Using bank to cash out gift cards

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I read on one thread, that the search hasn't been helpful finding, that Chase (and other banks) will cash out gift cards.

I have a few thousand in Vanilla Visas that were declined. The teller said they do a "cash advance". Does anybody have any success with cards available at CVS/Walgreens that can be sucessfully cashed out or know the reason the Vanilla Visas are failing? Each is for $500, and I had the teller try $495.

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It doesn't take very long when I do it with a knowledgeable banker. It takes about the same amount of time as a cash dep... (more)

musicdef13 (Jun. 08, 2012 @ 9:00p) |

Fascinating. I'm guessing you can only do one card per transaction, right? I may try this on a few cards tomorrow! Need ... (more)

billrubin (Jun. 08, 2012 @ 9:13p) |

I've no idea; I've never tried more than one card at a time. I just don't get that many prepaid cards. If you try it, ge... (more)

musicdef13 (Jun. 09, 2012 @ 1:54a) |


ecoatrain said:   I read on one thread, that the search hasn't been helpful finding, that Chase (and other banks) will cash out gift cards.

I have a few thousand in Vanilla Visas that were declined. The teller said they do a "cash advance". Does anybody have any success with cards available at CVS/Walgreens that can be sucessfully cashed out or know the reason the Vanilla Visas are failing? Each is for $500, and I had the teller try $495.
It all depends on the card. Some allow it, some don't. All you can do is try, and if it doesn't work, it doesn't work.

ecoatrain said:   I read on one thread ... that Chase (and other banks) will cash out gift cardsthe success stories only involved those gift cards received from a Rebate

I used Venmo to cash out two $500 cards. The first $500 credit/debit card load is free. I added one to my account and one to the girlfriends account. We sent the money to each other. $1000 cashed out with no fees!

No, not only rebate cards. Also those purchased from CharterOne circa 2003

Glitch99 said:   ecoatrain said:   I read on one thread, that the search hasn't been helpful finding, that Chase (and other banks) will cash out gift cards.

I have a few thousand in Vanilla Visas that were declined. The teller said they do a "cash advance". Does anybody have any success with cards available at CVS/Walgreens that can be sucessfully cashed out or know the reason the Vanilla Visas are failing? Each is for $500, and I had the teller try $495.
It all depends on the card. Some allow it, some don't. All you can do is try, and if it doesn't work, it doesn't work.


Well Vanilla Visas are failing. If anybody has any success stories with specific brands of them for purchase, I'd love to know.

Try Amazon Payments as well. I've cashed out $600 per month on my AMEX.

Why not just spend it at the store?

Buy an Amazon gift card with it.

bbgarcia said:   Buy an Amazon gift card with it.

Convert a gift card that can be used 'anywhere' into a gift card that can only be used at one merchant? Is that good advice?

JTausTX said:   Why not just spend it at the store?

JTausTX said:   Why not just spend it at the store?

Well it's $1500, so not exactly a grocery trip, but the goal is to meet spending requirements. Citi ThankYou requires $1500 spend for 60k miles, then if I get another card that requires X spend for miles, or 3% Cash Back, etc. I'd like to repeat this a few times.

Ideally, I'd like to cash these out somehow consistently. If I buy an Amazon gift card, I'm sort of stuck at that merchant, and according to their Terms&Conditions, I can't buy another gift card with it, that could perhaps be cashed out at a Chase.

You are looking for a holy grail that probably most here are looking for ..The one's who found it, will keep it to them or within the circle of trust.

ecoatrain said:   JTausTX said:   Why not just spend it at the store?

Well it's $1500, so not exactly a grocery trip, but the goal is to meet spending requirements. Citi ThankYou requires $1500 spend for 60k miles, then if I get another card that requires X spend for miles, or 3% Cash Back, etc. I'd like to repeat this a few times.

Ideally, I'd like to cash these out somehow consistently. If I buy an Amazon gift card, I'm sort of stuck at that merchant, and according to their Terms&Conditions, I can't buy another gift card with it, that could perhaps be cashed out at a Chase.


$1500? That's not much to have to cash out.

FAR stuff is possible. Or it's what? 2-3 months of spending when you add groceries and gas and entertainment?

Just use the gift cards on normal spend before you do something stupid and lose more than a little CashBack.

elektronic said:   $1500? That's not much to have to cash out.

FAR stuff is possible. Or it's what? 2-3 months of spending when you add groceries and gas and entertainment?

Just use the gift cards on normal spend before you do something stupid and lose more than a little CashBack.


Well I'd like to do $10k+/month. The Chase cashout would work if I could find the right giftcard. I can roll through the $1500 pretty quickly, but I might as well have used the credit card as intended.

I think everyone would like to be able to cash out 10k/month in gift cards.

good luck!

mikecl said:   You are looking for a holy grail that probably most here are looking for ..The one's who found it, will keep it to them or within the circle of trust.

Definitely. Opportunities to easily buy cash equivalents in significant amounts with credit cards, which includes prepaid cards, are very valuable and fleeting. Think 5% rebate cards.

To answer the OP's question, it depends on the card. Most of the common visa prepaid cards have the cash advance limit set to 0, so it won't work.

Buy WalMart, Costco, and Amazon gift cards. Between those 3 cards, you can almost buy anything.

Just because I have a Vegas trip coming. Could you buy chips with a gift card and then cash out later in the night.... with double the money? I've heard this works on cruise trips. But then you'd have to go on a cruise.

mattun said:   Just because I have a Vegas trip coming. Could you buy chips with a gift card and then cash out later in the night.... with double the money? I've heard this works on cruise trips. But then you'd have to go on a cruise.

I also have a Vegas trip coming up! I would think they'd charge the cards as a "cash advance" as well, so I could see the Vanilla Visas failing. I suppose it's the same as if I tried to use my credit card to buy chips...

imbatman said:   I think everyone would like to be able to cash out 10k/month in gift cards.

good luck!

I think some people are looking to cash out more than $10k a day

SUCKISSTAPLES said:   imbatman said:   I think everyone would like to be able to cash out 10k/month in gift cards.

good luck!

I think some people are looking to cash out more than $10k a day


Its all good until the Feds get involved.

mattun said:   Just because I have a Vegas trip coming. Could you buy chips with a gift card and then cash out later in the night.... with double the money? I've heard this works on cruise trips. But then you'd have to go on a cruise.

With the price of cruises today - someone on here can probably make it worthwhile. The difficulty here is that you need to churn on a 5 or 6% card, because most cruiselines are taking a 3% fee.

The one exception I read about is the video texas holdem tables, but that was a long time ago.

SUCKISSTAPLES said:   imbatman said:   I think everyone would like to be able to cash out 10k/month in gift cards.

good luck!

I think some people are looking to cash out more than $10k a day


Well, yea, that'd be good too.

The problem with Vanilla Visa's online is that you cannot add any personal information to them. I think maybe you can do zip code, but I'm not 100% sure.

You're better off with AMEX gift cards where you can call the number on the back and add all your personal information to use it online (Amazon Payments).

john8486 said: I started using this new site called prepaid2cash
2030 Vallejo Street Suite 301
San Francisco, California 94123

=> an apartment building in San Francisco

Alcibiades said:   john8486 said: I started using this new site called prepaid2cash
2030 Vallejo Street Suite 301
San Francisco, California 94123

=> an apartment building in San Francisco


Thanks. Was wondering why that got deleted.

Alcibiades said:   john8486 said: I started using this new site called prepaid2cash
2030 Vallejo Street Suite 301
San Francisco, California 94123

=> an apartment building in San Francisco


Who cares. The guy who made it charges 3.98% + transfer fee AT THE LOWEST. $500 is 3.98%, $100 is 5.9%, plus there is the fee to get the $. He's banking on volume and HIGH fees.

http://www.prepaid2cash.com/pricing.aspx

He doesn't even make it clear what he charges...just says "Tell me what's on your card and I'll tell you what you get!"

Al3xK said:   Alcibiades said:   john8486 said: I started using this new site called prepaid2cash
2030 Vallejo Street Suite 301
San Francisco, California 94123

=> an apartment building in San Francisco


Who cares. The guy who made it charges 3.98% + transfer fee AT THE LOWEST. $500 is 3.98%, $100 is 5.9%, plus there is the fee to get the $. He's banking on volume and HIGH fees.

http://www.prepaid2cash.com/pricing.aspx

He doesn't even make it clear what he charges...just says "Tell me what's on your card and I'll tell you what you get!"


It's outrageous. What's stopping us to create our own system to drain our own cards? i always wonder what system they use.

Serve is an option, but they will lock down your account if you churn too much.

pyro123 said:   Al3xK said:   Alcibiades said:   john8486 said: I started using this new site called prepaid2cash
2030 Vallejo Street Suite 301
San Francisco, California 94123

=> an apartment building in San Francisco


Who cares. The guy who made it charges 3.98% + transfer fee AT THE LOWEST. $500 is 3.98%, $100 is 5.9%, plus there is the fee to get the $. He's banking on volume and HIGH fees.

http://www.prepaid2cash.com/pricing.aspx

He doesn't even make it clear what he charges...just says "Tell me what's on your card and I'll tell you what you get!"


It's outrageous. What's stopping us to create our own system to drain our own cards? i always wonder what system they use.


Nothing. There are plenty of credit card processors. You'd probably have to pay a flat monthly fee and a % to process. It'd be worth it with a decent volume, but otherwise it's cheaper to use somebody else.

pyro123 said:   Al3xK said:   Alcibiades said:   john8486 said: I started using this new site called prepaid2cash
2030 Vallejo Street Suite 301
San Francisco, California 94123

=> an apartment building in San Francisco


Who cares. The guy who made it charges 3.98% + transfer fee AT THE LOWEST. $500 is 3.98%, $100 is 5.9%, plus there is the fee to get the $. He's banking on volume and HIGH fees.

http://www.prepaid2cash.com/pricing.aspx

He doesn't even make it clear what he charges...just says "Tell me what's on your card and I'll tell you what you get!"


It's outrageous. What's stopping us to create our own system to drain our own cards? i always wonder what system they use.


Merchant card processor agreements forbidding factoring or selling cash equivalents marked as purchases, for one.

Alcibiades said:   ecoatrain said:   I read on one thread ... that Chase (and other banks) will cash out gift cardsthe success stories only involved those gift cards received from a RebateIs this true and how long does it to process each card? I have a checking account at Chase and would be happy to deposit these cards at Chase since I have a stack of them. When I cashed out a rebate card at Citibank (and this was one that actually said it could be cashed out), it took 15 minutes between the cashier not knowing what to do and requiring me to give them my drivers license to make a copy of for proof.

I just pay my Verizon bill with them online. I lose my 2% credit card rebate but it's the easiest thing to do. I did use Amazon Payments for one of them as an experiment and it worked, but I am afraid that something will happen and my money will be lost if I do too many cards (although I know that others have had success).

billrubin said:   Alcibiades said:   ecoatrain said:   I read on one thread ... that Chase (and other banks) will cash out gift cardsthe success stories only involved those gift cards received from a RebateIs this true and how long does it to process each card? I have a checking account at Chase and would be happy to deposit these cards at Chase since I have a stack of them. When I cashed out a rebate card at Citibank (and this was one that actually said it could be cashed out), it took 15 minutes between the cashier not knowing what to do and requiring me to give them my drivers license to make a copy of for proof.

I just pay my Verizon bill with them online. I lose my 2% credit card rebate but it's the easiest thing to do. I did use Amazon Payments for one of them as an experiment and it worked, but I am afraid that something will happen and my money will be lost if I do too many cards (although I know that others have had success).


It doesn't take very long when I do it with a knowledgeable banker. It takes about the same amount of time as a cash deposit would take. If you do it with a clueless banker, you'll waste lots of time and they'll probably a) will do it wrong so it gets declined or b) won't even attempt to do it and shoot you down right out the gate.

All the teller needs to do is punch in the amount and swipe the card. No ID copies necessary.

In my experience, this transcript helps speed things along:

"Hi, I would like to do a cash advance in the amount of [exact amount] from this prepaid card and deposit it to my account. (Hand them card and filled out deposit slip.)"

Note: You need to know the exact amount on the card. Also, Chase will NOT do cash advances on AMEX cards. Their system just can't do it so don't bother trying. I've been able to do all other cards, including rebate cards from competitor banks.

musicdef13 said:   It doesn't take very long when I do it with a knowledgeable banker. It takes about the same amount of time as a cash deposit would take. If you do it with a clueless banker, you'll waste lots of time and they'll probably a) will do it wrong so it gets declined or b) won't even attempt to do it and shoot you down right out the gate.

All the teller needs to do is punch in the amount and swipe the card. No ID copies necessary.

Fascinating. I'm guessing you can only do one card per transaction, right? I may try this on a few cards tomorrow! Need to find my Chase ATM card.

billrubin said:   musicdef13 said:   It doesn't take very long when I do it with a knowledgeable banker. It takes about the same amount of time as a cash deposit would take. If you do it with a clueless banker, you'll waste lots of time and they'll probably a) will do it wrong so it gets declined or b) won't even attempt to do it and shoot you down right out the gate.

All the teller needs to do is punch in the amount and swipe the card. No ID copies necessary.

Fascinating. I'm guessing you can only do one card per transaction, right? I may try this on a few cards tomorrow! Need to find my Chase ATM card.


I've no idea; I've never tried more than one card at a time. I just don't get that many prepaid cards. If you try it, get us some data points.



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