Gift cards. Some people love them, and other people hate them. To whatever group you belong to, you still might want to transfer your Mastercard gift card money to your bank account. But is that possible? Show
One of the best and easiest ways of transferring a gift card balance to your bank account is by using Venmo. You’ll first have to register your gift card online and then add it to Venmo as a payment method. Transfer Amazon Gift Card Balance to a Bank Account?
There’s currently no way to transfer your Amazon gift card balance directly to your bank account. Venmo, Cash App, and others don’t support store-name gift cards but only brand-name ones (Mastercard, Visa). Your only option is to use a website such as cardcash.com or giftcash.com and sell your Amazon gift card and have the amount transferred to your bank account. Digital Banking Apps Worth to Know About
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Upgrade to Rewards CheckingAs a mobile banking app affiliate, I earn from qualifying purchases. There’s a catch, a big one. The amount that these websites payout is not so high for Amazon gift cards. For instance, on Gift Cash, if you want to exchange a $50 Amazon gift card, you will only get $37.50 for it. That’s a whopping 25% cut that they’re taking. You’re better off using the gift card to buy things from Amazon, as it was intended. How to Transfer Mastercard Gift Card Balance to Bank AccountTo transfer money on your Mastercard gift card to your bank account, we’ll be using Venmo. If you don’t know what Venmo is, it’s an extremely popular mobile payments app that’s owned by PayPal. We will use it to transfer the Mastercard gift card balance to our linked bank account. You can add, not only a Mastercard gift card, but also different debit, credit, and prepaid Visa, MasterCard, American Express, or Discover branded cards that are registered under your name. This last part is important. How to register your Mastercard Gift CardWe need to register the Mastercard gift card in order for this process to work. We’ll go to the website listed on the back of the gift card – www.prepaidgiftbalance.com. This will enable the card for online payments and purchases and not only in-store. How to Open a Venmo Account
So, how do we open a Venmo account if we don’t already have one? It’s easy. Here’s how:
READ ALSO: 5 Simple Ways to Transfer Visa Gift Card to Bank Account How to add the Gift Card to VenmoAfter we open a Venmo account, we can now add our Mastercard gift card. At the time of writing this article, some cards may be denied by the card issuer or Venmo. The process of adding your gift card, or a debit or credit card is the same and includes the following steps:
You can now choose to transfer your funds from the gift card via Venmo to your bank account. You will need to add a bank account or a debit card to Venmo, so you can transfer the funds. Simply follow the same steps outlined above to do it. There are two ways of transferring money from Venmo to a bank account. Standard money transfer that will take a couple of days and is free and an instant transfer that will cost you 1.75% (with a minimum fee of $0.25 and a maximum fee of $25) of the transfer amount. How to Transfer the Money to a Bank Account
To transfer your Venmo balance to a bank account or a debit card, we first need to link the two together. To add your bank account or a debit card to Venmo, open the Venmo app and:
Venmo recommends that you verify your bank account information to successfully transfer the funds. You have two choices – instant verification or microtransfers. Instant verification is the easier and faster method where you will input your bank’s login credentials into Plaid to connect and verify the bank account. We can now transfer funds to our bank account. Open the Venmo app and:
READ NEXT: How to Transfer Money from VISA Gift Card to PayPal Can you add Mastercard Gift Card to Cash App?If you don’t have a Venmo account already and you don’t want to open one, you can alternatively use Cash App. Digital Banking Apps Worth to Know About
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As a mobile banking app affiliate, I earn from qualifying purchases. Cash App supports debit and credit cards from Mastercard, Visa, American Express, and Discover. You can also add most prepaid cards, however, you can’t make deposits to them. Mastercard gift cards belong to prepaid cards. That’s why you can add them to Cash App in a process that is similar to that of Venmo. To add a Mastercard gift card to Cash App, you simply:
But, what if you don’t have a Cash App account? How do you get one? You first need to download the app from your app store. You then simply enter your phone number and follow the prompts. The whole process is finished in less than five minutes. Here’s how:
READ ALSO: How to Transfer Amazon Pay Balance to a Bank Account ConclusionGift card balance can be easily transferred to your bank account by using a mobile payments app such as Venmo or Cash App. That way, you will get the whole amount in your bank account because there’s no middleman taking a hefty cut.
Adrian Volenik is a fintech enthusiast who loves testing and reviewing digital banking apps and financial products in general. How many digital banking accounts can one man have? Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards. Can I cash out Amazon gift card balance?You may not: Sell or exchange a gift card for cash or for any other prepaid payment instrument. Give or receive a gift card as payment for goods or services off of Amazon.
Can I transfer my Amazon balance to my bank account?If you want to withdraw funds from your Amazon Payments account, you can do so by initiating a transfer to your bank account. To transfer funds to your bank, you must complete the bank account verification process. Learn more about withdrawing funds from your Amazon Payments Account.
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