Do you have an unwanted gift card? Many people end up unused gift cards, wondering if it’s possible to transfer their gift card balance to their bank account. This article will explore the different ways you can move money from gift cards directly to your checking account. From built-in transfer options to third-party services, we’ll give you the information you need to choose for your specific situation.
The average American has $116 in unused gift cards. Instead of letting them lose value, you can sell your gift card for cash or exchange them for goods and services, like travel, electronics, or even groceries. Did you know you can even convert your gift cards to cryptocurrency?
How to Transfer Gift Card to Bank Account
Transferring money from a gift card to a bank account isn’t always easy, and in many cases, it might not be possible at all. Fortunately, there are several methods you can explore, depending on the card.
Prepaid Debit Card
If your gift card is a prepaid debit card, you can connect it to your bank account. This allows you to transfer the gift card balance to your bank account. Some reloadable prepaid debit cards, like Netspend or Green Dot, allow you to add funds from gift cards. Once the funds are on the card, you can transfer them to your bank account. Not all gift cards or prepaid debit cards allow bank transfers, so check compatibility before proceeding. With this method, it is possible to transfer money from a prepaid Mastercard or Visa card to your bank account. Keep in mind that activating the prepaid card might require a fee, but the transfer itself is usually free.
You should note that you can’t directly transfer money from a prepaid card to your PayPal balance. But depending on your card issuer, you might be able to link it to your PayPal account and use it for payments instead. It’s not a transfer, but it lets you access your prepaid card funds through PayPal.
Sell Gifts Card Online
If you want to transfer your gift card balance to your bank account, you can explore selling the gift card on peer-to-peer platforms that facilitate gift card exchanges for cash online. After successfully selling your gift card, you can then deposit the cash into your bank account or specify that your preferred payment method is a bank deposit. This way, you can easily access the funds in your bank account.
Some gift cards, especially those issued by major banks or retailers, may allow you to transfer the balance directly to your bank account through their website or app. Look for options like “transfer to bank” or “cash out.” You’ll typically need to provide your bank account number and routing number for this method.
Gift Card Exchange Kiosk
To transfer your gift card balance to your bank account, you can find a gift card exchange kiosk in malls or retail locations. These kiosks enable you to trade your gift card for cash or exchange it for a different retailer’s gift card. While this method provides a convenient and speedy way to acquire cash, it’s important to note that the payout may be lower compared to selling the gift card online. Once you have the cash or credit, you can deposit it into your bank account.
Gift Card Exchange Websites
Gift card marketplaces are online platforms that allow you to buy, sell, and exchange gift cards from various retailers. It acts as a centralized hub where you can find a wide range of gift cards, often at discounted prices, and provides a convenient way to trade unwanted gift cards for cash or other gift cards. Websites like Gift Card Granny and CardCash allow you to sell unwanted gift cards from various retailers like Amazon, Starbucks, or Target for cash. You can receive the money directly in your bank account or through a mailed check. This is a good option if you don’t plan on using the gift card yourself and want spendable cash, but you’ll likely receive less than the full value of the card.
Connect Gift Card to Money Apps
Certain money apps, such as Cash App, offer the option to link specific gift cards as a payment method, although this feature may come with limitations. Once linked, you can often use the balance from the gift card for transactions within the app or at designated merchants. However, it’s essential to note that most money apps, including Cash App, PayPal, and Venmo, typically do not support direct transfers of gift card balances to your linked bank account. Additionally, the ability to link gift cards as payment methods may vary depending on the app and the policies of the gift card issuer, making it important to check for compatibility before attempting to link a gift card.
Transfer Visa Gift Card to PayPal
Yes. You can transfer the Visa gift card into your PayPal balance and later into your linked bank account. If you are looking for a way to convert Visa gift cards to cash, you can use the Card Cash website to transfer gift cards to instant PayPal payout. Card Cash only accepts gift cards from specific stores and restaurants. As such, you need to purchase a gift card from merchants accepted by Card Cash.
To transfer money from gift card to PayPal account, visit Card Cash website and then click “Sell gift cards.” Enter the name of the merchant and the balance in the gift card. After that, click “Get Offer.” You will see the amount you can exchange the gift card for. If you agree with the offer, click “Get Cash” and then click “PayPal Express.” Enter your gift card number and pin and then click “Connect with PayPal.” You will need to log in to your PayPal account and then enter the required details. Once you receive the PayPal balance, you can then transfer your PayPal balance to your linked bank account.
Transfer Visa Gift Card to Venmo
You can’t directly transfer a gift card balance to Venmo. Venmo primarily functions as a peer-to-peer payment service for sending and receiving money between individuals. However, you have the option to add the gift card to your Venmo account. Once added, you can use the gift card balance to send money to others or make purchases.
Convert Gift Card to Bank Account
Converting gift card balances directly to a bank account can have limitations, but fortunately, alternative options exist, though limited. As explored earlier, various methods allow you to convert gift card value into funds accessible through your bank account. The best method may depend on the specific issuer and type of your gift card. Therefore, exploring available options and carefully reviewing the terms and conditions before proceeding is recommended. With our tips, you can turn your unused or unwanted gift card into readily accessible funds in your bank account.
Can you transfer gift cards to a bank account?
It is generally not possible to directly transfer the balance of a gift card to a bank account. Although you can't directly transfer the money from a gift card to your bank account, there are ways to indirectly convert its value into cash. One option is to sell the gift card through a website or app that buys them. They will pay you a percentage of the gift card's value and send the money to your bank account.
Can you cash a Mastercard gift card?
Yes, you can cash a Mastercard gift card. Here are a few options:
- Sell it online through a website or app.
- Use payment services like PayPal or Venmo.
- Visit a gift card exchange kiosk.
Can you put a visa gift card in your bank account ?
No, you cannot directly transfer Visa gift card into your bank account. However, you can sell the gift card on reputable websites or apps like Gift Card Granny, Cardpool, Raise, or CardCash. They will buy your Visa gift card and transfer the money to your bank account.
What gift cards can be transferred to bank account?
There are several types of gift cards that allow transfer to a bank account, including Visa, MasterCard, and American Express gift cards. Additionally, certain store gift cards from popular retailers like Amazon, Target, and Walmart can be used to obtain a prepaid debit card. This prepaid debit card can be used to withdraw cash from ATMs or deposit funds directly into your bank account. Certain gift cards, particularly reloadable ones or those with activation fees, may not be eligible for this transfer option.
How can I transfer Mastercard gift card to a bank account?
There is no direct or official way to transfer the balance of a MasterCard gift card to a bank account like using traditional methods like ATMs or bank transfers. MasterCard gift cards are typically designed for purchases and cannot be directly linked or transferred to a bank account. However, you can use a third-party service such as PayPal to spend the balance or sell the gift card in order to transfer the balance to your bank account.
How can I transfer Visa gift card to a bank account
It is not easy to directly transfer a Visa gift card to a bank account. However, some issuers of Visa prepaid gift card allow you to transfer to your bank account.