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 a replenishing 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The money preloaded in these cards also cannot be withdrawn normally from ATMs hence they are inflexible when it comes to their use.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: spite 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
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 which 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 stores is Wal-Mart. 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 The 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, 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 they 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, those who buy are gifted what they call SB (Swagbucks) which can be redeemed for free gift cards.
- Gift Card Granny–This 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 of the 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 in 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 off 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, the company 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 on 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 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. With many online platforms and markets today, that allows people to pay for goods using prepaid gift cards, all one needs to do is to look for products on deals that one can buy and resell to get his 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. On this platform, all Visa and MasterCard Cards can be loaded and unloaded freely 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. Therefore, instead of struggling to unload a Visa gift Card via other expensive means, Go Bank is a good choice as it is more efficient, straightforward, and cheap. Even though it is a new technology that many people are not conversant with, it is one of the best conversion 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, either trade or purchase anything or withdraw. Good examples of these applications are-
Paxful- This is a peer-to-peer (P2P) marketplace that is recognized globally. This application supports the 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. On the other hand, the shopper spends bitcoins which are credited to the trader’s account once the shopper confirms the 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.
Frequently Asked Questions on Visa Gift Card
Can I transfer money from a Visa gift card to my bank account?
No. This is not practically possible unless you first liquidate your Visa Gift Card then the money can be wired to the bank. Otherwise, money in the Visa Gift Card cannot be withdrawn in an ATM or through normal bank transactions. So the only way is to convert that money first by selling the visa gift card, then the cash gotten can be deposited to 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. These include, selling the gift card to a friend, listing on an eCommerce website to get a buyer, buying money order, and depositing to your bank account among others. 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, it is possible to transfer all the amount in the gift card to the PayPal account when making a payment to someone or paying for a product in PayPal. 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.
As we have already seen above, it is possible to convert money loaded in a Visa gift card to hard or liquid cash for someone to spent it as they wish. So, no one should let their Gift card go to waste while there are all these available channels that one can use to secure their money. Also, the money in the prepaid card has its advantages as well, and if one can bear to use it while there well and good. One advantage of walking around with the gift card unlike hard cash is that it is very convenient, and it is difficult to lose money even in case you’re attacked by robbers. Also, one may find it so hard to purchase things that were not planned for, something that happens personally when someone is walking around with money.
Technology has played a key role in making the whole of these processes possible as most of the techniques require the use of applications and websites. Even though there are those methods that do not need one to be a tech-savvy, most of them require basic information skills.
Depending on the location, proximity to the internet, and the urgency of the owner, one can choose the method that fits them best. However, it is essential for people to always be keen and to observe the financial institutions’ rules so as to avert possible confrontations or collisions. Most of the banks don’t fully support some of these methods highlighted above fully and it upon the accounts’ owners to always make sure that they don’t do something that can cause total lockouts to their accounts.
Another major issue is the online scammers who may pretend to be doing business when in real sense they want to con gullible traders. It is always advised that before opening a deal with any company to check their reviews so as to make a more informed decision.