Gift cards have become increasingly popular as presents for various occasions. They offer convenience and choice, allowing the recipient to choose their desired item or experience. However, there may be instances where you prefer cash instead of a gift card. In this article, we will discuss the various options available to cash out gift cards and answer some frequently asked questions related to this topic.

Why would someone want to cash out a gift card?

While gift cards can be useful, there are several reasons why someone may choose to cash them out. These reasons can include needing money for essential expenses, already owning the desired item or service, or simply preferring the flexibility of cash.

How can I cash out a gift card?

Below are four common methods individuals can use to convert their gift cards into cash:

Sell the gift card: Numerous online platforms allow you to sell unwanted gift cards. Websites like Cardpool, CardCash, and Raise provide a marketplace where you can list your gift card for sale. After setting the price and completing a verification process, the platform will connect you with potential buyers. Once sold, you will receive cash for the value of the gift card, minus a small service fee.

Trade-in for cash: Several retailers offer gift card buyback programs, providing an alternative to selling the card online. Stores like Walmart, Target, and Best Buy accept gift cards from various retailers in exchange for cash or a store gift card. While the amount you receive might be lower than the card’s face value, this option offers convenience and immediate cash.

Use gift card exchange kiosks: Some malls and shopping centers have automated kiosks where you can trade in your gift cards for cash. These machines scan the gift card’s barcode and offer you an instant cash payout. Though they deduct a small fee for the service, these kiosks provide a hassle-free way to cash out gift cards.

Sell directly to friends or family: If you have a friend or family member who is interested in the gift card, you can sell it to them directly. This way, you’ll receive cash without any intermediary fees, and your loved ones can use the gift card for their own desired purchases.

Are there any risks or limitations associated with cashing out gift cards?

While cashing out gift cards offers an alternative to using them, there are a few factors to consider:

Reduced value: When selling gift cards, online platforms and retailers may only offer a portion of the card’s original value. This discount often accounts for transaction fees and ensures a profit for the buyer. Therefore, managing expectations and understanding potential value adjustments is crucial.

Fraudulent transactions: Be cautious when selling or buying gift cards from strangers online, as there is a risk of fraud. Stick to reputable platforms and research their buyer/seller protection policies to minimize the chances of being scammed.

Expiry dates: Some gift cards have expiration dates, which could diminish their value over time. It is advisable to check the gift card’s terms and conditions to ensure you can cash it out before it expires.

Can I get cash in hand for partially used gift cards?

In most cases, you can still cash out a partially used gift card, provided that the remaining balance exceeds a certain threshold (usually around $10-20). However, the payout amount will reflect the remaining value, not the card’s original face value.

Cashing out gift cards can be a practical solution when you’re in need of immediate cash or prefer the flexibility it provides. By considering the methods mentioned above and being cautious throughout the process, you can effectively convert your unwanted gift cards into cash in hand. Remember to weigh the options and choose the method that best suits your needs and convenience.

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