Where Can You Go to Cash Out a Gift Card?

Gift cards are a popular form of payment, but many recipients wish to convert them to cash. This desire stems from a need for financial flexibility or to avoid unused balances.

Preparing Your Gift Card for Cashing Out

Before converting a gift card to cash, determine its remaining balance. Most issuers provide balance inquiry through their website, a toll-free number on the card, or at a physical store. Checking the balance provides precise information for cashing out.

Understanding the gift card type dictates conversion avenues. Gift cards fall into two categories: closed-loop and open-loop. Closed-loop cards are issued by specific retailers and are only usable at that merchant, like Starbucks or Amazon. Open-loop cards, branded with Visa, Mastercard, American Express, or Discover, function like prepaid debit cards and are accepted wherever that network is recognized.

Review the gift card’s terms and conditions. Federal law, the Credit Card Accountability Responsibility and Disclosure Act, mandates gift cards cannot expire in less than five years. Some cards may incur dormancy or inactivity fees if unused for twelve months, which must be disclosed. Awareness of these terms prevents unexpected value reductions.

Selling Gift Cards Online

Online marketplaces allow selling unwanted gift cards, connecting sellers with buyers. These platforms let individuals list cards and receive offers, often with payment via PayPal, direct bank deposit, or cryptocurrency. Value typically ranges from 70% to 90% of the card’s face value, depending on market factors.

The gift card’s brand significantly influences its resale value; highly demanded cards from major retailers or universal payment networks like Amazon or Visa fetch higher percentages. The remaining balance, especially round denominations, also impacts its appeal. Seasonal demand, such as during holidays, can temporarily increase certain card values.

When using online platforms, choose reputable sites offering secure transactions and seller protection. Only share card details through the platform’s secure system. Avoid requests to complete transactions or share sensitive information outside official channels. Document all transactions, including screenshots of listings and payment confirmations, for records in case of disputes.

Selling Gift Cards In Person

For immediate, in-person transactions, several options convert gift cards to cash. Gift card exchange kiosks, found in grocery stores or malls, offer a rapid way to sell. These machines scan the card, verify its balance, and present a cash offer, typically 60% to 85% of the card’s value. If accepted, the kiosk dispenses a voucher redeemable for cash at a customer service desk.

Pawn shops are another viable option, offering instant cash payouts. The percentage offered may vary, often around 50% or more of the card’s value, providing a direct solution. When visiting, provide the physical card, proof of balance, and valid identification.

Selling gift cards privately to friends, family, or through local online marketplaces can yield a higher percentage than kiosks or pawn shops. However, these methods involve increased personal risk. When arranging private sales, meet in a public place, verify the card’s balance together, and only proceed once payment is securely received.

Alternative Methods for Value Conversion

Beyond direct selling, indirect strategies can convert a gift card’s value into usable funds. One approach is to use the gift card for everyday necessities like groceries, gas, or household supplies. This frees up cash in your budget that would have been spent, providing a similar financial outcome to receiving cash directly. Using the gift card for essential expenses preserves liquid funds for other needs.

Another method involves purchasing an item with the gift card and returning it for a cash refund. This strategy depends on the retailer’s return policy, as many stores issue refunds in the original form of payment, meaning store credit. Verify the store’s return policy beforehand to ensure cash refunds are allowed for gift card purchases. Some state laws permit cash redemption for small remaining balances, typically under $10.

Using the gift card to buy another gift card for a more versatile retailer, if permitted, can enhance its utility, though this does not directly convert it to cash. For instance, a clothing store gift card might buy one for a large online retailer, broadening usability. This approach requires consideration of the value proposition and any potential fees.