Do you have an American Express gift card that you're not sure how to use, or simply prefer to have the cash equivalent? You're not alone! Many people find themselves in this situation. While Amex gift cards are fantastic for making purchases, they aren't designed for direct cash withdrawals from ATMs or transfers to your bank account. However, don't despair! There are indeed several legitimate and effective ways to turn that Amex gift card into spendable cash.
This comprehensive guide will walk you through each step, offering practical advice and insider tips to help you maximize your return. Let's get started!
The Challenge with American Express Gift Cards
Unlike regular debit cards, American Express gift cards are typically pre-funded cards meant for spending, not for withdrawing cash. They usually lack a PIN for ATM access and cannot be directly linked to a bank account for transfers. This means we need to get a little creative!
Step 1: Assess Your American Express Gift Card
Before you do anything, let's take a moment to understand your specific card.
Sub-heading: Check the Balance and Expiry
Locate the Card Information: Find the card number, security code (often on the back), and, if available, any PIN.
Verify the Balance: The easiest way to do this is usually online, through the American Express gift card website (often listed on the back of the card). You'll typically need the card number and security code. Knowing the exact balance is crucial for all subsequent steps.
Check for Expiry: While the funds on American Express gift cards generally do not expire, the physical card itself might have an "expiration date." This is more about the plastic and magnetic stripe becoming unusable than the funds disappearing. If your card is nearing this date, it's a good idea to act sooner rather than later.
Step 2: Explore Direct Sale Options
One of the most straightforward ways to get cash is to sell your gift card to someone else. This method often yields a higher percentage of the card's value compared to other options.
Sub-heading: Selling to Friends, Family, or Colleagues
The Easiest Route: This is often the best and quickest way to convert your gift card into cash. Approach people you know and trust who might genuinely use an Amex gift card.
Offer a Slight Discount: To make it appealing, offer the card at a small discount. For example, if you have a $100 Amex gift card, you might offer it for $90 or $95. This makes it a win-win: they get a discount, and you get cash.
Immediate Payout: If you find a willing buyer, you can get cash instantly without dealing with fees or waiting periods.
Sub-heading: Online Gift Card Marketplaces
Several reputable websites specialize in buying and selling unwanted gift cards. These platforms act as intermediaries, connecting sellers with buyers.
How They Work: You list your Amex gift card, often at a discounted rate. Once a buyer purchases it, the platform typically verifies the card's balance and then pays you.
Popular Platforms:
Raise.com: A well-known marketplace where you can list your card and set your own price. It might take some time for a buyer to pick it up, but you have more control over the selling price.
CardCash.com: Offers instant quotes for your gift card. While the payout might be slightly lower than if you set your own price on Raise, you get a firm offer and quicker processing.
Tbay and Prestmit (particularly for Nigerian market, but often deal with Amex): These are platforms popular in certain regions for trading gift cards. Always check their reputation and reviews before proceeding.
Consider the Fees: These platforms typically charge a commission or take a percentage of the sale value. Be sure to understand their fee structure before listing.
Payment Methods: Payouts usually come via PayPal, direct deposit, or sometimes even physical checks.
Sub-heading: Local Online Marketplaces
Platforms like Facebook Marketplace, Craigslist, or local buy/sell groups can also be avenues for selling your gift card.
Pros: Potentially no fees (aside from any payment processing fees if you use PayPal Goods & Services for buyer protection). You can often negotiate directly with the buyer.
Cons: Higher risk of scams. Always meet in a public place if exchanging a physical card, and be cautious about digital transactions. Verify payment before sending any card details.
Step 3: Creative Conversion Methods
If direct selling isn't an option or you're looking for alternative ways, these methods can help you indirectly turn your gift card into cash.
Sub-heading: Purchasing Items for Resale (Retail Arbitrage)
The Concept: Use your American Express gift card to buy popular, in-demand items on sale (e.g., electronics, designer goods, collectibles) from retailers that accept Amex. Then, resell these items for cash on platforms like eBay, Amazon FBA, or even local classifieds.
Research is Key: This method requires careful research to identify items with good resale value and minimal depreciation.
Consider the Effort: This is more involved than simply selling the gift card. It requires time for research, purchase, listing, shipping, and dealing with potential returns.
Factor in Costs: Account for shipping fees, platform fees (eBay, Amazon), and the time invested. The goal is to make a profit or at least break even to effectively "cash out" your gift card.
Sub-heading: Use for Everyday Purchases and Save Your Cash
The "Indirect Cash" Method: This is arguably the most practical approach for many. Use your Amex gift card for everyday expenses that you would normally pay for with cash or your debit card.
Examples: Groceries, gas, dining out, online subscriptions, utility bills (if they accept Amex and don't charge a fee).
Benefit: By using the gift card for these purchases, you conserve your actual cash in your bank account, which is effectively the same as turning the gift card into cash.
No Fees: This method generally incurs no additional fees and ensures you get the full value of your card.
Sub-heading: Buying a Money Order (Limited Success, High Risk)
The Idea: Some people report success using gift cards to purchase money orders at places like post offices or certain grocery stores. You then cash the money order.
High Risk and Inconsistent: This method is highly unreliable and often not recommended.
Many locations do not accept gift cards for money order purchases, especially Amex gift cards.
They often require a debit card with a PIN, which most Amex gift cards lack.
There may be fees associated with purchasing and cashing money orders.
Check Policies First: Always call ahead to the specific location and ask about their policy on using gift cards for money orders. Don't waste your time or risk your card.
Sub-heading: Adding to Mobile Wallets and P2P Payments (Limited)
Concept: Some mobile wallets (like PayPal, Venmo, Google Pay, Apple Pay) may allow you to add certain gift cards. If successful, you might then be able to send money to another person (who then pays you cash), or transfer the balance to your bank account (if the platform allows it for gift cards).
Amex Gift Card Limitations: This is often problematic with Amex gift cards specifically. Many P2P payment platforms classify gift cards differently than debit/credit cards and might restrict their use for direct money transfers or cash-outs.
Trial and Error: You can try adding your Amex gift card to your mobile wallet. If it adds, see if you have options for transferring funds. Be aware of potential fees for such transfers.
Step 4: Consider Low-Balance Cash Out Laws
In some U.S. states, there are laws that require merchants to provide cash for gift cards with a low remaining balance (e.g., under $5 or $10).
State-Specific: These laws vary significantly by state. You'll need to research if your state has such a law and what the specific threshold is.
Not Universal for Amex: While this can work for store-specific gift cards, it's less common for general-use gift cards like American Express, as they are not tied to a single merchant. However, it's worth checking with American Express directly if your balance is very low.
Step 5: Be Aware of Potential Scams and Fees
When trying to convert gift cards to cash, vigilance is key.
Sub-heading: Avoiding Scams
Verify Buyers/Platforms: If selling online, stick to reputable marketplaces with strong buyer/seller protections. If dealing with individuals, be extremely cautious.
Never Share PIN/Card Details Prematurely: Do not send your card number, security code, or PIN until you have verified payment in your account.
Beware of "Too Good to Be True" Offers: If someone offers to buy your $100 gift card for $100 cash immediately with no verification, it's likely a scam.
Sub-heading: Understanding Fees
Marketplace Fees: As mentioned, online marketplaces will take a percentage.
Payment Processing Fees: If you use PayPal for a direct sale, you might encounter fees, especially if you use "Goods & Services" for buyer protection (which is recommended).
Reloadable Card/Money Order Fees: If you manage to find a way to load it onto a reloadable debit card or buy a money order, expect small fees.
Step 6: What NOT to Do
To protect yourself and your gift card's value, avoid these common pitfalls:
Don't expect ATM withdrawals: American Express gift cards are generally not enabled for ATM cash withdrawals.
Don't try to get a cash advance from a bank: Banks will not give you cash for a gift card.
Don't fall for phishing scams: Be wary of emails or messages asking for your gift card details.
Frequently Asked Questions (FAQs)
Here are 10 common questions about cashing out American Express gift cards, with quick answers:
How to Check the Balance on My American Express Gift Card?
You can usually check the balance online by visiting the American Express gift card website (printed on the back of your card) and entering your card number and security code.
How to Sell My Amex Gift Card Quickly?
The quickest ways are often selling to a trusted friend or family member for a slight discount, or using an instant offer platform like CardCash.com.
How to Know if an Online Gift Card Resale Site is Legitimate?
Look for sites with a strong reputation, positive user reviews, clear terms and conditions, and secure payment processing. Check if they have a Better Business Bureau rating.
How to Avoid Scams When Selling My Gift Card Online?
Only use reputable platforms, never share your card details before confirming payment, and be suspicious of offers that seem too good to be true.
How to Get the Most Money When Converting My Amex Gift Card?
Selling to a friend or family member, or listing it on a marketplace like Raise where you can set your own price (and wait for a buyer), generally yields the highest percentage of the card's value.
How to Use My Amex Gift Card for Everyday Expenses to Save Cash?
Simply use the gift card for purchases you would typically make with cash or your debit card, such as groceries, gas, or online shopping. This frees up your actual cash.
How to Transfer My Amex Gift Card Balance to My Bank Account?
Direct transfers from an Amex gift card to a bank account are generally not possible. You'll need to use indirect methods like selling the card or using it for purchases to free up your cash.
How to Buy a Money Order with an American Express Gift Card?
This is rarely possible as most places require a debit card with a PIN for money order purchases, which Amex gift cards typically lack. Always call the specific location beforehand.
How to Get Cash from a Low-Balance Amex Gift Card?
Some states have laws requiring merchants to cash out gift cards below a certain small amount (e.g., $5). While less common for Amex gift cards, you can check your state's regulations or contact Amex customer service for options.
How to Use My American Express Gift Card for Online Purchases?
Treat your Amex gift card like a regular credit card online. Enter the card number, expiration date, and security code (often on the back) during checkout. Ensure the billing address matches the one you registered with the gift card (if any).
