No, you cannot deposit a gift card directly into a bank account, but you have several ways to turn it into money you can deposit

A gift card is store credit, not cash or a check, so your bank will not accept it as a deposit. But you have real options. You can sell the gift card to a reseller website, use it to buy something you need and redirect your cash to your bank account instead, or load it onto a reloadable prepaid card that connects to your bank. The fastest route depends on what kind of gift card you have and how urgently you need the money.

Understanding why banks reject gift cards helps you see why these alternatives work. A bank deposit must be something with clear cash value that the bank can verify — a check, cash, or a transfer from another bank account. A gift card only has value at one retailer, and the bank has no way to confirm the balance or convert it to actual money. Even if you could somehow deposit it, the retailer does not owe money to your bank, so the deposit would fail.

Key Takeaways

  • Gift cards cannot be deposited directly into a bank account because they are store credit, not cash or a check.
  • Gift card reseller websites and apps buy unused cards at a discount, paying you through bank transfer or PayPal within a few business days.
  • You can use a gift card to buy items you need, then deposit the cash you save from your regular budget into your bank account instead.
  • Some reloadable prepaid cards let you load a gift card balance onto them, though not all gift cards and prepaid cards work together.
  • Resellers typically pay 70 to 90 percent of the card's face value, with popular retailers like Amazon and Target fetching higher percentages than smaller stores.

Selling a gift card through a reseller website

The fastest way to turn a gift card into bank-depositable money is to sell it to a gift card reseller. These are websites and apps that buy unused gift cards from people like you, then resell them to other shoppers at a small discount. You get paid in cash (usually through bank transfer or PayPal), and the reseller makes money on the difference.

Common resellers include Raise, CardCash, and Decluttr. You create an account, enter the card's details (the retailer, the balance, and sometimes a photo of the card), and the site makes you an offer. If you accept, you mail the card in or provide the code, and the reseller sends you payment within a few business days. Most resellers pay 70 to 90 percent of the card's face value — so a $100 Amazon card might sell for $75 to $90, depending on current demand.

The exact percentage varies by retailer and by when you sell. Popular retailers like Amazon and Target usually fetch higher percentages than smaller or regional stores. Some resellers also offer when ready payment (usually at a lower percentage) if you need the money the same day. Once you receive payment, you can deposit that money into your bank account like any other transfer.

Using the gift card to free up cash for your bank account

If you do not want to sell the card, you can use it to buy something you need or would have bought anyway, then deposit the cash you save into your bank account instead. This works best if the card is for a store where you shop regularly.

For example: you have a $50 grocery store gift card and you normally spend $150 a month on groceries. Use the gift card for part of your next shopping trip, and put the $50 you would have spent from your bank account into savings or another account instead. The gift card becomes part of your spending, and you have freed up cash to move into your bank account.

This method does not give you cash in hand, but it does let you move money into your bank account that you would have spent anyway. It works only if you shop at that retailer regularly and the card is for something you actually need. If the card is for a store you never visit, this approach will not help you.

Loading a gift card onto a reloadable prepaid card

Some reloadable prepaid cards (also called general-purpose prepaid cards) let you load a gift card balance onto them. The prepaid card then acts like a debit card, so the money becomes accessible as cash that you can withdraw or use for purchases.

Not all prepaid cards support this, and not all gift cards can be loaded. You would need to check both the prepaid card's rules and the gift card's terms before you try. Some prepaid card companies charge a fee to load a gift card, which would reduce the amount you end up with. This route is most useful if you already have a prepaid card and the gift card is from a retailer that the card supports.

Gift cards that are harder to convert

Some gift cards are harder to convert than others. Closed-loop cards (issued by a single retailer, like a Macy's card) are easier to resell than open-loop cards (like Visa or Mastercard gift cards), because resellers know exactly what they are. Restaurant and entertainment gift cards usually resell at a bigger discount because fewer people want them.

Damaged, expired, or very low-balance cards may not be accepted by resellers at all. If a card has less than $5 or $10 on it, the reseller's fee might eat up most of the value. In those cases, using the card to buy something you need is often the only practical option. Before you try to sell a card, check its balance and condition to see whether a reseller will take it.

What to watch out for when selling a gift card

Only use resellers with a clear reputation and find payment method. Legitimate resellers like Raise and CardCash are established companies with customer reviews and buyer protection. Avoid sites that ask you to send the card before they confirm payment, or that offer prices far above market rate.

Be aware that some gift cards have restrictions on resale. Check the card's terms before you try to sell it — a few retailers prohibit resale, though this is uncommon. Also, once you sell a card, you no longer own it, so make sure you are ready to let it go. Read the reseller's payment terms so you know exactly when and how you will receive your money.

Frequently Asked Questions

Can I deposit a Visa or Mastercard gift card into my bank account?

No, not directly. But Visa and Mastercard gift cards can usually be sold to resellers, or you can use them to make purchases and free up cash elsewhere. Some banks let you link a prepaid card to your account, which might accept a gift card load, but this varies by bank and card.

What if the gift card is from a small local store?

Small or regional store cards are harder to resell because fewer people want them. Your best option is usually to use the card at that store to buy something you need. If you do not shop there regularly, you might contact the store directly to ask if they buy back unused cards, though most do not.

How long does it take to get paid after I sell a gift card?

Most resellers send payment within 3 to 5 business days after they receive and verify the card. Some offer when ready payment (usually at a lower percentage) if you provide the card code when ready. Check the reseller's timeline before you sell so you know when to expect the money in your account.

Will I owe taxes on the money I get from selling a gift card?

Selling a gift card at a loss (for less than you received it) is generally not a taxable event. If you somehow sold it for more than face value, that gain might be taxable, but this is rare. When in doubt, ask a tax professional about your specific situation.

What happens if I sell a gift card and then the retailer goes out of business?

Once you sell the card to a reseller, that is their problem, not yours. You have already been paid. The reseller takes on the risk that the card might become worthless. This is why resellers pay less than face value — they are protecting themselves against this possibility.