American Express (AMEX) gift cards provide a versatile way for cardholders to give the gift of spending power, usable at millions of retailers globally. However, recipients may prefer cold, hard cash over a prepaid card, even as widely accepted as AMEX. The good news is there are perfectly legal and legitimate ways to cash out American Express gift cards.
Methods include reselling, using third-party “cash-out” services, purchasing money orders, adding to payment apps, and other creative hacks. Understanding the options available allows recipients to unlock the full value of gift cards – whether utilised for spending or withdrawn as a stack of bills! So, let’s look at the methods to cash out American Express gift cards!
Understanding American Express Gift Cards
American Express gift cards work similarly to prepaid debit cards. Funds are loaded onto the cards, which can be purchased anywhere that accepts American Express. These gift cards are quite versatile since Amex has wide merchant acceptance, with over 10 million locations in the U.S. taking Amex cards.
AMEX gift cards are commonly given as gifts for birthdays, Christmas, graduations, weddings, and more. However, sometimes, the recipient prefers cash instead of a prepaid card. The good news is that there are options to trade AMEX gift cards for cash.
Legal and Financial Considerations
Cashing out gift cards is legal in the United States. However, there may be some fees involved with certain cash-out methods, which will be covered later in this article.
Avoiding potential gift card scams when selling to individuals is also important. Only sell to trusted friends or family members or use reputable resale platforms.
Method 1: How To Cash Out American Express Gift Card By Selling
One way to cash out American Express gift cards is to sell them for cash. This can be done either locally or through online marketplaces.
- Try selling to people you know first, like friends, family members, coworkers, etc. These buyers are more trustworthy.
- Be sure to record the gift card number and PIN to track in case issues arise.
- Avoid sales to strangers in parking lots, flea markets, etc., as scams are more likely. Stick to people you know.
STEP 1: Enter your card details to get a quote for how much cash you’ll receive.
STEP 2: Accept the offer and mail in your physical gift card.
STEP 3: You’ll receive payment after the card’s value is verified via PayPal, direct deposit, etc.
STEP 4: Expect to get 70-92% of your card’s remaining balance when selling online.
Method 2: Purchasing Money Orders
One creative way to cash out an AMEX gift card is to purchase a money order. Money orders function similarly to checks. Some retailers that sell money orders allow prepaid gift cards as payment.
However, not all places accept AMEX cards for money orders, and fees may apply. It’s recommended you call ahead to ask about their policy.
Using AMEX gift cards to buy money orders generally involves:
STEP 1: Locate a retailer that accepts AMEX cards, such as Walmart or CVS, for buying money orders.
STEP 2: Use your AMEX gift card to purchase a money order for the desired cash amount. There may be a small fee.
STEP 3: Take the money order to your bank or check cashing store to withdraw the money. The downside to this method is finding a retailer that allows gift card payment for money orders. So be sure to call around and check policies before purchasing.
Method 3: How To Cash Out American Express Gift Card Using Third-Party Services
Websites like Prestmit, GiftCardGranny and CardCash provide the quickest and easiest route to cashing out unwanted gift cards. These services purchase gift cards directly and resell them to other consumers at a discount.
The step-by-step process when using third-party gift card resale platforms is as follows:
STEP 1 – Create An Account:
Sign up for free at Prestmit, GiftCardGranny, CardCash, etc. Enter your contact and payment details.
STEP 2 – Enter Gift Card Details:
Select your gift card brand (AMEX), denomination, and balance. Add the gift card number. Indicate whether it is physical or e-code.
STEP 3 – Get Instant Quote:
See how much cash you’ll receive for your AMEX card based on its remaining balance. Quotes factor in any applicable fees. Offers come via PayPal, direct deposit, etc.
STEP 4 – Accept The Offer:
Review the terms and conditions first. If agreeable, accept the instant cash quote.
STEP 5 – Mail In a Physical Card or Provide an E-code:
Use the provided prepaid shipping label to mail for physical cards. E-codes can instantly be sent online.
STEP 6 – Payment Processing & Verification:
Payout happens once value verification is completed within 5 business days or less!
Benefits of using gift card cash-out platforms:
Just be sure to compare rates across platforms to maximise your payout!
Method 4: Converting to Cash via Payment Apps
Adding your AMEX gift card to a payment app account provides another way to cash out the balance. Apps like PayPal, Venmo, and CashApp can add prepaid cards.
The process works like this:
STEP 1: Add your gift card to your PayPal, Venmo or CashApp account.
STEP 2: Transfer the balance from your gift card to your bank account. Transfers typically take 1-3 business days.
STEP 3: Withdraw the cash from your bank account once it posts.
One limitation is if your gift card isn’t registered with your name and zip code, you may need to do so before adding to a mobile wallet app. Gift cards without that info cannot be added per company policies.
Tips for Maximizing Value
It’s wise to take precautions when cashing out gift cards to maximise their monetary value and avoid potential scams. Useful tips include:
Selling an unwanted AMEX gift card online via services like Prestmit or Raise, using payment apps, or purchasing money orders allows multiple options to convert gift card funds into cash. Consider convenience, time frame, applicable fees and your preferences when deciding on the right cash-out method for your needs. Avoid potential scams by taking reasonable precautions as well. With various legitimate ways to trade AMEX cards for cash available, you can easily convert that gift card into a stack of bills!