How to Turn Gift Cards Into Cash App
Unlock the value of your gift cards by learning effective ways to convert them into usable funds within your Cash App account.
Converting gift cards into funds for Cash App often requires specific processes, as direct integration is not always straightforward. This guide outlines methods for converting gift cards into cash that can then be transferred to a Cash App account.
Understanding Direct Cash App Integration for Gift Cards
Cash App primarily links to bank-issued debit cards and bank accounts for direct fund additions. Many common store-specific gift cards, often called closed-loop cards, cannot be directly added to a Cash App balance. Examples include cards from retailers like Amazon or Starbucks.
However, open-loop gift cards, such as those branded with Visa, Mastercard, Discover, or American Express, may be accepted if they function like a standard debit card. To potentially link these cards, they usually need online registration with a billing address and, in some cases, a PIN. Users can attempt to link such a card by navigating to the “Linked Banks” section in their Cash App profile, selecting “Link Debit Card,” and entering the details. Direct acceptance is not guaranteed, and store-specific gift cards remain largely incompatible for direct linking.
Converting Gift Cards Through Third-Party Platforms
When direct integration with Cash App is not possible, third-party gift card exchange or resale platforms offer an alternative for converting gift cards into cash. Platforms like CardCash or Raise facilitate the sale of unwanted gift cards. Research and select a reputable platform, as reliability can vary.
To proceed with a sale, users provide gift card details: brand, exact balance, card number, and PIN. Some platforms may also require the expiration date. The platform then presents an offer for the card’s value, which is generally less than the face value.
Upon accepting, users select a payout method, commonly PayPal, direct bank transfer, or a physical check. For example, Raise charges a 15% commission on sold gift cards, with an additional fee for shipping physical cards. Funds from a Raise sale typically transfer within five days.
Transferring Converted Funds to Cash App
After converting a gift card into cash through a third-party platform, the next step is moving these funds into a Cash App account. This assumes funds have been deposited into an external account, such as a bank or PayPal account. Cash App allows users to link either a bank account or a debit card.
To link a bank account, users access the “Linked Banks” section from their Cash App profile, select “Link Bank,” and follow instructions to connect their financial institution. If funds are in a PayPal account, transfer them to a linked bank account first, then from the bank account to Cash App. Once an external account is linked, funds can be added to Cash App by tapping “Add Cash,” entering the amount, and confirming. Standard deposits are typically free and take 1-3 business days. Instant deposits incur a fee, 0.5% to 1.75% of the transaction amount, with a minimum of $0.25.
Key Factors in Gift Card Conversion
Understanding gift card characteristics is important for successful conversion. Gift cards are categorized as “open-loop” or “closed-loop.” Open-loop cards, like Visa or Mastercard, are widely accepted and easier to convert. Closed-loop cards are limited to specific merchants and have lower resale values due to restricted usability.
It is common for gift cards sold on resale platforms to fetch less than their face value. The actual percentage received can vary significantly, often ranging from 75% to over 90% of the card’s value, depending on the brand’s popularity and market demand. Fees are an inherent part of the conversion process; these can include commissions charged by third-party platforms, potential payment processing fees for payout methods, and Cash App’s fees for instant transfers. For instance, some platforms might charge commissions around 15%. Verifying the exact balance of a gift card before initiating any conversion is also crucial, which can usually be done through the issuer’s website or a toll-free number provided on the card.