• Page :
  • 1
  • Text Only
Voting History
rated:
I get AMEX gift cards from my employer every month as reimbursement for travel. What I would like to do is find a bank that will cash out or give me a cash advance against the card and deposit it into my checking account. The reason for this is I would rather use my Rewards cards than these Gift Cards. The amount involved is usually close to a 1000$.

Each card is of $100 denomination, so I cannot buy dollar coins, also too much hassle involved.

I searched FWF and found references to cash advances for visa gift cards, but did not find any material related to AMEX Gift Cards.
For example here is one related post i found (just to show that i did search!) :

theboogeyman said :
I had the same problem with my $65 Visa rebate card from Mcafee. I don't want to use their card because I want to get Cash Back on my purchases. I'm going to try to LetsGoMets1 suggestion to get a cash advance at my Bank of America. Does anyone know if BOA or Visa charges any fees?

*update 11/27/2009

I was able to get a $65 cash advance on the Visa card which I immediately deposited into my checking account.


Thanks for your inputs.

Member Summary
Most Recent Posts
My Wachovia and Bank of America branches in FL charge ZERO in fees. If I have a 100$ GC I can get the entire 100$ deposi... (more)

vrb747 (Apr. 02, 2010 @ 10:36a) |

Or I would ask for 20% extra.

Most gift cards could be had for less than 100c on dollar. A lot of gift cards could be ha... (more)

tolamapS (Apr. 02, 2010 @ 11:03a) |

Any updates?

pyro123 (May. 26, 2010 @ 12:09p) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
Thanks for visiting FatWallet.com. Join for free to remove this ad.

vrb747 said: What I would like to do is find a bank that will cash out or give me a cash advance against the card and deposit it into my checking account.

You and everyone in FWF

Thanks for this GREAT advice, we need more helpful people in this world

Is this a big secret ? Its pretty common with VISA gift cards.....

If my company reimbursed my travel expenses with gift cards instead of ACH or wire to my checking account, I would raise hell.

t60 said: If my company reimbursed my travel expenses with gift cards instead of ACH or wire to my checking account, I would raise hell.

Well, its a part-time contract job and Im very grateful just to have the job, I dont think biting the hand that feeds me is advisable in my situation. Of course, for those folks who are masters of their destiny, this does not apply, rub your employer the wrong way if you so wish.

I think my employer uses rewards points to get these AMEX GCs, and if thats what he/she needs to do to keep employing me and make a profit, so be it.

hs said: vrb747 said: What I would like to do is find a bank that will cash out or give me a cash advance against the card and deposit it into my checking account.

You and everyone in FWF


OP, this is a serious/true comment and has been discussed several times. No good way to liquidate AMEX gift cards. In fact, I am not too sure how to do this with VISA gift cards either. Can you help?

Google checkout used to be a decent way to liquidate these cards, but last I checked, GCO's fees are actually just like Paypal's! (2.9% + $0.30).

The only options I can think of would be to find a bank that lets you fund a new account from AMEX (never seen one of these...), or use Paypal or something to send the balance of the card to a friend and have him write you a check.

Other options is to use them to buy a gift card at a store that you shop often and dont otherwise get good Cash Back (i.e. only 1%)...I would probably use them to make a payment on my phone bill online, which I have done in the past...

vrb747 said: Is this a big secret ? Its pretty common with VISA gift cards.....Pray tell which VISA gift cards can I cash advance or cash out?

I was able to do this with BoA. I think I had about 300 on a mastercard and a 25 Wachovia gift card (visa??) I asked the CSR if I could cash them out and I think what she did was a cash advance against those cards. No fees to me, they are just GCs. But I had to tell her the exact amount.

Load them up again, and do it over and over.

OP, are you located in California? I believe CA state law allows the cash out of gift cards.

Yes, for those under $10

redpomidor said: OP, are you located in California? I believe CA state law allows the cash out of gift cards.
OP said cards are at $100 denominations, so this wouldn't work.

vrb747 said: Thanks for this GREAT advice, we need more helpful people in this world

Is this a big secret ? Its pretty common with VISA gift cards.....


What do you want from people here. We don't know the answer. Considering the amount of time that FWFers who are financially intelligent have spent on trying to figure out a way to cash these out without incurring fees, I don't think there is a way to do it at this time (short of doing the same method people use to get cash equivalents from cc use).

xoneinax said: Load them up again, and do it over and over.

What's the point?

t60 said: If my company reimbursed my travel expenses with gift cards instead of ACH or wire to my checking account, I would raise hell.

Seriously. I can understand bonuses, incentives and such being in such a manner, but for travel expenses. I would simply ask them to reimburse you a more proper manner, either via ach or check. Gift cards for such a thing is silly. Especially given they are giving you 10 + gift cards a month. (There are 200 AMEX gift cards so I don't even understand this.)

Not recommended but an option. Purchase multiple gift cards in $10.00 denominations than refund them separately. Make sure the store allows it.

t60 said: If my company reimbursed my travel expenses with gift cards instead of ACH or wire to my checking account, I would raise hell.

No doubt. If they take longer to ACH and I have to float the money, I raise hell.

Ive cashed out VISA gift cards from Citi, Staples (Rebates) at my local Bank of America and Wachovia branches.

angelmartinez said: Not recommended but an option. Purchase multiple gift cards in $10.00 denominations than refund them separately. Make sure the store allows it.

This law only applies in CA. I don't know if the OP stated where he/she was from.

OP is in FL. Im aware of the CA law, but that is not feasible here, also have read plenty of anecdotes where folks have had a tough time getting retailers to comply with the law in CA.

I usually just overpay my E-Z Pass or cell phone bill. I don't know if your utility company will also allow you to do it, but it's a pretty good way to spend it down since you're going to do it anyways.

xoneinax said: vrb747 said: Is this a big secret ? Its pretty common with VISA gift cards.....Pray tell which VISA gift cards can I cash advance or cash out?

Prepaid Visa cards that begin with 4754 can be cashed out at a bank. i've done this with several rebate offers that sent a card that began with that number. possibly other Visa and MC also, but don't know which ones.

frugalpete said: Prepaid Visa cards that begin with 4754 can be cashed out at a bankGood info. I have one in my wallet right now; I will give it a try.

frugalpete said: xoneinax said: vrb747 said: Is this a big secret ? Its pretty common with VISA gift cards.....Pray tell which VISA gift cards can I cash advance or cash out?

Prepaid Visa cards that begin with 4754 can be cashed out at a bank. i've done this with several rebate offers that sent a card that began with that number. possibly other Visa and MC also, but don't know which ones.


Do these banks charge a fee for this?

My Wachovia and Bank of America branches in FL charge ZERO in fees. If I have a 100$ GC I can get the entire 100$ deposited to my checking account.

They may not do it for ya if you dont have an account with them, I never asked about that.

t60 said: If my company reimbursed my travel expenses with gift cards instead of ACH or wire to my checking account, I would raise hell.

Or I would ask for 20% extra.

Most gift cards could be had for less than 100c on dollar. A lot of gift cards could be had for 80c on dollar.

Some crappy gift cards could be had for less than 70c on dollar.

I am sure a few gift cards could be had for less than 10c on dollar.

Any updates?



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014