How to Take Money Out of a Gift Card

Individuals often seek to convert gift card balances into more flexible funds. While gift cards offer convenience for specific purchases, accessing their value as cash or cash equivalents provides greater spending versatility beyond retailer limitations.

Selling Unused Gift Cards

Selling unused gift cards offers a direct path to converting their value into cash, applicable to both general-purpose and retailer-specific cards. Numerous online marketplaces facilitate this process, acting as intermediaries between sellers and buyers. Dedicated gift card exchange kiosks found in some retail locations also provide an immediate, though often lower, cash offer for cards.

The selling process begins with verifying the gift card’s balance. Once confirmed, sellers list the card on their chosen platform, providing details such as the retailer, balance, and desired selling price. Payment is then issued once a buyer completes the transaction, usually through direct deposit, PayPal, or check. Sellers should anticipate receiving less than the card’s face value, with offers ranging from 70% to 90% of the original amount, as marketplaces take a commission.

Accessing Cash from General-Purpose Gift Cards

General-purpose gift cards, such as those branded with Visa, Mastercard, or American Express, function similarly to debit cards and offer more direct avenues for cash access. These cards allow users to set up a Personal Identification Number (PIN), which is a prerequisite for certain transactions. With a PIN established, cardholders may be able to withdraw cash from ATMs, though this is not universally supported by all gift card issuers and can incur a small transaction fee.

Another method involves transferring the balance to a digital wallet service, like PayPal or Venmo, if the specific card issuer supports such transfers. This process requires linking the gift card as a payment method within the digital wallet application and then initiating a transfer to the linked bank account. Cardholders might also attempt to obtain cash back during a point-of-sale purchase; however, many retailers and card processors prevent cash back on gift card transactions, making this an unreliable option. These methods apply only to general-purpose cards.

Maximizing Value from Retailer-Specific Gift Cards

Retailer-specific gift cards, such as those from Amazon, Starbucks, or Best Buy, do not allow direct cash withdrawal or transfer. Instead, individuals can maximize their value by integrating them into their routine spending to free up personal cash. Using a grocery store gift card for weekly food purchases, for example, directly reduces the amount of cash or debit funds that would otherwise be spent. Similarly, a gas station gift card can cover fuel costs, allowing personal funds to remain in a bank account.

This strategy effectively converts the gift card’s value into spendable cash by offsetting expenses that would normally be paid from one’s checking account. While less direct than cash withdrawal, it achieves a similar financial outcome by preserving liquid funds. Another approach involves purchasing items with the gift card that can then be resold, though this yields a lower return than the item’s original cost and is not a primary method for significant cash recovery.