Great ways to turn gift cards into cash
Buying gift cards is certainly a great way to earn extra reward points and to easily meet minimum expenses. Even though such gifts cards are like money, these cannot be deposited in your bank account or even used to pay the credit card bill. Here is a list of the exclusive ways in which you can transform gift cards into cash. There are some gift cards that only allow registration of your zip code. In those cases, you’ll find that not all options tend to work.
One of the best ways to use gift bank cards is to spend them in daily shopping purpose. It ensures that you can get back 100% of their value. Of course, use of gift cards in this way can be quite a big headache but having such a provision is a reasonable option. Use it for paying your insurance bill. There are some reports of people using $500 debit gift cards to pay taxes.
This is a payment technique that allows you to send payments to friends and family members using credit cards. There is a limit to paying friends at up to $1000 per month. As long as there is a gift card that allows you to register your full name and address, Amazon payments will work. Never send money back and forth between two people with this service. The platform will shut you down if they notice such kind of payment pattern.
Just like Amazon Payments, PayDivvy allows payments without the free feature and $1000 limit. It will cost you 3.5% to send money using credit card service, so be prepared if you’re still thinking of using PayDivvy.
A little device that gets attached to your SmartPhone and allows you to swipe credit cards for payments. Money paid by the credit card is deposited to your linked bank account, minus a 2.75% transaction fees. This is in general a great way to transform gift cards into cash, except that Square terms and services prohibit using their service for cash advances. The system will notice if you run too many gift cards, especially if they’re registered to yourself. So, do I recommend the service for cashing out gift cards? Not really.
Buy and sell merchant gift cards
The purpose can be tricky but the possibilities are certainly evident for turning gift cards into cash by buying and selling merchant gift cards. Buying high value merchant gift cards at face value is probably the easiest option but not quite profitable to cash gift cards. Go through TopCashBack to get an appropriate gift card reseller and sell these from Target, Walmart , or several other gas companies. Get your money back as much as 95%. This isn’t a profitable route, but is pretty easy though.
Buying and selling stuff
Finding great ways to buy and sell can be a good prospect, but a real struggle especially since services like Amazon Marketplace takes a pretty big percentage of each sale. If you can find out ways to do this profitably or at least with minimum loss incurred then it can be good to turn gift cards into cash.
Micro Loaning organization Kiva.org allows funding of loans through credit cards. You do not get paid for interest on your loans, but can help real people with the same. Note that it can take several months before you get your loan back, but about 99% of most loans do get fully repaid.