Visa Gift cards are prepaid cards that are acceptable at any POS (point of sale terminal) where visa cards are used. These cards hold a certain amount of cash that is deducted automatically when the owner makes a purchase. Unlike credit and debit cards, Visa Gift Cards cannot be reloaded by the bearer once the money inside is depleted. After exhausting the amount in the Gift card, it is possible for replenishment if the owner wishes so but has to pay another amount. Using this card is very convenient as one need not walk around with hard cash for daily use as the card can be used to pay for almost everything. Even you can convert visa gift card balance into cash when the card is useless for you.
The money preloaded in these cards also cannot be withdrawn normally from ATMs hence they are inflexible when it comes to their use. This, in a way, is an advantage and a disadvantage. An advantage in the sense that: in spite of how one is financially pressed, he cannot withdraw that money for personal use. This ensures financial discipline. It is also a disadvantage because that money can end up going to waste as one may not get time to use it. Even though the money cannot be cashed directly from a bank, there are several acceptable methods that can be used to get this money. Once converted, then the owner can use it as they wish like in paying a mortgage debt, or even investing. Here you can learn the ways to convert visa gift card balance into cash money.
How Can I Get Cash Back from a Visa Gift Card?
Once money has been loaded into a prepaid Visa Gift card, there is no possible direct way that one can use to access it other than liquidating the amount. The only way to get that money is by following a series of steps that in most cases won’t recover the whole amount as some charges will be incurred in the process. Some possible ways that can be used to get back the cash include;
- Selling the visa gift card either through apps or website
- Using it to pay personal bills
- Using emergency disposal options
- Selling the gift cards at Jour card stores
10 Best Methods of Converting Visa Gift Cards to Cash
1. Using Gift Cards Exchange Kiosks
These are unique counters that are mostly located in grocery shops. These kiosks have different offers for gift cards depending on their value. All the owner is required to do is to fill in their gift card data and are presented with offers that they can choose to accept or decline. If the owner decides to accept the offer, a voucher is generated which they can take to the cashier to receive cash.
2. Purchasing Money Orders Using Gift Cards
Several grocery shops allow people to purchase money orders at their outlets using gift cards. An example of such a store is Walmart. After buying the money order, the buyer can then deposit it to their accounts and proceed to use the cash as they wish. However, this is a risky endeavor as some commercial banks have a limited number of money orders that they can allow. In case they notice an influx of money orders in a certain account they can close it down to something that has supposedly happened to many people.
3. Sell Gift Cards
This is the simplest method of convert a Visa Gift Card to hard cash. There are several available selling ways that one can use to convert their visa gift card balance to cash such as selling to a friend, sell gift cards online, using special card websites, applications as well as e-commerce websites.
Selling via Special Cards Buying Websites
There are some special types of websites that purchase gift cards and where one can sell theirs at a reasonable percentage. These websites offer a certain percentage of the Gift Card and the rest they retain as their commission. It is always advisable for a seller to consider doing background research properly before making any move. This is because scammers have targeted that market for a long time.
There are those buyers who send their prepaid postage where they request the card to be sent to them and others if your card is digital, the transaction is done instantly. Examples of these websites are;
- Card Cash–This Company was created in 2009. Here Card Cash buy the gift cards at a slightly lower percentage of about 85% their face value then they resell to make their money. It is a simple way to get cash from an unwanted gift card that the owners feel they don’t need because of one reason or the other.
- MyGiftCard Plus– This company deals with buying and partially selling of gift cards. For selling on MyGiftCard Plus, those who buy are gifted what they call SB (Swagbucks) which can be redeemed for free gift cards.
- Gift Card Granny–The Gift Card Grany website accepts gift cards from as low as $50. Their pay is cash instantly, and it’s a good market for people who wish to convert their Visa gift card.
Using Mobile Applications
With the advancement in technology, most purchasing companies have developed mobile applications through which people can sell their Visa gift cards. The seller is just supposed to download and install the app on their mobile phones, creates their accounts, and is free to post their cards on-sell page. However, once a sale is made, a certain percentage (%) of card face value is deducted as the company commission. This deduction is fair enough as the app takes the burden of hustling for the market of the seller’s shoulders. Examples of these apps are-
- Raise.com–On this app, clients are allowed to list their cards for free. On the selling page, the clients fill in the gift card information and merchants, the price, and then the card is displayed on the app as on sale. Once the card sells, the company takes 15% of the selling price as their commission.
- Gameflip.com–On this application also, a connection is established between the seller and the buyer. The application monitors the transaction between the two until the final stages where the two are supposed to rate each other and then the seller receives the payment. Once the selling process has been finalized, Gameflip deducts 8% commission and 2% digital fee where applicable.
Listing on eCommerce Websites
On these websites, one can list their Visa gift card for sale with considerable charges. Unlike in the other buying websites, the owner here can sell his card at its full worth though a shipping price may be added where necessary. In this method, there are some negligible commission charges involved but which cannot be compared with the percentages demanded in the other category. However, the sellers are advised so as to make quick sells they should list their gift cards prices slightly lower than their face value.
Selling to a Friend
This is the easiest and cheapest method of selling a Visa gift card. The bearer can ask around his circle of friends if anyone will buy the card or any leads for someone interested. This saves the owner money and time that otherwise would be spent while selling the Gift card online by themselves. Therefore, this doesn’t necessarily mean that you must sell your gift card to your friend; it simply refers to people who are close to you or your friends.
4. Use the Visa Gift Card to Pay Your Bills
This is also a good method of liquidating a Visa Gift Card. One can decide to use his/her Visa Card to pay all types of bills in retails and other bigger organizations that allow the use of these cards.
- Mortgage, car, and other large Bills – With some companies accepting payment through credit cards, it is possible to use the gift card for payments. In this case, the card is treated as a credit card and higher charges may be incurred. However, instead of using savings or money meant for other duties, the card serves the purpose and that is a good way to redeem a loaded Visa gift card.
- Paying small bills –The regular bills such as home shopping, café bills, car parking, refueling et al can always be settled using gift cards. This is made possible by the fact that most of the stores that accept normal Visa credit cards also allow gift cards as a mode of payment. These regular expenditures account for greater human spending and can be a very viable gift card liquidation technique.
5. Emergency Disposal Option
This method involves the use of money transfer systems that allow payment via Visa Cards. This method is highly discouraged and should be used when all other liquidation methods have failed or have been shut down. The two common emergency options are;
- Sending cash via payable mediums – An example of such money transfer mediums is PayPal. These systems are designed in such a way that people can send money/payments to others at a certain fee which can be paid using prepaid cards like Gift cards. Therefore, someone sending money via PayPal can comfortably pay for the charges using a Visa gift card.
- Mobile money/payments Transfer – Most of the available mobile money service companies today have incorporated readers allowing money transactions with credit cards. Through this system, it is easy for one to receive money from his/her Gift card using an emergency option. This process however is prone to tax complications which may lead to account shut down if appropriate measures are not taken. Assistance from a financial expert can be the sort to assess the impact of such transfers before attempting it to avoid a possible disturbance.
6. Gifting Someone Else The Visa Gift Card
Sometimes these cards are used as gifts due to their high-value nature. Visa Gift cards are always bought in $100, $200, or even $500 denominations and thus can serve as prestigious gifts in special events such as weddings. Instead of writing a cheque or delivering cash in envelopes, these Gifts Cards can as well serve the same purpose. Also for the needy cases of college students or vulnerable families who need assistance, such gift cards can be used for such charity actions to alleviate the sufferings of the victims. The beneficiaries can buy food, clothing, or whatever it is that they lack.
7. Jour Card stores
Jour Card is a one-stop e-shop for online payment and gaming services. It is a great relief for people who find it hard to exchange their Gift cards as it offers the simplest solution. The terms are not very favorable as they charge between 20-25% of the gift card’s face value. This is one of the most expensive methods but also it has its merit. For example, the timeline for the whole transaction completion is short because it lasts between 24 to 72 hours within which the money is wired to the account. The idea also has powerful security mechanisms to determine the legitimacy of all transactions thus scam cases are unheard of. The incorporation of e-currency transactions involving Bitcoins and PayPal platforms has given Jour a very strong foundation in the market.
8. Purchase Goods For Resell
This technique gives someone an opportunity to get his Gift Card cash with the possibility of even making more money. There are many online platforms and markets that accept prepaid gift cards as payment for goods. By finding products on deals and reselling them, one can make a profit by getting their money back or more. There are several product deals that if someone takes advantage of, then they can easily rake some good cash.
For example, a time comes when companies want to release a new product in the market and they want to clear the old stock with crazy discounts. Such are the opportunities to seize and maximize. Once the product is bought, you then look for a market to sell with slightly higher prices. It always pays back and if serious about the business one can make it bigger than expected.
9. Go Bank
Go Bank is a new banking alternative in which all banking services can be carried out purely online. All Visa and MasterCard cards can be loaded onto this platform without having to go to the Money Centre. Likewise, all Visa and MasterCard cards can be unloaded from this platform without having to go to the Money Centre. This means that liquidation of the Gifts cards is carried out at no additional cost at all. Go Bank is an efficient and cheap option to unload Visa gift cards. It’s straightforward, despite being new. It’s one of the best methods.
10. Exchanging Visa Gift Card with Bitcoins
There are several mobile applications that are platforms for Bitcoin exchanges. On these applications, it is easy to purchase bitcoins using Visa Gift Cards. After the exchange, one can decide to do whatever they want with the bitcoins. They can either trade or purchase anything or withdraw the bitcoins. Good examples of these applications are-
Paxful- This is a peer-to-peer (P2P) marketplace that is recognized globally. This application supports Bitcoins trading i.e. buying and selling using different methods including gift cards. With this application, a trader can buy bitcoins using their gift cards to their purse. For example, the application offers the trader to pay for someone’s order with his/her gift card and earn bitcoins. The shopper spends bitcoins. They are credited to the trader’s account after confirming merchandise arrival.
Another example of a p2p cryptocurrency platform is called Coin-cola. This has a section where users are allowed to buy and sell bitcoins using their gift cards. It also has e-codes for several retail and other platforms such as Apple store, Spotify, and Netflix.
FAQ – Frequently Asked Questions
Can I transfer money from a Visa gift card to my bank account?
It is not practically possible to wire money directly from a Visa Gift Card to the bank. The card must first be liquidated, and then the resulting funds can be wired to the bank. Otherwise, money in the Visa Gift Card cannot be withdrawn in an ATM or through normal bank transactions. The only way to access the money on a visa gift card is by selling it first. After selling the gift card, the resulting cash can be deposited into the owner’s bank account.
Can you take cash out of a Visa Gift Card?
Yes. The cash loaded in a Visa gift card can be liquidated using several means. There are various options available to convert gift cards into cash or its equivalent. There are various options for converting the gift card, such as selling it to a friend or listing it on an eCommerce website. It is also possible to buy a money order or deposit it into a bank account, among other alternatives. However, when this process is followed not all the cash is deposited in the Bank as there are charges involved. So yes, it is possible to take cash out of a Visa Gift Card.
Can you transfer money from a Visa gift card to PayPal?
Yes, it is possible because Paypal allows payments using Visa Gift Cards. Therefore, You can transfer the full amount from a gift card to a PayPal account for payments. Also, the money can be transferred after the owner has sold the Visa Gift card. The buyer can send the payment to the seller’s PayPal account which is allowed.
Closing Thoughts
It’s possible to convert Visa gift card funds to cash. Don’t let the card go to waste. Use available channels to secure your money. Prepaid cards have advantages, but they must be utilized. Walking with a gift card is more convenient than carrying cash, and it’s harder to lose. Impulsive purchases can be avoided when carrying a gift card.
One can choose the suitable method based on location, internet availability, and urgency. Observing the financial institution’s rules is crucial to avoid conflicts. Some banks don’t fully support the highlighted methods. Owners should ensure not to cause account lockouts.
