Can You Get Cash Back from a Gift Card?

Are you curious to know how to get cash back from a gift card? These rewards are encouraging and in your best interest. With cashback from gift cards, you could grow your finances. If you want to know how scroll down.

Gift cards are smart and convenient ways of allowing people to choose their own gifts, exchange for money, or buy items.

Directly, a gift card cannot be used to withdraw cash, unless you sell or exchange it for cash. But you could apply some skills to get a percentage refund.

However, what if you find yourself in a situation where you need cash instead of using a gift card? What do you do?

How to Get Cash Back from a Gift Card

To get a refund from a gift card, you need to understand the policies for using gift cards by checking the terms and conditions of the card since not all gift cards allow cash back.

This cash is more like getting a refund from the money used in buying the card although you can’t directly get this money back.

You only trade or sell it, redeem the money into your account which allows percentage commissions on purchases.

Then use the card to make a purchase at a store that gives a percentage refund on purchases. Keep in mind that some retailers may have charge fees for cash-back transactions.

Which Gift Cards are Best for Refund?

Not all gift cards extensively accrue percentage refunds, especially when used at the wrong or incompatible store or ATM.

However, there are a few gift cards that are different, and exchanging them to get back credit isn’t difficult.

You will receive cash for selling a closed-loop gift card to a gift card reseller. Most Target, Sephora, Home Depot, and other retailers shop gift cards can be redeemed for cash.

Opened-loop gift cards are best for cash back since they are more universally acceptable for cash exchange. AMEX gift cards, Discover, Visa, and Mastercard are some of them.

Your Visa gift cards act like prepaid credit cards which allow cash withdrawal at ATMs for convenience.

What are Gift Card Refund Policies?

There are different gift cards and gift card policies however, the most general policy when selling to a retail store is that you will get less than the actual value for the gift card.

Depending on the issuer’s gift card policy, some gift cards can be multi-use while others are single-use.

No merchant would accept returned gift cards and give you a complete refund no matter the situation.

You must accept getting less than the value of your gift card if you want to exchange it for cash while other store policies don’t even accept returned gift cards.

Where Can I Sell My Gift Card?

Following the skillset for exchanging your gift card for cash and getting cashback after a transaction, here are some places you can try the exchange or sale of your gift card.

1. Gift Card Trading Sites: You can go to websites like Cardpool, Raise, eBay website, Craigslist, Facebook Marketplace, or Gift Card Granny that trade or sell gift cards.

Instead of using a gift card to buy things and dont getting cashback, you can sell it and get cashback in the long run.

2. Gift Card Stores: You can also visit retail stores like Walmart, Target, or grocery stores, where you can exchange your gift card for cash or another retailer’s gift card for a fee.

3. Trade with Friends and Family: Selling your gift cards to a friend or family member who needs them for cash is also a brilliant idea.

What are the Benefits of Percentage Refund?

You might be wondering why you should work towards getting cash back using your gift card exchange methods. Here are some simple reasons:

1. Flexibility: Gift cards with cashback let you choose how to use the money, giving you more control over your finances.

2. Get More: With cashback, you can turn your gift card value into cash and potentially use it for other item purchases that the value of the gift card might not be able to cover or afford.

3. Easy Access: Cashback options make it simple to get the money you need, whether for immediate expenses or personal preferences.

4. Reduces Waste: You can avoid letting gift card balances go unused or expire by exchanging them for cash instead.

5. Smart Money Management: Cashback from gift cards lets you plan your finances better, whether it’s for essentials, saving, or treating yourself.

Remember that the exchange value when selling your gift cards is less than the value you bought it for especially when selling to retail stores.

Finally, getting cash back from a gift card depends on your ability to use the set skill for exchanging your gift cards to your advantage.