You are here
Home > Articles > How can I turn a $500 Amazon gift card into a bank deposit?

How can I turn a $500 Amazon gift card into a bank deposit?

So my uncle just gifted me a huge Amazon gift card, but…as strange as this sounds, I would much rather use this to pay off my student loans somehow.

I know I could just deposit it into my Amazon account, and then every time I spend money on things I need from there, transfer what I would have spent to my loan payments, but I was just wondering if there was an easier way to do this.

Because I’m putting all of my extra cash to my loans right now, I’m actually not making any frivolous purchases right now, so it would take me quite some time to spend that much on Amazon.

You guys are pros when it comes to getting rid of gift cards. Any suggestions?

edit: I’m in the US.

58 thoughts on “How can I turn a $500 Amazon gift card into a bank deposit?

  1. Post it on r/giftcardexchange. Get paid via PayPal, Venmo etc. Deposit those funds into your bank account. You won’t get the full value of the gift card, but you should be able to get most of it (90%).

    1. Honestly i wouldn’t do this, I’ve personally used this sub several times and 2 out of 3 times there were attempts to scam.

      1. There will be attempts to scam every time, but as long as you follow the rules the chances of you actually getting scammed are fairly slim

      2. [r/giftcardexchange](https://www.reddit.com/r/giftcardexchange) is perfectly fine, I have traded over 5,000USD worth on it and never been scammed once. With very lil effort you are able to avoid getting scammed, being to desperate to sell or buy is where the scammers will exploit you. Follow the rules and you will be safe.

        1. > You should only responsed to older account that can comment on the post

          That’s good to know, Yeah i would get inundated with PMs.

          1. Yeah, that’ll happen a lot. People harassing you asking if you’ll take 5% less than what you ask for.

            Just remember that GCX is Not first come first serve, you don’t have to respond to anything unless you’re comfortable with the persons GCXRep history and Reddit history, and that they’ve satisfied all the subreddit rules.

    2. I actually have a much smaller, non-amazon gift card I think I will try this for. Unfortunately I’ve already gotten several people asking for this one just because of this thread which is giving me suspicious vibes 🙁

      1. There are many scammers who search for this kind of thing. Do NOT trade with them.

        Gift card exchange has strong set of protocols that need to be followed to trade and theres also a large blacklist that is shared between several similar subreddits. This doesn’t reduce your change of being scammed to 0 but it lowers it significantly. I strongly recommend you do not attempt to trade it outside of that subreddit.

        If you want to lower the risk you can use the gift of prime trick (see gift card exchange FAQ) where you can sell it in chunks of around $49 or $119 at a time but would involve having to redeem the value to your account first.

        I’m on mobile so apologies for the lack of formating/linking.

      2. Oh, I guess I shouldn’t message you with an offer – which is literally what I opened the thread for hahaha. You’re right to be cautious! I’m sure you’ll work it out.

        1. Sorry! Haha

          I’m not 100% decided yet but I’m leaning towards not selling it on reddit. But thank you!

      3. lol /r/giftcardexchange/ is such as scam especially the ‘traders’ who post every day offering to buy a card for 40-50% of its value, and they ban other people who try to undercut them by offering a bigger % by saying their account isn’t active enough. when all they’re doing is spamming the same thread every day.

      4. If you do decide to sell, do it with mods middle manning it.

        I’d offer to buy for a discount but my rep is only in gamesale & funkoswap. Good luck though! I seriously hope you are able to get it without getting scammed.

    3. I’ve traded on there for around 4-500 dollars in iTunes cards so far and have yet to be scammed. There will be attempts, sire, but common sense and reading the rules will make it so you don’t get scammed.

      That said, if you have $500 in 1 gift card, you won’t be able to trade it. They have limits of $99 or less.

  2. I don’t think you can easily convert a gift card to cash unless you sell it to a family member or friend (for the face value) who may be sensitive to your issue and not mind helping you out just because they can.
    Alternatively, internet people would buy it from you if you discounted it (eg sell it for $475 or 450). Advantage to you is cash now and no hassle with transferring money every time you make an Amazon purchase, advantage to them – obviously more bang for their buck.

  3. r/giftcardexchange. I’m not sure if you can exchange only a part of it but that seems like the only way

  4. There’s a few sites that you can sell them on. I used “raise” and have had good experiences. You do take a slight pay cut but not I’d rather have the money then have to wait around waiting for somebody. Not sure how much. It will tell you before you commit to selling. And then once it sells, money will go to PayPal and can be deposited into your bank

    1. I don’t think Amazon is allowed to be sold on Raise (or only a few select sellers can sell it). Best bet would be to use the amazon balance to buy Lowe’s (or an airline) gift card to sell on Raise. Those types of gift cards should net you the most return.

  5. it depends on how big of a loss you’re willing to take. And its super easy to get scammed, and everyone you’ll want to sell to will be worried about the same thing. Your best bet is to sell it to someone you already know who buys a lot on amazon.

    1. Yeah, I’ve already had 3 people PM me unsolicited which has me worried. I think I might try to sell it to one of my friends or just do my slow conversion method I wrote about.

  6. Buy something off Amazon, return/refund the item and get the refund sent into your debit card/bank account. I actually recently did this without intention and just laughed at what I had done.

      1. This. Should you use a combo of gift card and then money from your debit/credit card on top they may ask you if you want that back in your bank account or as a gift card (I feel like I even them ask me this as if I had only used my card though it was a combo of that and GC and figured hey if they gave me it all… but nope, got back just what I had paid with the card back on my card).

        And even if that did work they’re not going to let you keep doing and sure as heck not on an expensive purchase. I feel like their customer service isn’t as generous as it once was or else I’m already getting the slightly sketchy treatment because I’ve had several legitimate issues (broken product, bag of candy that arrived open and spilled all over, etc. normal stuff just has happened more than even I think it should.) so I sure wouldn’t abuse that stuff or expect to get anything but back but a gc balance. Even there they made a big deal out of needing to see a photo the last time I had an issue.

      2. Yeah, people can down vote all they want but doesn’t change the fact that I legit did this, also customer service was extremely pleasant to me, the only time I ever had to contact them.

        But it was a smaller purchase, so like others have said OPs I guess wouldn’t work this way.

  7. Hello! I hope this is not unsolicited advice or come off as ride.
    I have an idea, why not buy stuff in bulk on Amazon with the money and then re sell it?
    It’s only an idea, I wish you a lot of luck and may you see all of your debt vanish soon!

  8. Could you use the gift card for household items? For example, I got a Home Depot card that I used to buy toilet paper whenever I ran out. I know amazon sells things like that and even groceries ($500 of groceries would free up the cash for your loan)

    1. Yeah, this is my original plan! I think I’m gonna do this or see if any of my friends are interested. I just didn’t know if there was a better way. I’m less than keen on the suggested alternatives, and it seems most sites I’ve looked up don’t even take Amazon gift cards

      1. I think asking your friends would be great. “I’ll just have it delivered to your house if you give me the cash.”

        You might get good bulk discounts too, just make sure you buy enough to qualify for free shipping!

  9. do it smart, you’ve got $500, amazon has lots of books and free shipping. Find which titles have the highest resale value right now, then buy them on amazon and sell ’em to book scouter. if you do it this way, you could make more than 500

    1. I think its not a bad idea,

      I would see if I could find items that sell for much more on ebay, sell it on ebay, then use amazon gift card to dropship it to the ebay buyers… so you can potentially get more then $500 from this method…

  10. If you have the storage room, I’d go through Amazon and find $500 worth of groceries and household goods you’d buy anyway, then put $500 of your normal grocery/household budget toward the loan. It might take a couple of months if you have a small budget, but you’ll get there. Maybe challenge yourself to live off Amazon as much as possible for the next month?

    1. Or purchase gift cards on Amazon to companies you would have spent money on anyway, maybe Uber, Netflix, Whole Foods, etc. ~~You could also buy a Visa gift card there (with a fee of $6 or sth) and use it at any store.~~

      Edit: apparently you can’t buy cash equivalent gift cards with Amazon balance

        1. Actually, they do. You can’t buy *Amazon* gift cards with Amazon gift cards, but I’ve personally bought PSN, Xbox, and a few other types of gift cards on there with gift cards. Unless there’s been a recent change it will work.

          ​

          Edit: Forgot to mention that visa/mastercard gift cards won’t work.

    2. I’ve been doing this with Google Express for over a year.

      Back when Express first launched, I submitted my referral code on a few coupon sites, and within a few days I was getting a “Here’s a $25 credit for your referral!” email every few minutes.

      At some point I had over 100 $25 credits!

      Eventually they reduced the referral amount to $10, but the credits just kept coming in.

      Finally several months ago, they discontinued the referral program, but the credits remained, and now I’m down to my last 15 $10 rebates that expire in July 🙂

      It’s been *amazing* for groceries and household goods. I estimate that I’ve probably gotten $5,000 worth of free food & whatnot, and the only thing I buy at a grocery store these days is fresh meat, veggies, and beer 🙂 I can confirm that it’s *definitely* easy to live off internet groceries for a *long* time.

  11. You can use purse.io and get Bitcoin for your card, then sell that on coinbase pro for us for like 0.25% fee.

  12. Just buy stuff you need on Amazon and put the money you don’t spend in your savings account until you have $500. Any other way is just making it harder for yourself than it needs to be and/or you’ll lose a large percentage of the money.

  13. While you can’t buy Prepaid Visa gift cards with an Amazon balance, you *can* buy gift cards like Home Depot, Chili’s, etc etc. if you decide to keep the card/balance, you might find some gift cards that might as well be the same as cash for places that you shop.

  14. I would just use it for all my daily life purchases (that you can find on amazon) and 1. save money over retail and 2. be able to use my other money for paying off my loan.

  15. Have you tried reaching out to an amazon service rep, explaining your situation, and asking nicely?

  16. It’s not easy to do it with a higher return than like 50-75% anymore, but your best bet is probably one of the trading sites such as raise or giftcardgranny. Pawn shops also buy them for 50% but if you’re lucky you can find one that will give you 65% or even a little higher.

  17. Im not sure if it still works but their $100 Visa gift cards could be deposited on a prepaid Debit card. Find a store that sells and loads prepaid debit cards, load $90 on to the card, use the “Debit” option to pay, the PIN is the last 4 digits on the card. This USED to work unless they changed the bank their Visa Gift cards came from. It only worked with $ 50 or $100 gift cards so you would have to split it up, you will also lose ~%10 from buying and loading fees

  18. Do you work for in a position where you have to procure random things for work? I run educational programs and often buy supplies. My employer reimburses every penny.

Leave a Reply

Top