Transferring The Gift Card Balance
Bank Of America Cashpay Card
;If you have a Bank of America CashPay Card, whether it is a Visa or Mastercard, you can transfer funds to your bank account. If you have an originally-issued CashPay card, it is possible to perform an online funds transfer to a traditional United States savings or checking account that you own.
You have to pay corresponding fees and a minimum of $20 may be transferred.
Ways To Convert Visa Gift Cards To Cash
Perhaps you have received a Visa gift card as part of a promotion.; Maybe you are registered on Swagbucks.com and redeemed the Swagbucks you earned for watching videos, taking surveys, playing games, and shopping online for a Visa gift card. Alternatively, you may have received your Visa gift card from your dear Aunt Thelma for your recent birthday when what you really needed was cold, hard cash to help you meet a financial goal you had set for yourself. Perhaps you wanted to pay down some debt, add to your emergency fund, or increase your retirement savings.; Unfortunately, you cannot simply insert the gift card into an ATM to get the cash you desire.; A Visa gift card is different from a Visa prepaid card, which is reloadable and can be used to get cash at an ATM. Nevertheless, there are multiple ways to convert that gift card to cash. Ten of these are discussed below:
1. Transfer Visa Gift Card to Bank Account via PayPal
If you do not have a PayPal account, consider asking a trusted friend or family member to upload the card to his or her account, giving you the cash for it.
2. How to Add Visa Gift Card to Venmo
Venmo is a PayPal-owned app that facilitates the transfer of money among friends and businesses.; As with PayPal, you can upload your Visa gift card to the app and then transfer the funds to your linked bank account.; Like PayPal, Venmo does not charge a transfer fee for a standard transfer, but charges 1% for an instant transfer.
5. Use It to Buy Groceries
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Can You Add A Vanilla Visa Gift Card To Paypal
Yes. Anywhere in the U.S. where PayPal is accepted you can use prepaid gift cards that have a Visa®, MasterCard®, American Express®, or Discover® logo on it. For PayPal members, you can simply add prepaid gift cards to your wallet then start using them during checkout just like any other credit or debit cards.
Pay Yourself With Your Visa Gift Card
In an electronic world, most persons have access to transfer funds electronically. There are numerous electronic money transfer merchants that make this possible.
Electronic money transfer service merchants definitely allow syncing of Visa cards. For a small fee, you can turn Visa gift cards into cash by simply paying yourself with their services.
Business owners or persons with side hustles would be especially able to capitalize on this as they would have previously established electronic payment services.
If you are a person that receives a lot of gift cards and would like to turn Visa gift cards into cash, it may be worthwhile to take a look at one of these electronic money transfer services.
If you dont have a routine service set up, you can simply utilize an electronic money transfer company temporarily to transfer money from your Visa gift card to your bank account.
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How To Link Visa Vanilla Gift Cards To Paypal
Are you having trouble using your Visa Vanilla Gift Card? You’re not the only one. Many people report problems using these gift cards and many places feel leery about accepting them. Although there may be other ways to solve this problem, I had success accessing the money on the card when I transferred it to my PayPal account. Since most reputable online sites now use PayPal, this solution worked great for me.
Paying Bills With Prepaid Cards
There are two types of prepaid payment cards that can potentially be used to pay bills: prepaid debit cards and network-branded gift cards . Prepaid debit cards come in a few different forms and offer the opportunity for a convenient money storage account that can take the place of complex checking. Gift cards that carry the Visa or Mastercard logo are typically sold in different denominations and can be used for online shopping or bill payment if sufficient balances are available.
Before diving into bill payments, it can be good to understand the two types of prepaid payment card options a little better. Prepaid debit cards can work like network-branded;gift cards and any electronic payment card that is loaded with funds considered deposit assets rather than credit liabilities. As the market for prepaid debit expands, more and more, consumers are gaining access to a simplified electronic money storage solutions that can take the place of traditional bank checking.
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How Do Gift Cards Work
A gift card resembles a credit or debit card since it is plastic in nature. They have specific numbers that identify the cards. Anybody can use it since most do not link to a particular person.
Most cards have no PIN, and if you lose one, it is the same as losing real money. Someone else can use it if they collect it. However, Visa and Mastercard gift cards have been using PIN since 2013.
Some gift cards are only useful for one-time payments, while others are reloadable. Reloadable cards are almost similar to prepaid debit cards and can allow you to transfer money using the routing number and account number to a bank account. This means that you do not have to lock yourself to buy goods only.;
When buying goods with you, the merchants use the on-line electronic system for authorization to deduct the amount you have spent when shopping. These include a serial number, barcode, or magnetic strip. While some gift cards will only allow you to buy at specific stores, cards from banks allow you to purchase from any store that accepts them.
For instance,;Giftcards;issues Visa and MasterCard that can be used anywhere that accepts Visa and Mastercard.
Before being sold, most gift cards have no value. When buying, the seller now loads money on the cards depending on the amount you pay. However, some cards have a set value, and once you receive them, you have to call a given number to activate them.
Can You Get Scammed With A Prepaid Card
Stolen Cards: Fraudsters literally steal activated prepaid cards and use them to purchase items. Tax Fraud: Many states and the federal government allow refunds to go to prepaid cards. These fraudsters complete fake tax forms via stolen identities and then load the cards with their ill-gotten refund.
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Why Is My Vanilla Gift Card Being Declined
Visa gift cards are linked to bank accounts that generally must be activated in order to receive transactions. Inactive cards will be declined if used for payment because the associated bank accounts are not ready to be used. When the gift card is loaded with value , the gift card is automatically activated.
Use The Reselling Method With Your Visa Gift Card
With the reselling method, you can buy something with the Visa gift card from a store and then sell the item online to earn cash. Since this takes a few more steps, I put this one last on the list.
To make this work, you have to purchase an item from a store and resell it. Most of the time, sellers will find items that are marked down at stores such as Walmart or Target and sell them online for a slightly higher price for profit. This normally happens after the holiday season when stores mark downs items.
Make sure to see what items are popular to sell online and then put the item for sale on places such as Amazon. This is called becoming an Amazon FBA seller.
A lot of time people will purchase the items for a discounted price and are able to sell the item for a higher price on Amazon. There are a lot of sellers making greatmoney doing this side hustle, and it could be a way for you to convert Visa gift cards to cash.
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Can You Take Money Off A Gift Card
Sadly, probably not. You cant simply take a gift card to an ATM machine and get cash immediately.;
Why? Just for the simple fact that it is a gift card. However, there are plenty of options that you can do to get money in exchange for the value of the gift card.
You can likely get money off of a reloadable prepaid card. But thats not the question. We are talking about gift cards. Based on our research, the best option to get cash in exchange for a gift card is to simply sell it for a discount instead.
Can You Cash Out A Vanilla Visa Gift Card
Can I get Cash Back from a Visa Gift Card? If you have a Visa gift card and are wondering if you can get cash from it, the short answer is probably not. Though the two cards are similar, only prepaid cards can be used to get cash from an ATM or to get cash back from a merchant. Gift cards cannot.
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Convert Your Visa Gift Card To Cash By Selling It To A Website
There are plenty of websites that will pay cash for your Visa gift card. In addition to the ones mentioned above that have apps for this, there are also others like Gift Card Granny, CardCash and more.
If your gift card is digital, then the process can be instantaneous. But even if you have a physical card, some of these sites will pay for your postage to send them the card, so you wont end up losing any money on that front.
Like with the apps, the sites will take a fee based on a percentage of the balance of the card, so make sure you know just how much this is before agreeing to the sale.
Also, it can be a good idea to do some searches for the site youre considering using, just to get the most up to date reviews on whether other people have had a good experience with them.
Can I sell a Visa gift card to other people?
You can definitely sell a Visa gift card to other people, but youre probably going to have to accept less money than the balance on the card to make it worth their while to buy it from you.
Sites like eBay or Craigslist will work perfectly for these kinds of arrangements. Make sure you keep in mind shipping costs if youre selling a physical card and, as always on these kinds of sites, keep an eye out for any scams. If something sounds too good to be true, it probably is.
How Do I Use My Gift Card
There are two types of gift cards offered by banks, and these are open-loop and closed-loop. Financial institutions issue the first one, and you can use it to buy goods at any place accepting the cards. The second one can only be used with a specific merchant. For example, you can have a gift card that can only be used with Walmart or Amazon.
When you want to buy items with your card, you visit a store accepting the cards and then use a gift card reader machine to communicate with the card issuer, allowing a specific value deduction.
One time gift cards are useless once their value is exhausted. However, reloadable cards allow you to top up money when the balance is low. Banks and other financial institutions usually offer reloadable cards with no fees so that you do not have to buy cards now and then.
While there are tangible gift cards, there are also mobile gift delivered to mobile phones via email or SMS. You can use them online with social apps instead of queuing in stores. Visa virtual cards are useful anywhere in the world.
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How To Get Money Off Your Gift Card
Here is how to get money off a gift card.
The process is easier than you think. First, you have to check the balance on the card. This is so that you can determine if this is worth it or not.
Next, you are going to want to take your card to a gift card exchange kiosk. Follow the directions on the screen. Check over everything before you hit accept.
Take the receipt to the cashier and get your cash. Its like going to the CoinStar.
Alternatively, to get money from your gift card you can do the following:
- Sell your gift card.
- Use the gift card to buy an in-demand product and then sell the product.
- Buy money orders directly to pay yourself.;
- Trade your gift card for something else. This is similar to selling but you can get a different product for it in exchange.
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Sell It To A Gift Card Exchange Website
Using a gift card exchange website, like Gift Card Granny or CardCash, is the most straightforward method for converting your gift cards into cold hard cash. All you have to do is go on their website and sell your gift card.
Both Gift Card Granny and CardCash take a wide variety of gift cards, including Visa ones. You can easily trade Visa gift cards for cash payments. The best part is they offer up to 90% cashback during the entire process.
First, youll need to select an offer. Once you choose the Visa gift card with an appropriate balance, you can submit it and go through a verification process.
After this is done, youll be able to get paid. This online method allows you to earn more money compared to more expensive rates of gift card kiosks. Keep in mind it might not work for every Visa gift card, as offers come and go.
Can you sell a Visa gift card to another person?
Yes, you can sell your Visa gift card to another individual without it affecting the gift card. If you go this route, youll likely find that people will only be interested in buying it from you if its offered at a discount.
Otherwise, they could avoid the hassle by buying a gift card from a regular retailer. This is a valid option though if you can sell it for more money than a gift card exchange offers you.
How To Transfer A Visa Gift Card Balance To Your Bank Account With Square
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Visa gift cards are not cash, but it is possible to turn them into cash using Square, a card reader for small businesses to take credit card charges. Some articles suggest using PayPal, but PayPal doesn’t always work since these gift cards can’t be verified. Square is another option, but it will cost you a percentage of the amount transferred and the cost of the reader if you purchase one . Please note that some users report Square has started to block Visa gift cards for some users. There is a possible workaround, but there is no guarantee it will work either.
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