I. Introduction
Gift cards can be a great present, but sometimes the gift card itself may not be the most useful or feasible option. One issue people often run into with Visa gift cards is that they can’t use them to withdraw cash directly. Fortunately, there are several ways to convert the gift card balance into cash in hand. In this article, we’ll explore different processes for getting cash from your Visa gift card, including converting the balance to accounts like PayPal or Venmo, making regular purchases, getting cashback on purchases, selling the card, paying bills, and even donating the gift card.
II. Convert the Gift Card to Cash
One easy way to turn the Visa gift card balance into cash is to transfer the balance to a digital wallet or payment service. For example, you can transfer the balance to accounts like PayPal or Venmo. Most retailers make it easy to link gift cards to digital wallets or accounts. This option gives you the option to use the balance to pay for goods and services or to withdraw the cash amount directly to your bank account. However, there may be fees associated with these transactions, and there may also be limits on how much you can transfer daily.
Another option is to sell the gift card directly to a third-party gift card buyer or exchange. Some online marketplaces and websites, such as Raise, CardCash, or Cardpool, allow you to sell your gift card for a particular percentage of its original value. However, you’ll want to check their specific policies carefully, since the percent of the original value you’ll receive may vary, and there might be additional fees taken out as well.
III. Use the Visa Gift Card to Make Regular Purchases
Using Visa gift cards to make regular purchases is also one way to use its balance as cash, although the process takes a bit more monitoring and planning. Similar to a traditional debit or credit card, you can use the Visa gift card at checkout to purchase items. When you use the card to make everyday purchases, be sure to keep track of the card’s remaining balance to prevent any issues during transactions. There may be limits on the amount you can put on the card or specific transaction fees associated with using the card in this manner. But if you are a planned shopper, it is a helpful way to use the gift card balance without converting it to cash.
IV. Get Cashback on Purchases
Getting cashback on purchases is another way to use your Visa gift card as cash. Big-box stores like Walmart and Target may offer cashback rewards that give you a portion of your total purchase amount in cash. There may be specific criteria associated with cashback rewards, such as minimum purchase amounts or specific products purchased. Still, if you can maximize the cashback rewards with your gift card, it is a way to use the card without losing its value.
V. Sell the Gift Card
You can also sell the gift card to reputable exchange companies like Cardpool and Gift Card Granny. A gift card exchange company works as a middleman between a gift card seller and a buyer, ensuring the terms of the sale are efficient. Most exchange companies offer various payout methods, such as a physical check or a direct deposit. However, it is always wise to shop around various exchange companies to find a rate that maximizes the value of your gift card.
VI. Use the Gift Card to Pay Bills
You can use the Visa gift card to make bill payments when there is a balance due. This option is advantageous when you do not have enough cash to pay your balance or don’t want to use a credit card for payments. Before using the gift card to pay bills, ensure your biller accepts Visa debit cards, and the payments would not attract additional fees. However, some billers may require the amount on the gift card to cover the entire outstanding balance.
VII. Donate the Gift Card
If you don’t need or want to convert a Visa gift card balance to cash, consider donating it to a charity. Many charities accept gift cards as a form of donation, which may provide a tax write-off incentive as well. Before making a donation, ensure that the charity accepts gift cards, and that it is possible to donate the card anonymously.
VIII. Conclusion
Getting cash from a Visa gift card is not as straightforward as withdrawing cash from a bank. Still, there are several methods to convert the balance to cash or use it as cash without getting penalized. Depending on your needs and preferences, you can convert the balance to a digital wallet, sell the gift card, use it for purchases, or donate it to charity. Understanding the benefits and drawbacks of these methods can help maximize the value of your Visa gift card and provide a helpful guide when you need cash quickly.
