The Vanilla Prepaid Visa And Mastercard
Fees: From $3.95 to $8.95 for activation, depending on the amount of the card
Spending limit: The amount of the card
The Vanilla Visa and Mastercard prepaid cards work like gift cards. No PIN is required and the funds deposited to your card have no expiration date. The prepaid amount can vary between Mastercard and Visa: Mastercard offers its version of the prepaid card in amounts of $25, $50, $100, $200 and $20 to $500 and Visa offers its version in amounts of $25, $50, $75, $100, $150, $200, $250 and $20 to $500. Activation fees vary depending on the amount and card provider. Vanilla prepaid cards can be acquired at many retailers across Canada, including Walmart, Jean-Coutu, Best Buy, and Petro Canada, Shell and Ultramar gas stations. They are activated upon purchase, as soon as you checkout at the cash register.
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Have you ever looked at your to-do list for the day and wondered how you were going to accomplish it all?
Wouldnt it be nice if you could combine a few errands into a single trip? Thanks to stores that give you physical cash back on debit card purchases, you may be able to do your shopping and bank transactions in one location.
From in-store ATMs to gas stations and grocery stores, there are many ways to withdraw cash from your checking account without stepping foot inside a bank.
How Can You Get Cash Back With A Debit Card
When you pay with a debit card at a physical retailer, you often have the option to get physical cash back. This allows you to withdraw cash from your checking account during the transaction without paying a fee.
If you request cash back, the extra money is included in the total sale price. Your bank then deducts the combined amount from your checking account.
Getting cash with your debit card can cost you. Some stores set a minimum purchase amount before you can get cash back with your debit card. In some cases, you may be required to buy something you didnt want or need.
You might also pay a fee to withdraw cash using your debit card to help cover the stores costs. Its similar to what youd pay at an out-of-network ATM.
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Tips To Convert Visa Gift Cards To Cash
Have you received another bunch of Visa gift cards with the latest birthday or holiday?
While getting gift cards can be fun and exciting, receiving multiple cards can also be frustrating when youd prefer to have some much-needed cash in hand.
Luckily these days, there are many available options. You can often find a way to convert Visa gift cards to cash or swap them for something else youd appreciate.
Our complete guide covers many different options you are bound to find one to fit your needs.
Can You Get Cash Back At Stores With A Credit Card
No, you can’t use your credit card for cash back at stores this is a transaction generally reserved for debit cards and, in fact, is only possible at some stores even then.
In general, you’ll want to use a debit card for cash back, whether via a transaction at an eligible store or through an ATM withdrawal. There is, however, one major credit card issuer that does allow cash back at checkout.
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Best Practices For Prepaid Cards
Do: Use it all at once, if you can
If you spend a prepaid card in a single transaction, youll never have to think about how much balance remains on the card, and youll never have to remember to carry it with you.
Aside from the Amazon strategy above, I recommend the grocery store and dining out as two great opportunities to spend a prepaid card cleanly and completely. These are also situations where the staff is accustomed to splitting payment across multiple cards, which is helpful.
If youre lucky enough to have a card with a high value, using it all at once might not be possible. In this case, make life easier by sticking a Post-it note to the card to track the remaining balance. Id still advise that you spend the card down in just two or three large chunks rather than a lot of little transactions.
Do: Use it quickly
There are two reasons for this. First, many of these gift cards charge monthly account maintenance fees . Second, the longer you have it, the more likely you are to lose or forget about it.
Dont: Use it for purchases you might need to return
When you return a purchase, the merchant will often want to credit back to whatever card you used for payment, which will be inconvenient if not impossible when a prepaid card is involved. Focus on purchases you wont return, such as groceries.
Note: If you follow the Amazon strategy, dont worry. Amazon will refund your gift card balance in the event of a return.
Dont: Treat it as free money
Transfer The Balance Using Square
You can try using a company called Square to transfer a Visa gift card balance to your bank account. This method allows moving the entire gift card balance right into your account.
However, it may not work for everyone as the company Square has caught on and doesnt allow it. If you wanted to give this method a shot, there is an explanation here.
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The Mogo Visa Platinum Prepaid Card
The Mogo Visa Platinum Prepaid Card allows you to have better control over your spending. Plus, its unique features help you reduce your carbon footprint when you spend. Indeed, Mogo has just launched a new program: for each transaction made with the card, the company will plant a tree. Mogo estimates that each tree absorbs 550 pounds of CO². Like any other prepaid credit card, using your money instead of relying on credit will result in you spending only what you can afford. This card charges no monthly interest and no interest on purchase transactions or the initial purchase of the card. It charges $1.50 for ATM transactions in Canada and $3 for ATM transactions abroad.
The maximum card balance is $10,000 with a maximum single purchase amount of $5,000. You can make up to ten money transfers in a 24-hour period. You can top up your Mogo card via the mobile app or at a Canada Post office. The mobile app will send you balance updates and notifications every time you spend money. An automatic transfer feature is available to help you set how much you want to spend and for how long. This card also offers a Visa Zero Liability feature to protect you against any fraudulent use. You can block your card at any time and order a new one directly through the mobile app. Another cool feature of Mogo is MoneyClass that provides tips and advice on the optimal moves to make with your money.
Give Them Out As Gifts
One approach to change over Visa gift cards to cash is to utilize them like money. We referenced things like utilizing them to cover tabs, however you can likewise give them as a present. This can be an incredible option in contrast to giving somebody, state, cash in a card or a store-explicit blessing voucher.
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How To Transfer Money From A Visa Gift Card To A Debit Card
As youve probably noticed, most ways of converting Visa gift cards require a few different steps before obtaining the desired outcome.
So yes, you can get cash into your debit card in a few of the ways we confirmed.
- You can add your Visa gift card to your Paypal Wallet or Venmo account and transfer the funds to your debit account afterward.
- You can obtain a money order and then deposit the check into your chequing or savings account to use with your debit card.
- Sell your Visa gift card and receive a direct deposit, cash, or a cheque as payment.
Sell Your Visa Gift Cards To Others
You can always attempt to sell your Visa gift cards to someone else.
I always start by asking my close friends or family members if they have any upcoming purchases.
They might be willing to buy off my card, and I usually get the entire cards value.
If you need to look elsewhere, some options are Facebook Marketplace, local Facebook groups for your hometown, Kijiji, Varagsale, and Craigslist.
When selling gift cards to strangers, you should go in expecting to receive less than the cards value.
There essentially needs to be an incentive for them to risk purchasing a Visa gift card directly from you versus getting one from the store.
Plus, purchasing from a stranger is more hassle for them and there are the additional risks of buying a blank Visa gift card from a seller.
But there is always a decent market for people looking to buy, sell or even trade gift cards.
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Why You Can Trust Bankrate
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here’s an explanation for how we make money. The content on this page is accurate as of the posting date however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
Who Should Get A Prepaid Debit Card
The biggest target market for prepaid debit cards is people who are unbanked or underbanked, either by choice or circumstance. It can be challenging to qualify for a bank account if you dont have a Social Security number or if youve had issues with previous bank accounts, such as unpaid negative balances or involuntary closures.
Prepaid debit card issuers dont check your banking history when you apply. And while you may be asked for a Social Security number, its not a requirement for all prepaid cards.
You might also consider a prepaid debit card if you need some help with your budgeting. If you want to limit how much you spend for a given period on certain expenses, you can transfer money to your prepaid debit card and only use that payment method for the expense category. Some prepaid cards even allow you to set up multiple cards for different budget categories.
Finally, some people might consider a prepaid card as an alternative to a credit card. While a prepaid card wont help you build credit, it can be a good way to avoid interest charges and stay out of credit card debt. And while you wont get standout rewards and benefits compared with the best credit cards, you can still earn cashback or other rewards with some of the top prepaid cards.
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Final Thoughts On Converting Visa Gift Cards To Cash
Visa gift cards are pretty flexible in terms of how you can use them. Given that theyre accepted anywhere that also takes Visa credit cards, you already have a huge array of options on where to spend the balance on your gift card.
But its true that sometimes having cold, hard cash is preferable. Its easier to track as part of your overall liquid net worth, for example, and youre not limited in case you plan to use the money somewhere that a Visa credit card wouldnt work.
In those cases, one of the options on this list will definitely help you out. Just keep an eye on the fees to make sure theres not a more affordable option for what you intend to do with the money.
But once youve decided how to proceed, in only a few clicks, that money will be yours!
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Netspend Visa Prepaid Card
The NetSpend Visa Prepaid Card is one of the best no-fee prepaid cards. With this card, you will not have to worry about overdraft fees, activation fees, credit checks, or minimum balances. The NetSpend mobile app allows you to manage the money on the card with ease, and you can load money onto the card via direct deposit or checks. One of the best features about this card is that it is insured by the FDIC. This means that it is a safe card to use to make purchases. NetSpend also makes it easy for customers to replace their card, in the event that it gets lost or stolen.
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The Titanium+ Prepaid Mastercard
Fees: $9.99 + tax for the purchase, $6.50 per month for the Standard Plan and $12.99 for the Premium Plan and $ 0.50 per purchase
Spending limit: $7,500 of purchases per day
The Titanium + Prepaid Mastercard is available at all Money Mart and Insta Chèques locations across the country. Once you purchase it for a fee of $9.99 plus tax, you can use the Titanium + card at any location that accepts Mastercard cards. The card offers two plans: the Standard Plan, for $6.50 per month, and the Premium Plan, for $12.99 per month. The latter plan allows you to avoid fees on several transactions, including in-store purchases. With the Standard Plan, a fee of $0.50 is charged for each purchase. Its possible to have a balance of up to $15,000 on this card and you can make purchases of up to $7,500 per day.
One of the most interesting things about the Titanium + prepaid card is the possibility to transfer funds from your payroll or other social benefits to your card with the DirectLoad Program. All you need to do is provide a form to your employer or service provider to set up a direct deposit. Otherwise, you can reload your card at all Insta Chèques and MoneyMart locations, as well as at several stores participating in the Vanilla Reload Program, such as Familiprix and Couche-Tard.
Report Stolen Or Lost Cards Immediately
Report immediately stolen or lost Visa Gift Cards, as another person may be able to use them. You need the gift card account number to report your card so, you have to write down the number and keep it in a secure place.
In cases of stolen gift cards, report them to your branch office or call 1-866-902-6082 to cancel the card or replace it at a $10 fee.
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Can I Get Cash Back From A Prepaid Card
It is important to read the cards terms to know if you can use it to get cash back. However, if you have a prepaid card, like a Visa prepaid card, you may be able to use it to get cash back. These cards will come with a PIN, and you can choose which type of transaction to perform at the register, ATM, or financial institution.
If you choose credit, the card will be charged as a regular credit card or gift card would. If you choose debit, youll be given the option to get cash back. In this case, the total of your purchase would be subtracted from the card, as well as the total of the cash back withdrawal.
For example, if you have a $100 prepaid card, your purchase was $50, and you get $25 cash back, your card will have $25 left.
Buy Other Merchants Gift Cards
Sometimes the easiest way to convert your generic Visa gift card is to buy a new gift card at a merchant you use and love. You can make your gift card go further if youre able to find a gift card sale.
Some gift card deals let you save 20% or more on a gift card. This means that you could buy a $100 gift card for $80.
Amazon is a retailer that often has gift card deals. If youre a Prime member, you can double or triple up your benefits by combining it with these Prime money-saving secrets.
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Get A Merchant Refund
In my opinion, this is the easiest and best way to get cash for your Visa gift card, however, it may be a bit unethical. All you would have to do is buy something from a retailer with your Visa gift card and return it a few days later.
Some stores will process your return and give you cash since you paid via debit. This method is pretty simple too and is not against store policy. This may be the best way to get cash back, the entire amount too, from your Visa gift card. The best part is that you get to walk away with cash!