Can I Convert Any Gift Card to Cash?
The short answer is: no, you cannot directly convert any gift card to cash. While the idea of turning unwanted gift cards into cold, hard cash is appealing, the reality is more nuanced. Most gift cards are designed to be used for purchases at specific retailers or within a particular network, rather than functioning as a cash equivalent. However, there are several legitimate methods you can explore to get some of the value out of your unwanted gift cards, effectively turning them into cash, albeit often at a discount. Let’s delve deeper into the options available to you.
Understanding Gift Cards and Their Limitations
Before we explore conversion methods, it’s crucial to understand the fundamental differences between gift cards and prepaid cards. This distinction is critical because it determines whether or not your card can be used at an ATM or withdrawn as cash.
- Gift Cards: These are typically store-specific cards or branded to a specific retailer. They function as a form of store credit and are not designed for ATM withdrawals or cash back.
- Prepaid Cards: These cards, such as Visa or Mastercard prepaid cards, are issued by financial institutions and generally allow ATM access, although not all issuers allow this. They are designed to function as a bank debit card, albeit without a linked checking account.
The primary difference lies in their intended purpose. Gift cards are meant for in-store purchases, while some prepaid cards can be used more flexibly, including at ATMs.
Methods for Turning Gift Cards into Cash
While a direct cash withdrawal from most gift cards is impossible, here are some viable methods for extracting value:
1. Gift Card Exchange Kiosks
Some grocery stores and other retailers feature Gift Card Exchange kiosks. These kiosks are usually bright yellow and allow you to insert your gift card information. The kiosk will then present you with an offer for the card’s value, typically at a significant discount. If you accept the offer, you’ll receive cash on the spot. This is a convenient option but be prepared to receive significantly less than the card’s original value.
2. Online Gift Card Reselling Platforms
Several reputable online platforms exist for buying and selling gift cards, including Raise and CardCash. These sites provide a marketplace to sell your unwanted gift cards for cash. You enter the details of your card, and these platforms then offer you a price, again typically less than the face value.
- CardCash: This service allows you to sell unwanted gift cards for up to 92% of their value and processes payments typically within 2 business days. You also have the option to trade unwanted cards for those from other retailers, sometimes gaining up to 11% more value.
- Raise: Similar to CardCash, Raise provides a platform to buy and sell gift cards at discounted prices. They may offer slightly different terms, making it worthwhile to compare both platforms.
3. Using Gift Cards with PayPal
You can often add gift card funds to your PayPal account and then transfer it to your linked bank account. Here’s how:
- Log in to your PayPal account.
- Go to the “Wallet” tab.
- Click “Link a debit or credit card.”
- Select “Link a card manually.”
- Enter the gift card information (card number, expiry, and CVV).
- Click “Link Card”.
Once linked, you can transfer the balance to your bank account (subject to PayPal’s terms and conditions). Note that this method works primarily with prepaid cards, not standard store-specific gift cards.
4. Utilizing Apps like Prepaid2Cash
Apps like Prepaid2Cash are specifically designed to make converting gift and prepaid cards into cash quick and easy. They often accept a wide range of prepaid cards, including common Visa and Mastercard gift cards, as well as rebate cards. These apps generally employ security measures to protect your account information.
5. Trading Gift Cards
Instead of cash, consider trading your unwanted gift cards with friends or family who might find them useful. You can also explore online platforms like CardCash.com, which allow you to trade cards with others. This could net you a card you’d prefer.
6. Walmart Gift Card Trade-in
Walmart offers a gift card trade-in program. This allows you to exchange unwanted gift cards for a Walmart gift card, although you will typically receive less than the original card’s value.
7. Selling Gift Cards Locally
While not as convenient as online services, you can sell gift cards in your local community via marketplaces or through word-of-mouth. Ensure you take the necessary precautions to avoid scams when meeting buyers in person.
8. Purchasing a Prepaid Card with a Gift Card
In some instances, you can purchase a new Visa gift card using your current gift card. This is a way to indirectly get cash but again you may lose a little value in fees.
Frequently Asked Questions (FAQs)
1. Can I withdraw cash from any gift card at an ATM?
No, the vast majority of standard store-specific gift cards cannot be used to withdraw cash at an ATM. Only prepaid cards, like Visa or Mastercard prepaid cards, may offer ATM access if the issuer allows it.
2. Can I get cash back when using a gift card at a store?
No, you cannot get cash back when making purchases with a typical gift card.
3. Are there any apps for converting gift cards to cash?
Yes, apps like Prepaid2Cash are designed for this purpose, offering a convenient way to convert various prepaid and gift cards into cash.
4. Which prepaid cards can be used at ATMs?
Prepaid cards that commonly have ATM access include:
- PayPal Prepaid Mastercard
- Netspend Visa Prepaid Card
- The Mango Prepaid Mastercard
- Bluebird American Express Prepaid Debit Account
- Walmart MoneyCard
- Brinks Prepaid Mastercard
Always verify the issuer’s specific terms and conditions.
5. Does Walmart cash out gift cards?
No, Walmart will not cash out gift cards. They offer a trade-in program for Walmart gift cards, but you will receive less value.
6. Can I transfer a Walmart gift card to Cash App?
No, Cash App does not support gift cards, making it impossible to directly transfer a Walmart gift card to Cash App.
7. Can I use a Visa gift card at an ATM?
Yes, if the Visa gift card is issued as a prepaid card with ATM access, you can get cash at ATMs that display PULSE, NYCE, STAR, or Plus symbols.
8. Can I get a refund for an unused gift card?
Generally, no, most retailers do not offer refunds for gift cards, unless required by state law. Some exceptions may exist, so always check the specific terms and conditions of the card.
9. Can I exchange a gift card for a different gift card?
Yes, many platforms like CardCash allow you to trade gift cards with others, allowing you to get gift cards from retailers you prefer.
10. Does Target buy gift cards for cash?
No, Target does not buy gift cards for cash. Their gift cards are not redeemable for cash, except when required by law.
11. Can I convert a gift card to PayPal?
Yes, you can often link prepaid gift cards to your PayPal account and transfer funds to a bank account. Not all gift cards will be compatible, however.
12. How long does CardCash take to pay out?
CardCash typically issues payments within 24-48 hours after receiving the card(s).
13. Can you use a gift card to buy a prepaid Visa card?
Yes, it is generally possible to purchase a prepaid Visa card using another gift card.
14. Is it better to sell or trade gift cards?
This depends on your needs. Selling for cash might be better if you need the money. Trading might be better if you want a different retailer’s card and don’t need cash urgently.
15. Can I use a Vanilla Visa Gift Card at an ATM?
No, Vanilla Visa gift cards do not directly allow cash withdrawals at an ATM. You may, however, be able to transfer the funds to PayPal and from there to your bank account.
Conclusion
While the ideal scenario of converting any gift card directly into cash doesn’t exist, numerous methods can help you recoup value from unwanted gift cards. Whether it’s through online platforms, trade-in programs, or linking to your PayPal account, exploring these avenues can prevent your gift cards from going unused. Remember to compare options, be aware of fees, and choose the method that best suits your needs. Always read the terms and conditions associated with each method to ensure you make an informed decision.