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Best way to cash out Prepaid gift card or transfer to paypal in 2018?

268 22 August 21, 2018 at 03:53 PM
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I work in sales, i got a $500 prepaid visa card from work as a performance bonus. What's the best way to cash this out, or transfer to my bank account or paypal account?

Is it possible and what's the way to get lowest fees? Thanks.. And please no amazon gift card suggestions.

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#2
I think all the cash out loopholes have been plugged.
Your best bet is buy a gift card at a store you frequent (Wal-Mart, grocery store, electronics, eBay, etc.). Or use it for everyday expenses until you get the balance down to a few bucks and convert it to an Amazon card. You can also purchase Wal-Mart e-gift cards in odd amounts, but the minimum is $5.
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#3
Lowest fees might be just to buy your groceries with it for however many weeks it takes. If your intention is to use it for something special, just take the equivalent $500 out of your bank at that point.
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#4
Quote from dukeblue219
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Lowest fees might be just to buy your groceries with it for however many weeks it takes. If your intention is to use it for something special, just take the equivalent $500 out of your bank at that point.

Good alternative
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#5
When it comes to prepaid cards (mostly from rebates) I used to (and know someone who currently) load them into the Amazon gift card balance. (Minimum is $0.50).

What I transitioned to is using them to pay my internet/cable bill. I don't pay an additional fee for paying with the bill with a credit card, I don't have a different credit card that earns a bonus on that, and I'm not restricted on paying a certain amount (I can enter small values for small rebates received that are smaller than my bill or large amounts in excess of my bill such as from a Visa/MC promotion or an AMEX promo that had I paid normally I wouldn't reach the cap.)
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#6
if you want to cash it out, check terms of use on your prepaid GC to see if you can use it as debit with PIN. Most debit cards, except Amex giftcards are PIN enabled if you check their TOS. As long as you have a PIN, you can likely buy a money order at a grocery store. Check their fees, if let's say fee is .68 up to $500, tell cashier you want a $499.32 money order and your total will be $500. Follow the prompts and enter PIN when asked; if asked if you want cashback, press NO. You can then deposit your money order to your bank.
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#7
I used mine to pay my Verizon bill over 4 months. Electric and gas bills accept them too.
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#8
Paying bills or buying a GC isn't the same as cashing it out. In the long run you could make that argument, but having a $500 amazon balance isn't the same as $500. Too bad MS methods are basically exhausted now.
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#9
Quote from Dr. J
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Paying bills or buying a GC isn't the same as cashing it out. In the long run you could make that argument, but having a $500 amazon balance isn't the same as $500. Too bad MS methods are basically exhausted now.

One would argue though that the OP has a prepaid $500 Visa card, so that is more like a credit card that is pre-paid, not a gift card to a single merchant. Yes it is not cash, but I do not see the major advantage of trying to convert it to anything other than cash (Paypal included since it is not as widely accepted). And even converting it to cash would be of dubious value unless the Op needed the money for a bill that does not take a CC (like rent or a loan payment). Otherwise, I would just use the thing when purchasing items until it is exhausted. Most every merchant takes Visa.
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#10
Quote from YanksIn2009
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One would argue though that the OP has a prepaid $500 Visa card, so that is more like a credit card that is pre-paid, not a gift card to a single merchant. Yes it is not cash, but I do not see the major advantage of trying to convert it to anything other than cash (Paypal included since it is not as widely accepted). And even converting it to cash would be of dubious value unless the Op needed the money for a bill that does not take a CC (like rent or a loan payment). Otherwise, I would just use the thing when purchasing items until it is exhausted. Most every merchant takes Visa.
That was kind of my point. Why buy an amazon gc.... when you can just spend it as a visa card anyway? Only point would be to get hard cash, but it appears he'll take a few % hit.
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#11
Quote from jinjin12
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I work in sales, i got a $500 prepaid visa card from work as a performance bonus. What's the best way to cash this out, or transfer to my bank account or paypal account?

Is it possible and what's the way to get lowest fees? Thanks.. And please no amazon gift card suggestions.
read the terms about using/getting a pic. Go to your nearest kroger (or store of the same family) and try to get a money order. Swipe as if it were a debit card. Make sure you do not push on getting cash back or it will fail.
i'm still doing this, while it's YMMV, it works for plenty of people
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#12
Quote from Dr. J
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Too bad MS methods are basically exhausted now.
FD/DG to serve still works for me Smilie
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