How to Convert Visa Gift Cards to Cash
Gift cards are great, especially when you get them for free. But sometimes, you need cold, hard cash to pay the rent, send a friend some money, or catch up on some bills.
Instead of keeping an unused gift card or two in your desk drawer, you may be able to convert them to cash. If they happen to be Visa gift cards, you have several options. Here are some ways to get the most bang for your gift card buck.
We’ve compiled seven ways to exchange Visa gift cards for cash or save money on everyday purchases using gift cards. Before we get started, it’s important to note that converting your Visa gift card to cash will often result in some loss of face value. So you’ll want to ensure you’re willing to sacrifice a few dollars.
Cash Cash is a gift card marketplace that lets you buy and sell gift cards.
When you sell cards via CashCash, they tell you the exact amount of cash you’ll receive. This helps you avoid meeting with buyers in person or getting ripped off with a fraudulent payment. If you choose, you can earn more if you opt for a Prepaid Mastercard instead of cash.
For example, on a $25 Home Depot gift card, you can get $21.25 cash or $21.57 on a Prepaid MasterCard.
If you have a $25 Red Lobster gift card, you can get $17.00 cash. You can also get up to 11% more if you swap to another gift card. A nice feature of CashCash is that it lets you check all these prices without logging in.
Check the value of your gift cards on CardCash
One of the easiest ways to get cash for your Visa gift card is to sell it on Facebook Marketplace. The main advantage is that you won’t pay a fee. Your biggest hurdle will be convincing potential buyers that your Visa gift card is legit.
Potential buyers won’t know you, so marketing your cards correctly is crucial. Take pictures and screenshots of web pages from the Visa website displaying the card balance. Also, protect yourself as a seller by looking over the profile and the ratings of potential buyers.
There are scams in which a potential buyer asks you to get on a three-way call to verify the balance on the card. While this sounds legit, what often happens is that the potential buyer writes down the card number as you share it with the customer service rep and then uses the balance on the card from there without ever paying you for it. Look out for these scams.
Your best bet is to verify the balance online and then share the screenshot with any potential buyers, as mentioned above. Be sure to block out any information that might make it easy for the card information to be stolen.
Another option is to convert your Visa gift card to Paypal or Venmo cash. To do this, you must have two PayPal (or Venmo) accounts in your name. If not, open a second account using a separate email address.
From there, add your Visa gift card information as a payment method on your first PayPal or Venmo account. Then, you’ll send the money to yourself (as a friend transfer) on your second account, using the gift card as the payment method.
You may incur charges from PayPal on one end or the other, so you’ll want to deduct that amount (they show you the fee beforehand) from the gift card balance so you don’t end up in the red.
Typically, PayPal charges 2.9% plus $0.30. So, if I had a $75 gift card, the fee would be roughly $2.48. In that case, I’d send myself $72.52 cents to account for the fee.
After sending the money to your second account, transfer it to the bank account that’s linked to the second account. You can expect to wait 1-3 days for the funds to hit your bank account.
You can choose an instant transfer with both sites. However, there will be an additional fee to get the cash to your bank account faster.
To get a money order with your Visa gift card, you simply go to a place that sells money orders and buy one with your gift card. Several places sell money orders, including:
After you purchase your money order, you can bring it to your bank or credit union and deposit it just as you would a regular check. It’s important to remember that there are fees for purchasing money orders, which will vary depending on where you purchase your money order.
Walmart indicates a maximum fee of $1 for money orders, making them one of the most cost-effective ways to purchase one. Many financial institutions view a money order similarly to a check, which is why it’s so easy to purchase one using a Visa gift card.
Always purchase your money order from a reputable retailer. The brand of money order may influence whether your bank accepts it and the length of hold they place on the funds.
Consider selling your gift card to an exchange kiosk. Gift card exchange kiosks are located in malls around the world. Do an internet search for a “gift card exchange kiosk near me” to find one close to you.
Not all gift card exchange kiosks will accept Visa gift cards. In addition, many have minimum dollar amounts for gift cards and charge fees for the exchange in cash. Because of this, you’ll want to read the fine print on the website belonging to the company that owns the kiosk before you make the trip to where the kiosk is located.
You could sell your Visa gift card to a loved one. I’ve done this before, and it has worked out well. The key is to make it an attractive deal for you and the buyer.
For instance, I received a gift card for $25 to a store I would never shop at. The store isn’t my style, but my mom shops there frequently.
So, I offered to sell her my $25 gift card for $20. She appreciated the savings, and I loved getting cash for my gift card. The great thing about selling Visa gift cards to loved ones is that you can use them pretty much anywhere.
Another option for converting a gift card to cash is to sell it to a co-worker. This method can be especially successful if you work for a larger company. Most companies have a bulletin board in the lunch area, or you could send a group email to your office or your team. Most people love getting a deal, making selling your Visa gift card to a coworker easy.
The following options may not get you physical cash, but they can still help you save money with your Visa gift cards.
Have you considered regifting your Visa gift card? For instance, let’s say your dad’s birthday is approaching. Instead of spending cash on his gift, you can give him your Visa gift card, thereby increasing (by not spending) the money you have in hand.
The great thing about regifting a Visa gift card is that it can be used to purchase almost anything. The gift card recipient will have plenty of purchase options at their fingertips while you save money.
Believe it or not, you can use a Visa gift card to pay bills. Many utility companies will allow you to pay your bill with a Visa gift card, processing it much like a credit card payment. You save money by reducing the cash from your checking account to pay bills.
Use the money you save to invest, take a vacation, or put it towards another financial goal. Check with the utility companies you have services through to find out if they’ll take your Visa number as payment for the bill you owe.
Another way to use your Visa gift card is to purchase necessities you’d normally have to pay cash for – groceries, gas, medicines, personal items, and more. By using your Visa gift card to purchase these, you can reduce the cash you pay out of pocket.
For instance, if you spend $1,000 on groceries each month and have a $200 Visa gift card to help pay for groceries, your grocery bill now becomes $800, and you have an extra $200 in your pocket.
The same concept works for gas for your vehicle or any other necessities you need to purchase.
If you pay for necessities using your Visa gift card, you’ll come out ahead as long as you’re not buying items you wouldn’t normally buy.
Retail arbitrage involves buying low-price items and reselling them for a profit. If you have a knack for getting a great deal on easy-to-resell items, you could use your Visa gift card to buy items at low clearance prices and then resell them for cash.
For instance, you could buy clearance items at Walmart and resell them on eBay or Facebook Marketplace.
There are tons of apps that can help you sell your stuff online. List your clearance finds on multiple apps to maximize sales and collect a profit from your Visa gift card.
Hint: When reselling items you’ve bought online, charge your buyers for shipping so you don’t cut into your profit. You can also set your price to cover shipping costs and offer free shipping.
You may find online articles recommending that you sell your Visa gift card on sites like Raise, CardCash, and Gift Card Granny. Our research found that these sites do not buy Visa gift cards from private parties.
No, you cannot use Visa gift cards to access cash from an ATM. For one thing, they don’t come with a PIN. However, Visa offers prepaid cards that can be used at an ATM if you’ve set up a PIN.
No. Visa does not allow transfers directly to bank accounts.
No, Visa gift cards are not programmed to allow balance transfers to your debit card, and neither is your bank. You cannot transfer your Visa gift card balance to your debit card.
Unfortunately, you cannot go to the Walmart service desk and exchange your Visa gift card for cash. However, as mentioned above, you may be able to use your gift card to purchase a money order at Walmart.
Visa gift cards are more flexible than store gift cards because you can use them anywhere Visa is accepted. But not everything can be paid for with a gift card. If you need cash, try converting your Visa gift card using one of the abovementioned methods. And always remember to look out for scams when dealing with another party.
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