You cannot deposit a gift card directly into a bank account, but you have several ways to convert the balance into cash or move it to your bank

A gift card is not a bank account and banks will not accept it as a deposit. What you can do depends on what kind of gift card you have. A Visa or Mastercard gift card (the ones that work anywhere) can be linked to your bank account through a payment app or used to buy something you can resell. A store gift card (Target, Amazon, Best Buy) can be converted to cash through a few specific routes, though none are when ready and some cost money. A bank-issued gift card (issued by your own bank) sometimes has a direct transfer option.

The fastest and cheapest route depends on which card you have and how much you need the money. If you have time and the card is for a store you shop at anyway, spending it down and using the cash you save is often simpler than trying to convert it. If you need the cash now, a payment app or a resale site may be your only option.

Key Takeaways

  • Visa and Mastercard gift cards can be linked to PayPal, Venmo, or Cash App to move the balance into your bank account, though some apps charge a fee.
  • Store gift cards can be sold on Raise or CardCash for cash, but you will receive less than the card's face value.
  • Some gift cards let you transfer the balance to another card or account through the issuer's website or app, so check the card's terms first.
  • Using a gift card to buy something and then reselling it is slower but avoids fees, though you may lose money on the resale.

Linking a Visa or Mastercard gift card to a payment app

If your gift card has a Visa or Mastercard logo, you can add it to PayPal, Venmo, Cash App, or Google Pay as a payment method. Once it is linked, you can send the balance to your bank account, though the process and fees vary by app.

PayPal lets you add the card and then transfer the balance to your linked bank account. Go to your wallet, add the card, and request a transfer. PayPal does not charge a fee for this, but the transfer takes one to three business days. Venmo and Cash App work differently — you can use the gift card to send money to a friend or to yourself (if you have a second account), but you cannot directly transfer the card balance to your bank. Instead, you would send the money to a friend and ask them to send it back, which is clumsy and not recommended.

The cleanest option is PayPal if you have an account. If you do not, creating one takes a few minutes and costs nothing. The trade-off is the three-day wait for the money to land in your bank account.

Selling a store gift card for cash

Raise and CardCash are the two largest marketplaces for selling gift cards. You list the card, a buyer purchases it, and you receive cash. The catch is that you will not get the full face value — the discount depends on demand for that store and how much inventory the site already has.

On Raise, you photograph the card's back (covering the security code), list it, and wait for a buyer. Once sold, you provide the card details to the buyer and receive payment to your bank account or PayPal. The site takes a commission, and the buyer's discount is built into the price they offer. A $100 Target card might sell for $85 to $95, depending on the day.

CardCash works similarly but buys the card directly from you at a set price rather than waiting for a buyer. This is faster — you get paid within a few days — but the discount is usually steeper because CardCash takes on the risk of reselling it. The same $100 Target card might fetch $80 to $90 on CardCash.

Both sites require you to verify the card's balance before listing, and both hold your payment for a few days after the buyer receives the code, to make sure the card works. Plan for five to ten business days from listing to cash in your bank account.

Checking if your gift card issuer offers a direct transfer

Some gift card issuers let you transfer the balance to another card or account directly through their website or app. This is rare for store cards but more common for bank-issued gift cards.

Log into the issuer's website or app and look for a "transfer balance" or "move funds" option. If it exists, you can usually transfer to a linked bank account or another card you own. Amazon, for example, lets you convert a gift card balance to an Amazon account credit, which you can then spend or sometimes request as a refund to your original payment method if the card was purchased with a debit or credit card.

Call the customer service number on the back of the card if you cannot find the option online. They can tell you whether a transfer is possible and walk you through it. This takes a phone call but often costs nothing and is faster than selling the card.

Using the gift card to buy something you can resell

If the card is for a store with high-demand items, you can buy something and resell it on eBay, Facebook Marketplace, or a local resale site. This works best for electronics, brand-name clothing, or collectibles where you can recover most of the purchase price.

The downside is that you lose money on the resale (shipping, fees, or a discount to move it quickly), and it takes time. A $100 gift card spent on a resellable item might net you $70 to $85 after fees and shipping. This is slower than selling the card itself, but it avoids the discount you would take on Raise or CardCash if the store is unpopular or the card sits unsold.

This route only makes sense if you have time, access to items worth reselling, and the card is for a store where you can find something with real resale value.

Why you cannot deposit a gift card directly

Banks treat gift cards as merchandise, not money. A gift card is a promise from a store or card issuer to let you buy something, not a claim on funds in an account. Your bank has no way to verify the balance, no way to confirm the card is legitimate, and no way to move the funds because the funds do not exist in a bank account — they exist as a credit with the card issuer.

This is why you have to go through an intermediary (a payment app, a resale site, or the issuer itself) to convert the card into actual money. The intermediary verifies the balance, takes possession of the card, and then sends you cash or deposits it into your account.

Frequently Asked Questions

Can I use a gift card to pay off a credit card balance?

No, credit card companies do not accept gift cards as payment. You would need to convert the gift card to cash first (through PayPal, a resale site, or the issuer) and then use that cash or a bank transfer to pay the credit card bill.

What if my gift card has a low balance?

Resale sites usually have a minimum balance requirement, often $5 or $10. If your card is below that, your best option is to spend it down at the store or link it to PayPal and transfer what remains. Some sites will not list cards below $15 because the discount and fees make it not worth the buyer's time.

Do I lose money when I sell a gift card?

Yes, almost always. Resale sites buy at a discount because they need to resell the card and cover their costs. The discount ranges from 5% to 20% depending on the store and demand. PayPal transfers cost nothing, but you wait three days for the money.

Can I transfer a gift card balance to someone else's bank account?

Not directly. You would have to convert the card to cash first (through one of the methods above) and then send that person the money through a payment app or bank transfer. The gift card itself is tied to the original recipient and cannot be reassigned.

What happens if I lose the gift card before I convert it?

Contact the issuer when ready with your receipt or proof of purchase. Most issuers will cancel the lost card and issue a replacement, but you need to act quickly. If you have already listed it on a resale site, cancel the listing. Once a buyer receives the card code, the issuer will not reverse the transaction.