Can I Get Cash for My Gift Card? Here Are the Ways

Gift cards are a popular form of present, offering recipients flexibility to choose their desired items. However, many individuals find themselves with gift cards for retailers they do not frequent, or with small, unused balances that are difficult to spend. This often leads to a desire to convert these cards into cash, providing greater utility and financial freedom. While gift cards are primarily intended for merchandise purchases, various avenues exist to unlock their monetary value.

Direct Cash Opportunities

Directly converting a gift card to cash is uncommon, as most retailers do not offer this option. There are, however, limited scenarios where cash redemption is mandated by law. Several states mandate cash redemption for gift cards with small remaining balances. For example, some states allow cash redemption for balances under $5, including Colorado, Connecticut, Maine, Montana, New Jersey, Oregon, and Washington. California permits it for amounts less than $10.

Online Selling Platforms

Selling unwanted gift cards through online marketplaces provides a straightforward method to convert them into monetary value. Platforms like CardCash, Raise, KadePay, and BuySellVouchers enable users to list their cards for sale. The process involves checking the gift card’s balance, creating a listing, and setting a selling price.

Gift cards are often sold at a discount from their face value, with offers typically ranging from 65% to 90% of the card’s original worth, depending on the retailer’s popularity. Once a buyer is secured, card details are transferred, and payments are commonly received through direct deposit, PayPal, or even cryptocurrency. Some platforms may charge a commission fee, while others may offer instant payouts.

Local Selling Methods

Converting gift cards into cash can also be achieved through various local, in-person methods. Gift card exchange kiosks, often found in grocery stores, pharmacies, and shopping malls, offer a convenient way to sell cards for instant cash. These kiosks, such as Coinstar Exchange, typically accept gift cards from a wide range of popular retailers, provided the card has a minimum balance, often $20. Upon inserting the card, the kiosk provides an offer, usually between 65% and 75% of the card’s value, and upon acceptance, a voucher is printed for immediate cash redemption at a customer service desk.

Beyond kiosks, certain retail chains and financial service centers offer in-store gift card exchange programs. Walmart Money Centers, for example, provide instant cash payouts for gift cards with competitive rates, generally ranging from 75% to 85% of the card’s value. Similarly, Target Guest Services allows trading gift cards for cash or store credit, typically at 75% to 90% of the card’s value. Other options include pawn shops or check-cashing services like Check Into Cash, which purchase gift cards for a percentage of their value, usually offering 70% to 85% of the card’s worth.

Alternative Value Realization

Even if direct cash redemption or selling is not feasible, gift cards can still be leveraged to free up personal cash. Utilizing gift cards for routine, planned purchases, such as groceries, gasoline, or household essentials, effectively preserves the cash that would have otherwise been spent. This strategic use of gift cards for budgeted expenses can contribute to better financial management.

Another approach involves re-gifting or trading gift cards with friends or family members. If you receive a gift card for a store you do not frequent, a friend or relative might find it highly useful and be willing to exchange it for cash or a gift card to a store more aligned with your preferences. This informal exchange can provide direct monetary value without involving third-party services. While less common, some individuals consider purchasing an item with a gift card and then attempting to return it for a cash refund. However, most retailers will typically issue a refund in the form of store credit or a new gift card, rather than cash, if the original purchase was made with a gift card. This is because return policies generally align the refund method with the original payment method.