Gift cards are often given as presents for holidays, birthdays, or special occasions. While these gift cards can be convenient and useful, there are times when you might prefer cash instead of using the card’s balance for purchases. If you have a credit card gift certificate and wish to cash it out, you may be wondering how to do so. This guide will walk you through the steps and methods for converting your credit card gift certificates into cash.
What is a Credit Card Gift Certificate?
A credit card gift certificate, often referred to as a gift card, is a prepaid card issued by credit card companies like Visa, MasterCard, or American Express. These cards are loaded with a specific value that can be spent at a variety of retailers that accept these major credit cards. While gift cards are widely accepted, they can sometimes be more limiting than actual cash. If you find yourself with a credit card gift certificate that you no longer want to use, there are options for converting the card’s balance into cash.
Understanding 신용카드 상품권 현금화 (Credit Card Gift Certificate Cashing)
The process of converting credit card gift certificates into cash is commonly referred to as 신용카드 상품권 현금화 in Korea, or simply cashing out gift cards. The most straightforward way to achieve this is by selling or exchanging your gift card for cash, but there are various methods depending on your location and the service providers available. Here are the most common ways to turn your credit card gift certificate into cash:
1. Sell Your Gift Card Online
One of the easiest ways to cash out a credit card gift certificate is by selling it online. Several websites and platforms allow users to list their gift cards for sale in exchange for cash or PayPal payments. Popular websites that facilitate this process include:
- Cardpool: A marketplace where you can sell your unwanted gift cards for cash.
- Raise: Another popular platform that buys and sells gift cards. You can list your card for sale and get paid in cash or credit.
- Gift Card Granny: A website that allows you to sell your gift cards directly to buyers or exchange them for a percentage of the card’s value in cash.
To sell your card online, you’ll typically need to provide the card’s balance and, in some cases, upload a photo of the card. Keep in mind that selling the card online might not give you the full value of the gift card; most platforms will offer you a lower percentage in exchange for convenience.
2. Use a Gift Card Exchange Kiosk
Some retail locations have self-service kiosks that let you exchange your gift card for cash on the spot. These kiosks are available in various cities and can be found at major retailers such as CVS, Walmart, and Rite Aid. By inserting your gift card into the machine, you can receive cash in return, but again, there may be a fee or a percentage taken off the card’s balance.
While using a kiosk is quick and easy, it’s important to remember that these services often charge fees that can range between 5% to 10% of the gift card’s value.
3. Transfer Your Gift Card Balance to a Bank Account
Another option is to transfer the balance of your credit card gift certificate directly to your bank account. This method typically involves using a peer-to-peer (P2P) payment service such as PayPal, Venmo, or Square. Here’s how you can do it:
- PayPal: Some users can link their gift card to their PayPal account and use the balance for online purchases or transfer it to a linked bank account. However, not all gift cards are supported, so you may need to check the terms and conditions of the service.
- Venmo: If you have a Venmo account, you might be able to use your credit card gift certificate as a payment method and then transfer the funds to your linked bank account.
While this method is more direct, it might take some time to process and you may be subject to certain fees, especially if the card is not directly linked to the payment platform.
4. Gift Card Resale Shops
Gift card resale shops are businesses that specialize in buying unwanted gift cards from consumers. These stores, both online and brick-and-mortar, offer a simple process for selling your credit card gift certificates. You simply hand over your card, and the store will pay you a certain percentage of its value in cash. Examples of such stores include:
- Gift Card Rescue: A reseller where you can sell or trade your gift cards for cash.
- CardCash: Another resale platform that buys gift cards and offers cash payment.
5. Request a Refund or Exchange
If you still have the original receipt for the credit card gift certificate and purchased it from a retailer, you may be able to return the gift card for a refund. Not all retailers allow this, but it’s worth checking with the store where the card was purchased. In some cases, they might offer you a refund in the form of store credit, or, in rare cases, in cash.
6. Use Gift Card for Purchases and Sell Items for Cash
If the gift card cannot be directly exchanged for cash, you could use it to purchase items that you can resell for cash. For example, you could buy popular products or electronics, and then sell them on online marketplaces like eBay, Craigslist, or Facebook Marketplace. The key is to select items that are in high demand and can be easily resold for cash.
7. Contact the Gift Card Issuer
If none of the above methods are suitable for your needs, you can reach out to the issuer of the gift card (such as Visa, MasterCard, or American Express) to inquire about cashing it out. While it’s unlikely that they will allow you to convert the card’s value into cash directly, they may offer alternative options, such as transferring the funds to your bank account or giving you a check.
Final Thoughts
Cashing out your credit card gift certificates can be a useful solution when you need cash, but it’s important to be aware of the various fees and limitations that may apply to each method. Whether you choose to sell your gift card online, use a kiosk, or engage in a gift card resale shop, you can easily find a way to get cash in hand. Keep in mind that the process may take some time, and the value of the card may be reduced due to fees, but with a little research, you’ll be able to maximize the cash you get in return for your credit card gift certificate.
