Most gift cards cannot be transferred directly to a bank account, but you have several real ways to convert the balance to cash or move it into your account

A gift card is a prepaid card issued by a specific store or company, and the money on it lives in that company's system, not in a bank. Your bank account is separate. Because of this, you cannot straightforward tell your bank to pull the balance over. However, you can move the money yourself through a few different routes, depending on what kind of gift card you have and which method suits you.

The fastest and most direct method is to use a third-party service that buys gift cards from you — you send them the card details, they deposit cash into your bank account. The trade-off is that you typically receive less than the full balance, usually 70 to 92 percent depending on the card type and current demand. If you need the full value, you can spend the card at the retailer and then transfer that money to your bank account through a debit card withdrawal or a peer-to-peer payment app.

Key Takeaways

  • Gift card resale platforms like Raise, CardCash, and Decluttr buy unused gift cards and deposit the payment into your bank account, though you receive a percentage of the balance rather than the full amount.
  • If you want the full value, you can spend the gift card at the retailer, then move the cash to your bank account by withdrawing it at an ATM or using a payment app like Venmo or PayPal.
  • Some retailers allow you to transfer a gift card balance to a store account, which you can then use to buy a money order or prepaid card that converts to cash.
  • Visa and Mastercard gift cards are easier to convert than store-specific cards because they work like debit cards and can be used almost anywhere.

Using a gift card resale platform

Services like Raise, CardCash, Decluttr, and GameFlip specialize in buying gift cards from people who no longer want them. You create an account, enter the card details (the card number and PIN), and the platform checks the balance. If they accept it, they offer you a price — usually a percentage below the full amount. You accept the offer, and they deposit the money into your bank account within a few business days.

The percentage you receive depends on the card type and how much demand exists for that particular retailer. Popular retailers like Amazon, Target, and Walmart typically pay out 85 to 92 percent of the balance. Smaller or less popular stores may pay 70 to 80 percent. Some platforms charge a small fee on top of the discount, so read the terms before you confirm the sale.

The main risk is that you are sending your card details to a third party. Use only platforms with established track records and clear privacy policies. Check recent reviews on independent sites before you sign up. Never use a platform that asks you to pay a fee upfront — legitimate services take their cut from what they pay you, not from you.

Spending the card and moving the cash

If you want to keep the full balance, you can spend the gift card at the retailer, then move the resulting cash or bank balance to your account. This works best if the card is for a store where you shop regularly or can find something you need.

Once you have spent the card, you have several ways to get the money into your bank account. If you bought something physical, you can return it for cash (most retailers will refund to the original payment method, but some allow cash returns). If you bought a digital item or a service, you can use a peer-to-peer payment app like Venmo, PayPal, or Cash App to ask a friend or family member to send you the money in exchange for the item or service. You then transfer that payment from the app to your bank account.

This method takes longer and requires you to actually want something from that retailer, but it preserves the full value of the card.

Transferring to a store account or prepaid card

Some retailers allow you to transfer a gift card balance to a loyalty account or store account. Amazon, for example, lets you add a gift card balance to your Amazon account, where it sits as store credit. You can then use that credit to buy a prepaid card or money order (if the retailer sells them), which you can cash out or deposit into your bank account.

This option is limited because not all retailers offer it, and the steps vary widely. Check the retailer's website or call their customer service to ask whether they allow balance transfers and what the process is. Some may require you to call a specific number or visit a store in person.

Visa and Mastercard gift cards are simpler to convert

If your gift card is a Visa or Mastercard gift card (rather than a store-specific card), you have more options. These cards work like debit cards and are accepted almost anywhere. You can use them to withdraw cash at an ATM, which deposits the money directly into your account if you use your bank's ATM, or you can spend them at any merchant and then move the cash as described above.

Some Visa and Mastercard gift cards also allow you to transfer the balance to a linked bank account through their mobile app or website. Check the back of the card or the issuer's website to see whether this option is available for your specific card.

What to watch out for

Gift cards often have expiration dates, inactivity fees, or both. Check the card's terms before you decide how to convert it — if the card expires soon, a resale platform may be faster than spending the balance yourself. Some cards charge a monthly fee if they are not used, which can eat into the balance over time.

When you use a resale platform, the transaction is final — once you confirm the sale, you cannot undo it. Make sure the balance shown on the platform matches what you expect before you accept the offer. If the balance is lower than you remember, the card may have been partially spent or may have had fees deducted.

Be cautious of scams. Some websites claim to convert gift cards but are actually phishing for your card details or charging hidden fees. Stick to well-known platforms with clear reviews and transparent pricing.

Frequently Asked Questions

Can I transfer a gift card balance directly to my bank account?

No, most gift cards cannot be transferred directly to a bank account because the money is held by the retailer or card issuer, not by a bank. You must either spend the card and then move the cash, or sell the card to a resale platform that will deposit the payment into your account.

How much money will I lose if I sell my gift card?

Resale platforms typically pay 70 to 92 percent of the card's balance, depending on the retailer and current demand. Popular stores like Amazon and Target usually pay closer to 90 percent, while smaller retailers may pay 70 to 80 percent. Some platforms also charge a small fee on top of the discount.

Is it safe to sell my gift card online?

It is safe if you use an established platform with good reviews and a clear privacy policy. Avoid platforms that ask you to pay a fee upfront or that do not clearly explain how they protect your card details. Stick to well-known services like Raise, CardCash, or Decluttr.

What if my gift card has an expiration date coming up?

Check the card's expiration date and any inactivity fees in the terms. If the card expires soon, a resale platform is usually faster than spending the balance yourself. If there are monthly fees, selling the card sooner rather than later preserves more of the balance.

Can I use a gift card to withdraw cash from an ATM?

Only if it is a Visa or Mastercard gift card. Store-specific gift cards cannot be used at ATMs. Check the card itself or the issuer's website to confirm what type of card you have.