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Hey everyone, searched long for this one, and couldn't find anything. Any ideas on how to pull a sizable amount of cash off of one of those Visa Gift Cards? I will be in possession of one of these within the next month (unless I can convince them to send me a check), and I'm wanting to put it in a savings account in the meantime before using it.

So I'm planning ahead, just in case. The benefits would be, a) getting bonuses from an actual Credit Card if I do need to pay for something, and b) gain interest in the meantime. True, it only adds up to say... $10-20 at best, but hey, it's for my curiosity and just to see if it can be done easily. Plus this is fatwallet, many here are all about Frugality For Fun (FFF?).

My ideas thus far:
-Cash advance it, incurring fees (past Visa Gift Cards I have encountered have charges from $2 to 3% of the transaction, and some don't even let you do this. That depends on what "type" of card I receive, probably based on the bank supporting it)
-Just spend the money

Any other crazy ideas out there? Like I said, more of just wondering if the finance gurus have any crazy ideas that might work.

edit:
For those curious, I am receiving the money as a housing stipend for a summer internship. And YES, I WILL be using the money for rent/housing, it's just a matter of the time between when I receive the card and when I have to pay rent, and any possible interest I can gain during that time, as well as any extra CC bonuses I can get from using a "real" credit card to pay my rent.

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Better than a repost at least.

AND fwiw, the $2500 GC is a USAA Visa that comes with a PIN, so I think I'm going to buy U... (more)

forgetme (May. 19, 2007 @ 9:42p) |

I think you'd do better on fees at Wal-Mart.

WalStMonky (May. 19, 2007 @ 10:28p) |

I can live with 0.174% in fees + saving a bit on gas

forgetme (May. 19, 2007 @ 10:32p) |

Ideas:
  • Cash Advance
  • Money order (not too likely nowadays, but can pay $1.50 for $1,000 USPS MO if card has a PIN)
  • Google Checkout (no fees, watch out for account closure)
  • Paypal (fees)
  • Citi/Bank of America/LaSalle Savings account funding (when opening a new account) ($125 max for BoA?)
  • Obopay (which appears to be a partner of Citi) funding, funnels it to a different MC debit card, 1.5% fee (among several other fees) for adding funds from a CC or debit card. Although when you sign up you recieve $5 for free
  • Go on a cruise and use the card to buy gambling/casino tokens(quite a few fees)


    All are a little round-a-bout, but for this situation, it has to be. Thanks everyone!

  • Get a starbucks gift card, call starbucks corporate and get issued a refund check

Will your VISA GC come with a PIN number ? Some do, some dont.

Google checkout. $2500 in a couple $500-$1000 transactions should keep you out of review. Or just go for it all at once if you don't care if they shut your account off.

Open a checking account that will let you fund with a credit card (Citi, at least for some accounts)

Wow, great ideas already--didn't know about the Citi bank account thing, never even thought about Google Checkout (although I remember that maxing out FF miles/CC Bonuses thread using GC). Possibly combine the money deposited with a opening bonus at Citi, make a bit more cash there. Thanks all!

Some Bank of America new checking accounts allow initial funding from the credit card, but in my experience it was limited to $1,000.

Symantec sent me 2$60 in rebates on Visa GCs. This allegedly because it's the will of the people. Umm, yeah, what was that Seinfeld said about gift cards? Exactly like cash only not as useful? Oh well, it was funny when he said it.

I couldn't get cash off of them. I ended up using them at 1 1/2% merchants. PITA if you ask me.

I get these Visa cards all the time for rebates and such. I use Google Checkout. Have not had a problem yet.

can somebody please elaborate on the google checkout method?

use PAYPAL. you'll lose a % from paypal fee but it wil work

KeNDoGG said: can somebody please elaborate on the google checkout method?Create two accounts - one customer and one seller, with different names and addresses - and send $$ from one to the other. Clearly a violation of GoogleCheckout's terms though.

I wonder if you can buy a money order from the grocery store and charge it to the card? That would cost less than a dollar. Then deposit the money order in the bank.

If the visa gift card has a pin, then it is a debit card and not a credit card. If so, you can just go buy USPS money orders at any post office.

Yeah, I got one of those stupid Symantec cards too for a rebate. There is an awful lot of terms in there, wonder what other info is tied to the card. Or what other info they whored out to people. Like if I wanted to order something online what do I put for the billing address?

What I usually do with these cards is to use them to pay bills. Then just take the money I would have paid those bills with and do what I want with.

Most cell phone providers allow you to over pay your bill via a credit card, so sometimes I end up prepaying my bill for 2-3 months depending on how much I need to get off of the card.

Re Symantec Visa GCs: The address to which it was mailed was the 'billing address' for mine. Those things have full online 'account' access. It's Citibank.

Would you like to share with us exactly why you have $2500 sitting on a Visa GC?

obpay...

fund your account from the GC... use your Obopay GC to withdrawal cash from ATM!

Technologist said: obpay...

fund your account from the GC... use your Obopay GC to withdrawal cash from ATM!


So then Obopay treats it as a purchase? This could work to get cash off of a credit card with 0% APR for purchases.

Sounds like an attempt to fund an internet gambling site gone wrong......

For those curious, I am receiving the money as a housing stipend for an internship that I have over the summer. No idea why it is in this form--as I said, I will be requesting a check instead, if it is at all possible.

I don't understand why you folks gave Floydian the big red flag. I thought that this was an interesting and useful question.

BillRHIT said: Sounds like an attempt to fund an internet gambling site gone wrong......

or an internet gambling site gone very well??

montee4 said: Technologist said: obpay...

fund your account from the GC... use your Obopay GC to withdrawal cash from ATM!


So then Obopay treats it as a purchase? This could work to get cash off of a credit card with 0% APR for purchases.


Yep.... obopay is still in start-up mode (like paypal) and is treating "loading" a card from cc as purchase (like paypal did originally).... although I believe that the limit is 200 per day right now...

YGPM!

Technologist, YHPM too. I'm signing up to get my $$ off my rebate visa cards too!

delzy said: If the visa gift card has a pin, then it is a debit card and not a credit cardAll VISA or MC gift cards are debit cards, even if a PIN is not provided.

Technologist said: montee4 said: Technologist said: obpay...

fund your account from the GC... use your Obopay GC to withdrawal cash from ATM!


So then Obopay treats it as a purchase? This could work to get cash off of a credit card with 0% APR for purchases.


Yep.... obopay is still in start-up mode (like paypal) and is treating "loading" a card from cc as purchase (like paypal did originally).... although I believe that the limit is 200 per day right now...

YGPM!


I thought I saw something about a 1.5% fee for loading from a credit card. Though with a 1.5% rebate it could work. Do they take AMEX? Oh well, I guess I'll find out with a $25 per account sign up bonus, $5 referral bonus, and up to 3 accounts per person wifey and I will have 6 between us soon enough.

It looks like they finally started charging fees for CC loading.... when I signed up MONTHS ago, they said they would charge fees, but not initially.... limit was 200 load per day then... now it is 300.

might be a good way to churn those 2% Cash Back cards (countrywide) you'll still be ahead .5% Cash Back, with a $300 a day load limit = $45 a month

kami333 said: Open a checking account that will let you fund with a credit card (Citi, at least for some accounts)
I think this is the best idea by far. I know LaSalle (< 1000) and i think iGo (<2500), and IIRC BofA. If you trust your GF, which I hope you do, you can open and fund an account for her also.

BofA only let me do $125 for a checking/savings combo. I did try to do more but they adjusted downward without even asking.

go on a cruise . use credit card to buy the gambling / casino tokens . return the tokens and get cash .

Got one of these in a rebate. Spent most of the balance right away, but it's been handy to have. It was a prepaid visa which you could access online at myecount.com. When I logged onto myecount, I discovered that it supported adding funds via direct deposit. I netted about another $10 by linking all my accounts and collecting the verification deposits. I've also used it to get a bunch of free DVD rentals using promo codes at Redbox machines. Might be worth intentionally leaving a few cents on the card for such purposes (I think the cards typically expire when the balance reaches zero).

TxAggieJen said: I wonder if you can buy a money order from the grocery store and charge it to the card? That would cost less than a dollar. Then deposit the money order in the bank.

Nope. Cash only.

http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=630573&highlight_key=y&keyword1=starbucks

buy a $2500 starbucks gift card, call starbucks corporate and request a refund of the gift card.

Floydian said:

Any other crazy ideas out there? Like I said, more of just wondering if the finance gurus have any crazy ideas that might work.


Take the gift card, put it in a deposit envelope and feed it to your local atm machine as a deposit for $2,500.

Its crazy and who knows, it might work.

JudFry said: TxAggieJen said: I wonder if you can buy a money order from the grocery store and charge it to the card? That would cost less than a dollar. Then deposit the money order in the bank.Nope. Cash only.Not cash only. I have purchased MOs at 4 grocery stores using plastic ... Debit POS.

Floydian said: Any ideas on how to pull ~$2500 off of one of those Visa Gift Cards?

Check if your card has direct deposit as Obopay does (need to call and get acct/routing #). Do some trial deposits. Direct Deposit could mean direct debits possible. Obopay has max withdrawl per day of $1K... if you can do this with your card directly check their daily max withdrawl limit.

jennatx said: Floydian said: Any ideas on how to pull money off of one of those Visa Gift Cards?

Check if your card has direct deposit as Obopay does (need to call and get acct/routing #). Do some trial deposits. Direct Deposit could mean direct debits possible. Obopay has max withdrawl per day of $1K... if you can do this with your card directly check their daily max withdrawl limit.


Not a bad call--if I get stuck with this card I will definitely try this.

Skipping 27 Messages...
I can live with 0.174% in fees + saving a bit on gas



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