Nearly 30% of American households no longer have credit cards.
People prefer prepaid cards instead. They’re safer than credit cards and easier to manage. For example, you decide when and how much to load onto the card.
Yet, one problem with prepaid cards is cashing out the value left on the card when you no longer want it.
Most prepaid cards don’t give you any refund. You’re stuck with numerous fees and no way to get your money back.
Prepaid2Cash lists three techniques and services you can use to cash out your prepaid cards for good. Read on to find the best one for you.
Withdraw From an ATM
One of the simplest ways to cash out prepaid cards is to walk up to an ATM and withdraw. Much like you would with a debit or credit card, you can set a PIN for your prepaid cards.
This is for added security so make sure it is something you’ll remember but hard for someone to guess.
Insert your prepaid card into an ATM and begin the withdrawal process. You’ll be able to withdraw however much is on balance or up to the maximum daily limit.
Remember that you’ll be expected to pay a fee for the withdrawal, so factor that into the amount of cash you’ll be withdrawing.
Withdraw From a Bank Teller
Alternatively, you could head to the bank to cash out prepaid cards. Any financial institution that accepts Visa will allow you to withdraw.
Be prepared to identify yourself, such as your driver’s license. The fee you’ll pay will range from $2.50-$9.95.
Get Cash Back
A more creative solution to your cash issue is to get cash back the next time you checkout. There will be a maximum amount you’ll be able to withdraw, but it won’t be an issue for your needs.
When it’s time to pay insert, tap, or swipe your prepaid card and ask for cash back. If you’re at a self check out it’s pretty easy to do. If not, you’ll need to inform the cashier you’d like cash back.
Exchange It for a Gift Card
A workaround you may not have first thought of is to exchange your prepaid cards for gift cards for a merchant. You may run into stores that won’t accept your prepaid card directly.
If that’s the case, you’ll be pleased to know you can exchange your prepaid card for stores like Amazon, Walmart, or Starbucks. Some places online will even offer gift cards for sale of up to 20% off.
Shopping malls will often have gift card exchange kiosks. The process is straightforward—just enter your prepaid card information and choose which gift card you’d like back.
You’ll be issued a voucher that you’ll take to the cashier.
This means you’ll get more bang for your buck! Exchanging gift cards for cash has never been sweeter.
Add It to Your PayPal or Venmo
Apps like PayPal and Venmo allow you to add prepaid cards to your wallet. While you won’t get cash in your hand, the prepaid card will be treated as such. You’ll be able to spend it easily online or in stores by scanning the app on your phone.
Both PayPal and Venmo even have their debit cards. This makes it easier to spend your prepaid cards in brick-and-mortar stores. All you’ll need to do is switch where the money is coming from in your wallet.
Adding your prepaid cards is a good security move too. This way, you won’t have to worry about possibly losing your card.
Be aware of the fees attached when transferred. You may be charged up to 3%.
One of the quickest ways to cash out prepaid cards is to sell them. These days, it’s simple to do right from your mobile phone or computer. Find a marketplace and list your item.
Take a picture and write a quick blurb about the product. Before you know it, you’ll have sold your item.
Once again, be aware of any hidden commission fees attached. If you’d like to avoid fees altogether, you can meet your buyer face to face for the sale.
Pay Your Bills
You don’t need to see or have physical cash to treat your prepaid cards like it. Use your prepaid cards as you would a debit or credit card. When it’s time to pay your bills, simply enter the information.
You could even try the bucket method and have certain cards for certain bills. Stay organized, and you’ll never miss a bill again.
Buy a Money Order
You can always head to a store like Walmart or grocery stores to cash out prepaid cards via money order. A money order isn’t much different from cash and can easily be deposited into your bank.
Rather than having to head to the store, some banks will let you scan checks and money orders. If so, the money will be in your account in no time.
Our site Prepaid2Cash makes it simple to exchange prepaid cards for cash. Some states won’t allow you to get cash for gift cards. Or you may run into the issue of the gift card balance being too high to cash out.
All you need to do is either scan or put the prepaid card information. You’ll then be able to link your bank via Plaid. The process is safe, fast, and easy. It won’t take you more than 15 minutes to make the exchange.
You can even convert your prepaid cards to bitcoin
Be sure to download the Prepaid2Cash app today!