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A gift card is a payment tool that allows you to purchase goods from specific stores. These cards are usually given as gifts by family members, friends, or acquaintances for various occasions, such as birthdays, holidays, or other special events. When you purchase a gift card, you generally load it with money electronically, and then the person who receives the card can use it to buy goods or services from any store that accepts the card.
Gift cards can be either physical or virtual. Physical gift cards can be held in your hand, while virtual gift cards are digital and can be accessed via email or text. Both types of gift cards can be used to buy goods and services at physical stores and online retailers. To make a purchase with a gift card, you simply need to provide the card number, the CVV, and the expiry date to authorize the payment.
Gift cards can be a great way to give a convenient and thoughtful gift. They allow the recipient to choose their gift while showing that you care. They can also be a great way to save money, as many stores offer discounts or promotions for using gift cards. However, it’s important to remember to use your gift card before it expires, as some cards have an expiration date. Additionally, you should always keep track of the balance on your gift card, as some stores may charge a fee for inactivity or use.
What is an American Express gift card?
American Express, commonly referred to as Amex, is a multinational financial services corporation primarily dealing with payment card services. The company was founded in 1850 and is headquartered at 200 Vesey Street in Battery Park City, New York City.
With a strong presence in the financial industry, American Express is recognized as one of the world’s most prestigious credit card issuers. It is among the 30 components of the Dow Jones Industrial Average and collaborates with banks worldwide to offer various payment card services.
American Express gift cards are a popular choice for gifting and can be used at millions of locations worldwide. If you’re wondering how to cash out an American Express gift card, there are several ways. You can use it to make purchases, withdraw cash from an ATM, or even transfer the balance to your bank account. With American Express, the possibilities are endless!
How to cash out an American Express gift card
There are several ways to redeem an American Express gift card. Here are some of the most popular methods:
1. Sell your gift card on an e-commerce platform
If you have a gift card you don’t plan on using, you may want to consider selling it for cash. Several websites allow you to do this, including popular options like CardCash, Facebook Marketplace, eBay, and Craigslist.
CardCash
Exchange your unused gift card, and trade it for something you really want. Earn massive cash back when you sell unwanted gift cards on CardCash marketplace.
These sites typically offer you less than the full value of your gift card, but it can be a good way to get some cash back for a gift card you don’t need. Keep in mind that the amount you receive may vary based on the type of gift card, its value, and the demand for it on the site.
Additionally, some sites may charge fees or require you to meet certain criteria before you can sell your card. It’s important to research and compare your options before deciding where to sell your gift card.
2. Purchase items for people and request cash for reimbursement
If you have a gift card that you don’t plan on using and want to get cash instead, one option is to offer to purchase something for someone else with the gift card in exchange for cash. This can be a win-win situation for both parties involved.
You can help someone else buy something they need or want, and in exchange, you can get the cash you need without paying any fees to a gift card reseller. Just make sure that you trust the person you’re buying something for, and that you agree on the amount of cash, they will give you in exchange for the gift card beforehand.
3. Retail arbitrage
Retail arbitrage is a popular money-making strategy that involves buying products at a lower price and then reselling them at a higher price to make a profit.
In this process, you can use your gift card balance to purchase items when they are on sale or clearance, and then sell them through various channels such as online marketplaces, flea markets, or garage sales. This approach can be a great way to monetize your gift card balance and earn extra cash.
However, it requires research, planning, and effort to identify the right products, understand market trends, and find the best-selling channels. It is also important to consider shipping and handling costs, fees, and taxes while pricing your products to ensure that your profit margin is reasonable. With some practice and patience, retail arbitrage can be a lucrative and rewarding venture that allows you to leverage your gift card balance and turn it into a profitable business.
4. Buy a money order
It is possible to utilize your American Express gift card to purchase a money order at a few select stores, including Walmart and Western Union. Once you have obtained the money order, you can cash it at a bank or exchange it at a check-cashing store.
However, it is important to keep in mind that there are often fees associated with purchasing and cashing money orders, which can vary depending on the specific store and location. Inquiring about any associated fees beforehand is recommended to avoid any surprises or unexpected costs.
Additionally, it is important to note that some stores may restrict the amount of money orders that can be purchased or cashed, so be sure to verify the amount beforehand.
5. Request a refund
If you have received a gift card as a present and you have no plans to use it, you may be able to request a refund from the issuer.
However, the availability of a refund option and the associated conditions may vary depending on the card issuer’s policies. Some issuers may offer a refund for the remaining balance on the card, while others may not allow any refunds at all.
Additionally, certain fees or charges may be associated with requesting a refund, such as processing or administrative charges. Therefore, before requesting a refund, it is advisable to check the issuer’s terms and conditions to understand the applicable policies and fees.
6. Cash out on low balances
In certain states across America, a legal obligation exists for American Express (AMEX) to fulfill cash-out requests made by customers, even if the amount is relatively low. Precisely, depending on your state, you may be able to cash out as little as $10 from your AMEX gift card balance once requested.
However, it is important to note that such requests are only granted for low amounts, so you might not be able to do much with the cash. Nonetheless, this policy can come in handy when you need to pay for small items or bills and don’t want to waste your gift card balance on something that you don’t necessarily need.
7. Add AMEX gift cards to your mobile wallet
Did you know that there are mobile wallets that allow you to store and use gift cards, just like debit or credit cards? PayPal is one such wallet that enables you to add a gift card and use it for your purchases.
Moreover, if you want to transfer the funds from your gift card to your bank account, you can add the card to PayPal, initiate a PayPal to bank transfer, and then withdraw the money from your bank account.
This is a great way to covertly move funds from a gift card to your bank account without any hassle. So, if you have a gift card that you want to use for your online purchases or in-store shopping, consider adding it to your PayPal wallet and enjoy the benefits.
8. Regift your American Express gift card
If you have an unwanted gift card, there are several ways that you can get cash for it. One of the options is to re-gift it. American Express gift cards are a good choice for this purpose, as they are widely accepted at many retailers. You can give the gift card to your friends, colleagues, or family members as a present. This way, you can save money on buying gifts for them with your own cash.
For example, suppose you had planned to spend $30 on a birthday present for a family member. If you have a $30 Amex gift card, you can simply give it to a family member instead of buying them a gift. This way, you can keep the $30 you would have spent on the gift and use it for anything you want.
9. Have a yard sale
If you have an American Express gift card that you want to sell, one option to consider is selling it at a yard sale. This can be a great way to get rid of unwanted gift cards and make some extra cash, without paying any listing fees or commission fees to a third-party website or company.
Selling your gift card at a yard sale can be a bit of a gamble, however, as you may not always get the full value for your card. Since most people attend yard sales to find bargains, they may not be willing to pay the full face value of your gift card. However, this is not always the case, and it’s definitely worth a try if you’re looking to declutter your home and make some extra money in the process.
To increase your chances of selling your gift card at a yard sale, you may want to consider bundling it with other items. This can make the deal more attractive to potential buyers and increase the likelihood that someone will be willing to pay a fair price for your card.
10. Sell or trade the gift cards to friends and family
If you own an Amex gift card you don’t intend to use, trading or selling it to someone you know is a viable option. This way, you can get rid of the gift card while someone else can benefit from it. You can consider approaching your friends, family members, or colleagues who might be interested in the gift card.
CardCash
Exchange your unused gift card, and trade it for something you really want. Earn massive cash back when you sell unwanted gift cards on CardCash marketplace.
Since you already know each other, you can negotiate a better deal than you would get if you sell it online to a stranger or a company like CardCash. Additionally, you can be confident about the safety of the transaction as you already know the person you are dealing with. So, trading or selling your Amex gift card to someone you know can be a win-win situation for both parties.
Which method is best?
The method you choose to convert your gift card into cash largely depends on your circumstances and needs. If you urgently need cash, one of the quickest and easiest ways to do so is by selling your gift card on an e-commerce platform or purchasing a money order. This will allow you to immediately receive cash in exchange for your gift card. However, keep in mind that you may not receive the full value of your gift card when selling it.
On the other hand, if you have some time to spare, you may want to consider retail arbitrage or requesting a refund. Retail arbitrage involves purchasing goods at a lower price from a retailer and then reselling them for a profit. This method can be time-consuming and requires some research and effort, but it can be a profitable way to convert your gift card into cash.
If you prefer to refund, you can return the items you purchased with your gift card for a cash refund. However, remember that some retailers may only offer store credit instead of cash, and certain return policies may restrict your ability to receive a refund.
The bottom line
When you receive an AMEX gift card, you can use the available funds. However, to make the most of your card, it’s crucial to comply with the relevant terms and conditions governing its conversion and use. This will enable you to avoid any potential issues or penalties that may arise from non-compliance.
Moreover, if you decide to trade your gift card for cash, it’s recommended to do so through a reliable and trustworthy gift card trading platform. This will help you avoid fraudulent activities and ensure you receive the correct amount of cash for your gift card.
By following these guidelines, you can be confident in making the most of your AMEX gift card while ensuring your transactions are safe and secure.