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Old Jan 11, 10, 7:31 pm   #1
 
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Convert Gift Cards to Full Cash Value

I tried searching for any threads on converting either store gifts cards or AMEX gift cards to full cash value. I also tried asking my bank, USBank, if they would accept AMEX gift cards for deposit and was told no. Any suggestions?
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Old Jan 11, 10, 7:40 pm   #2
 
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There has been extensive discussion of converting gift cards to cash on FatWallet. see for example: http://www.fatwallet.com/forums/fina...ord1=gift+card

And, I recall some discussion on FT the jist of which was, IIRC, that it doesn't pay off or is too tough to do for the work involved, if it is possible at all.
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Old Jan 11, 10, 7:54 pm   #3
 
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Originally Posted by 96MustangGT View Post
I tried searching for any threads on converting either store gifts cards or AMEX gift cards to full cash value. I also tried asking my bank, USBank, if they would accept AMEX gift cards for deposit and was told no. Any suggestions?
Unfortunately, plastic jungle seems to be the best option. You lose ~10% but you gain in actually having cash and not plastic.
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Old Jan 11, 10, 8:02 pm   #4
 
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If the value is above $250, order yourself some coins. Check out the MileBuzz forum. www.usmint.gov

Or is there something I'm missing, as it why the above can't be done? (I've done this myself.)

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Old Jan 11, 10, 8:07 pm   #5
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You could sell Amex gift cards on ebay. For whatever reason, people pay over face value for them, usually a dollar or two over, sometimes even more. I don't get it either, but they do.
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Old Jan 11, 10, 8:13 pm   #6
 
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Originally Posted by Wiirachay View Post
If the value is above $250, order yourself some coins. Check out the MileBuzz forum. www.usmint.gov

Or is there something I'm missing, as it why the above can't be done? (I've done this myself.)

- Pat
Good point with the Amex cards, my earlier post was a half answer for the 'store gift card' part of the question. Put our posts together and we have about two cents of advice!
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Old Jan 11, 10, 9:53 pm   #7
 
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Originally Posted by cordelli View Post
You could sell Amex gift cards on ebay. For whatever reason, people pay over face value for them, usually a dollar or two over, sometimes even more. I don't get it either, but they do.
Maybe there is away to get around it, but I thought ebay does not allow Amex, Visa, MC or Discover Gift Cards. If one manages to sell them, Amex is one where it might (not for me) make sense to pay a dollar or 2 above face value because if you buy one in a store, there is a fee with Amex which puts you over face . (I believe you pay $55-56 for a $50 card. I cannot understand why anyone would even want one.)

I have sold small ($25) Walmart Gift Cards for over face value on ebay.
When I started selling, I googled 'why do people pay above face value for gift cards' and you get stories from sellers of buyers claiming they never recieved them or they were used and paypal backing the buyer and refunding their money. (Paypal virtually always backs the buyer: their philosophy is if buyers feel safe and confident, there will always be sellers.) There are sellers who just will not sell Gift Cards.

Having said this, maybe during a $ back promo, paying a dollar or 2 above face isn't too bad.

Last edited by u2fan; Jan 11, 10 at 11:09 pm. Reason: better explaination
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Old Jan 11, 10, 10:30 pm   #8
 
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Originally Posted by u2fan View Post
Maybe there is away to get around it, but I thought ebay does not allow Amex, Visa, MC or Discover gift Cards. If one manages to sell them, Amex is one where it might (not for me) make sense to pay a dollar or 2 above face value because if you buy one in a store, there is a fee with Amex which puts you over face . (I believe you pay $55-56 for a $50 card. I cannot understand why anyone would even want one.)

I have sold small ($25) Walmart Gift Cards for over face value on ebay.
When I started selling, I googled 'why do people pay above face value for gift cards' and you get stories of buyers claiming the never recieved them or they were used and paypal backing the buyer and refunding their money. (Paypal virtually always backs the buyer: their philosophy is if buyers feel safe and confident, there will always be sellers.) There are sellers who just will not sell Gift Cards.

Having said this, maybe during a $ back promo, paying a dollar or 2 above face isn't too bad.
With Bing CashBack, buying gift cards is made cheaper by 8% (current rate). Over cost is just not smart in case cashback gets denied.
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Old Jan 11, 10, 10:41 pm   #9
 
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One interesting possibility is to purchase and sell Playstation Network or Wii or Xbox cards. Players from around the world want codes for the American store, but they can't get them in their country.
I had US$20 cards for Playstation and Wii laying around, and I wasn't going to use them. Both sold for over US$22. Unfortunately, after eBay and Paypal it's down to US$19.50 or so. Still, that's a good rate.

Also, for Buy It Now you can stack Bing and Mr Rebates to get a total of 11% cash back. The caveat is that Bing cashback is restricted to a total of 40 ebay transactions per account. I'd rather use my 8% on a Krugerrand.
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Old Jan 12, 10, 6:54 pm   #10
 
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Originally Posted by cordelli View Post
You could sell Amex gift cards on ebay. For whatever reason, people pay over face value for them, usually a dollar or two over, sometimes even more. I don't get it either, but they do.
Don't forget youy do have to pay eBay and PayPal fees when you send them - which do add up.
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Old Jan 14, 10, 3:52 pm   #11
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Originally Posted by Aitchly View Post
Unfortunately, plastic jungle seems to be the best option. You lose ~10% but you gain in actually having cash and not plastic.
10 Percent... LOL
They offer $375 for a $500 JCP card. That is 25 percent less.
I think you can BUY cards for a savings of "~10%"
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Old Jan 14, 10, 4:38 pm   #12
 
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10 Percent... LOL
They offer $375 for a $500 JCP card. That is 25 percent less.
I think you can BUY cards for a savings of "~10%"
It depends on the card. Amazon or Home Depot or Walmart are bought close to face value, so you can sell for around (~) a 10% loss.

If you try to sell something that is awash in the market or something that noone wants, ie JCP, you will see a significant drop off %.

Also, the higher value cards are at a higher discount, because there are fewer people who can a) afford and b) plan on using that much credit quickly. For instance, I could go through $500 at Lowes quickly, but if you wanted me to buy $500 worth of JCP, I would laugh and then offer significantly less than face because I don't have any plans to shop there.
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Old Jan 19, 10, 1:08 pm   #13
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American Express Gift Cards can be redeemed for cash (which is sent to you in the form of a check) by calling 1-877-297-4438, 24 hours a day / 7 days a week.

Beth
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Old Jan 19, 10, 1:29 pm   #14
 
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For other VISA/MC/AMEX gift cards, can you just use paypal to pay a friend with a credit card? I think the fee then is just 3% + 30 cents. I haven't tried this so I don't know if it actually works but I've been thinking about doing it with some VISA giftcards I have.
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Old Jan 20, 10, 10:08 am   #15
 
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Originally Posted by cliff9973 View Post
For other VISA/MC/AMEX gift cards, can you just use paypal to pay a friend with a credit card? I think the fee then is just 3% + 30 cents. I haven't tried this so I don't know if it actually works but I've been thinking about doing it with some VISA giftcards I have.
If you send money to a friend thru Paypal as a non-business transaction, there is no Paypal fee: hopefully you can fund it with a giftcard, but I have never tried.
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