better still, make some local purchase 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.

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Also Check: Can You Convert Zola Store Credit To Cash

Does Apple Let You Get Cash Back On Your Part

Once you have bought an iTunes gift card, you need to scratch off the security tape on the back of the card to reveal the gift cards code.

On your Apple mobile device or computer, you must then go to your Apple account and find the Redeem Gift Card feature. Once there, you should type in the gift cards code, and the value of the card will be credited to your Apple account.

On a PC, you can redeem your gift card similarly using iTunes.

Once you have submitted the code, all the value is wiped from the gift card, and you can dispose of it.

It is, therefore, impossible to get cash back on an iTunes gift card as you cannot part-use it.

Recording Gift Card Sales

When your clients sell gift cards, they have the money in hand, and presumably, that means you should just record the sale as usual, right? Actually, no. You need to record gift card sales as liabilities for deferred revenue.

To explain, a liability is a debt or a future obligation. When your client sold the gift card, the retailer or service provider created a future obligation to provide their customers with products or services worth the value of the gift card. Deferred revenue means you wait until you count the funds or in more easily understood language, the time when your clients customer trades the gift card for goods or services. To illustrate how this works, imagine your client sells a gift card for $100. To record the transaction, you note $100 as a credit in the gift card deferred revenue category. If you use double-entry bookkeeping, you also note the gift cards sale as a debit in the cash column. Then, lets say the customer uses $80 of the gift card to purchase some products from your client. At that point, you debit the gift card deferred revenue column for $80. If this is the only gift card on the books, the total in that column drops to $20. To balance the books, you also record the $80 in the sales or revenue account as a credit.

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Check Into Cash Stores

Im not a fan of payday loan services, but the Check into Cash stores will buy your gift cards off you on the spot. No, you dont have to get a payday loan to qualify, either.

The only downfall is that you wont know what you get unless you call or visit a location, which you can find via the companys official website at CheckintoCash.com.

If you do decide to sell, bring in your gift card, a valid ID and you will walk out with cash in hand as long as the card is confirmed. This is a great place to sell your gift cards and get cash in person.

  • Website: CheckintoCash.com

Who Offered The Best Deal

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In my research, I wanted to see who offered me the best rate for my hypothetical example. In my example, I chose a $50 Kohls gift card, seeing just about every website would accept it.

Heres what I was offered.

Website
BuyBackWorld$32.50

As you can see, the quotes were close, but some were much less than others. This goes to show you that you should always get multiple quotes before accepting the first one you see if you want an instant quote. Other than that, selling via Raise is often the best way to go.

Read Also: How To Pay Airbnb With Gift Card

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.

Dont Sell Gift Cards On Ebay

EBay has always been a popular place for buying and selling things online but it might be the worst way to sell gift cards.

First, an eBay buyer isnt likely to buy your gift card for more than 80% to 90% of its value. For a $100 gift card, you can count on a loss of between $10 and $20 right off the bat.

On top of that, you may be responsible for eBays insertion fees, a final value fee and a performance fee if your eBay seller account isnt in good shape. These fees eat further into your earnings.

You may be thinking, hey, dont Raise and Gameflip also have seller fees? They do. But these marketplaces specialize in selling gift cards, so the base value of your gift card is much likely to be higher on Raise or Gameflip than eBay. Also with eBay, theres no built-in way to verify your gift card code or balance making the selling and shipment process much more of a hassle.

In short, stick with one of the five gift-card selling websites above to get the most money for that ol AppleBees gift card thats nearly fused together with your wallet.

Read Also: How To Use An Airbnb Gift Card

Get Cash For Gift Cards

    Many people wonder how they can get cash for gift cards. This usually comes up when they receive a gift card as a present. The gift card is to a place they dont shop or have no interest in shopping.

    Or, people may be wondering who buys used gift cards or about how to get cash for gift cards. This usually happens when theyre looking to put more money back in their budget. When money is tight, exchanging unwanted or unused gift cards for money makes a lot of sense.

    In this blog post Im going to address three solutions related to the notion of cash for gift cards. First, Ill remind you how to make the most of gift cards you already own. Next, Ill review places that give you cash for gift cards, when youre looking to sell them. Finally, Ill offer suggestions on what you can do with those unwanted gift cards when selling them for cash is not an option.

    Can You Turn A Visa Gift Card Into Cash In Hand

    Getting Cash Back For Gift Cards

    If you are looking to trade in your Visa gift card for cash, the options listed in this post will help you get started. While you cant go up to an ATM to try and get cash for it, you can try some of the options listed in the post such as selling your gift cards on platforms such as Facebook Marketplace.

    I recently did a Facebook search on their marketplace and saw quite a few people who were selling their unwanted gift cards. Remember to always check the reviews of each seller or buyer to make sure they are legit.

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    You Can Leave Out The Guesswork

    Even a generic gift card makes assumptions that they like that store and could find anything they want there.

    Cash removes that second-guessing. It also means that this year you wont have to send that annual message to your brother asking what your nephew is into these days. Not everyone is able to spend enough time with loved ones to pick up on hints about what they love, which is why the flexibility of cash can be a winner.

    And for some, giving cash can be a lot easier than getting to grips with what exactly younger members of the family are actually asking for.

    How Do Gift Cards Work

    A gift card resembles a credit or debit card since it is plastic in nature. They have specific numbers that identify the cards. Anybody can use it since most do not link to a particular person.

    Most cards have no PIN, and if you lose one, it is the same as losing real money. Someone else can use it if they collect it. However, Visa and Mastercard gift cards have been using PIN since 2013.

    Some gift cards are only useful for one-time payments, while others are reloadable. Reloadable cards are almost similar to prepaid debit cards and can allow you to transfer money using the routing number and account number to a bank account. This means that you do not have to lock yourself to buy goods only.

    When buying goods with you, the merchants use the on-line electronic system for authorization to deduct the amount you have spent when shopping. These include a serial number, barcode, or magnetic strip. While some gift cards will only allow you to buy at specific stores, cards from banks allow you to purchase from any store that accepts them.

    For instance, Giftcards issues Visa and MasterCard that can be used anywhere that accepts Visa and Mastercard.

    Before being sold, most gift cards have no value. When buying, the seller now loads money on the cards depending on the amount you pay. However, some cards have a set value, and once you receive them, you have to call a given number to activate them.

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    With Raise Youll Get To Set Your Own Price For Your Unused Gift Cards

    • Payout value: You set the value of your gift card!
    • Payout options: Check by mail , ACH deposit, or PayPal.
    • Retailers accepted: More than 4,000 brands, though there are many brands with restrictions.

    Likely one of the most well-known websites on this list, Raise.com is another great place to sell your unwanted gift cards. Its a bit different from the other websites mentioned as you have the freedom to set your own price for the sale. Sweet!

    At Raise, after you enter in the amount of your card & card information, you choose your selling price , and the website will show how much you can earn from the sale after they take their cut of the selling fees. So while it may seem like you could get more for your card on Raise, dont forget to take the websites commission into account.

    Looking to buy a gift card? For a limited time, get an extra 10% off all of Raises discounted gift cards when you enter promo code FIRST on your first purchase.

    What Are Other Options For Getting Rid Of Unwanted Gift Cards

    Still Carrying Holiday Gift Cards? Here

    Maybe youre not as online savvy as youd like to be, and youre looking for other options to rid yourself of your Target gift card. Or, you still want to earn cash, but the idea of stopping by the post office or shipping your card out via FedEx seems like more effort than youre willing to make.

    Maybe youre completely unconcerned with the idea of earning cash from your gift card, and you want to ensure that the card goes to good use, since you don’t need it. Whatever the case may be, we have a solution for you.

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