Converting a Gift Card to Cash

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Any suggestions on how to convert a $500 gift card to cash? It is a Commerce Bank card which is accepted anywhere a Visa debit card is - but cannot be used to withdraw money at an ATM or cashed in at the bank. I could use it for purchases but that may take a while and I get 3% rewards on a lot of my purchases.

I am thinking there may be a bank of financial institution that will let me open an account with it.

Any suggestions?

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eBay it. I buy Home Depot gift cards there at 5 - 10% discount since I know I'll use them during the year.

Maybe you can purchase AMEX travelers check ... and then cash it. Search around to get them without fees, some banks or AAA used to provide them.

deeiche said: eBay it. I buy Home Depot gift cards there at 5 - 10% discount since I know I'll use them during the year.Yep, eBay. I've even seen gift cards on eBay sell ABOVE thier value (including shipping costs, which are typically free when you get a new gift card). Not that people are idiots on eBay or anything

cardavenue.com

MikeR397 said: deeiche said: eBay it. I buy Home Depot gift cards there at 5 - 10% discount since I know I'll use them during the year.Yep, eBay. I've even seen gift cards on eBay sell ABOVE thier value (including shipping costs, which are typically free when you get a new gift card). Not that people are idiots on eBay or anything

Have fun paying the eBay fees! You will lose more than you would if you just spent the card with no rewards.

isobro said: MikeR397 said: deeiche said: eBay it. I buy Home Depot gift cards there at 5 - 10% discount since I know I'll use them during the year.Yep, eBay. I've even seen gift cards on eBay sell ABOVE thier value (including shipping costs, which are typically free when you get a new gift card). Not that people are idiots on eBay or anything

Have fun paying the eBay fees! You will lose more than you would if you just spent the card with no rewards.


And the PayPal chargeback when the buyer falsely claims they never received it!

Find a Hot Deal on FW, stock up, and sell the product on eBay for 2x what you paid for it, thus turning the $500 gift card into $1000 cash.....

I wouldn't recommend selling the card "as is" on eBay...you'll lose too much in fees...just use it for everyday purchases....$500 doesn't go as far as you might think...

BrlDsguise said: I could use it for purchases but that may take a while...LOL! You can tell who doesn't have a wife or kids!

Can you use it like a debit card? Make a small purchase at the grocery store & get Cash Back?

Pre pay a utility, like a phone bill.

I paid for 6 months car insurance, or your homeowner's insurance. State Farm takes credit cards for payments. No fees.

I have never heard of that. Sounds scary. How do you prove you did send it? How does paypal determine who the liar is?
And the PayPal chargeback when the buyer falsely claims they never received it!


I2ock said: I have never heard of that. Sounds scary. How do you prove you did send it? How does paypal determine who the liar is? And the PayPal chargeback when the buyer falsely claims they never received it!


I have never sold gift cards on e-bay and I hear they are a high fraud item (though I do sell and buy books on half.com all the time). Things I would suggest to safe-guard against buyer's fraud, all in the CYA (cover-your-ass) style:

1. If the gift card being sold has at least some protection features (like some HomeDepot, Lowes, etc), utilize them. For example, you can call and provide the 19 digit number AND the 4 digit pin, and get a balance. Or do the same at a store and get a printed receipt of the amount,

2. Make photo-copies of the gift card and the said receipt,

3. Take a digital camera, and photograph the gift card, and the receipts as you re placing them in the envelope, and mail CERTIFIED. This will automaticaly ensure delivery confirmation. You can also add other features such as with return receipt - this will cost extra money,

4. When PayPal comes after you re: the buyer's claim, you send all the documentation to PayPal. Let's see who wins,

5. Investigate if there is a way to disable the card if: (1) certified mail shows the person got it, and (2) they file a false claim,

6. Pre-screen your buyers. Say: no one with less than 5 positive feedback scores, or less than x months of e-bay account age can bid. Cancel bids otherwise,

I am sure if you take some of this pre-cautions, the predators will not go after you - after all, they also want to succeed, i.e. they are looking for an easy prey.

I know all this is a headache, but some people on eBay are selling gift cards on the order of $500 or more. I say for that amount, the extra $ and time spent on certified mail, copy, provide documentation may well be worth it - just the cost of doing business. Some people are doing all that for rebates in the order of dozens of dollars, why not gift cards in similar or higher amounts?

If I were a delivery company, e.g. FedEx, UPS, even Post Office, I would consider offering a service called: examination of contents on sending or delivery. Sounds scary from privacy point of view, but this would be entirely voluntary by either sender or receiver. Courier employee examines what I place in the envelop, they print a note regarding that, stamp it on the envelope, put the certified sticker on, give me a receipt of the said activity with as much detail as needed: off we go.

I2ock said: I have never heard of that. Sounds scary. How do you prove you did send it? How does paypal determine who the liar is?
And the PayPal chargeback when the buyer falsely claims they never received it!



Ene Mene Miny Mo!

For a small fee you can 'purchase' something from yourself through paypal. Then just put the money into your bank account.

edit... typo

illtaketwo said: For a small fee you can 'purchase' something to yourself through paypal. Then just put the money into your bank account.

This seems like a better option if you were going to eBay it. Why pay paypal fees to get money from someone who is paying less than face value for the card when you can pay paypal to give the full value to you.

But you are paying eBay nearly 2% in fees anyway, so just use the card for non-bonus-eligible purchases -- which should only be netting you between 0-2% Cash Back depending on your card.

Thanks for the suggestions. So far have paid my cable bill and will probably use for telephone as well.

The paypal suggestion tipped me off to the fact that I can put money on my Obopay account (Max $300 / week and a 1.5% charge) so I think I will do that for the balance.

Wayne



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