You can deposit gift card money into your bank account, but the method depends on what kind of gift card you have
A physical gift card itself cannot go into your bank account—the card is just plastic. But the money on it can move to your bank in three ways: by transferring the balance to a linked debit card, by selling the card to a reseller, or by using the card to buy something and then returning it for a refund to your bank account. The fastest and simplest route is usually a direct transfer if the gift card issuer offers one. The slowest is selling the card, which takes a few days and costs you a percentage of the balance.
Which method works depends on whether the card is a closed-loop card (issued by a specific retailer like Target or Starbucks) or an open-loop card (issued by Visa, Mastercard, or American Express). Open-loop cards are easier to move because they work like debit cards everywhere. Closed-loop cards are locked to one store, so your options are narrower.
Key Takeaways
- Open-loop gift cards (Visa, Mastercard, Amex) can often be transferred directly to your bank account through the issuer's website or app, usually within one to three business days.
- Closed-loop gift cards (retailer-specific) cannot transfer directly to a bank account; you must spend the balance, sell the card, or return a purchase for a refund.
- Selling a gift card through resellers like Raise or CardCash takes three to seven days and costs you 5 to 15 percent of the card's value.
- Using the card to buy something and requesting a refund to your bank account works only if the retailer refunds to the original payment method, not back to the gift card.
- Some gift card issuers charge a fee to transfer the balance to your bank, so check the terms before you start.
Direct transfer from open-loop gift cards
If you have a Visa, Mastercard, or American Express gift card, the issuer usually lets you transfer the remaining balance to a linked bank account. Log into the card issuer's website or mobile app, find the balance transfer or cash out option, and enter your bank account details. The transfer typically takes one to three business days. Some issuers charge a small fee—usually $1 to $2.50—to process the transfer, so read the terms on the back of the card or in the app before you confirm.
Not all open-loop cards offer this feature. Prepaid cards issued by smaller banks or fintech companies may not have a transfer option. If you cannot find the option in the app, call the customer service number on the back of the card and ask whether balance transfer is available. If it is not, you will need to use one of the other methods.
Selling your gift card to a reseller
Gift card resale marketplaces like Raise, CardCash, and Decluttr buy unused gift cards at a discount and resell them. You list your card, set a price (usually 5 to 15 percent below face value), and once a buyer purchases it, the reseller deposits the money into your bank account. The entire process takes three to seven business days from the time you list the card.
The discount you take depends on the card's brand and how much demand there is for it. Popular retailers like Amazon, Target, and Walmart typically sell for 90 to 95 percent of face value. Less common retailers or restaurant chains may sell for 70 to 85 percent. You will also need to provide the card number and PIN, so only use resellers with established track records and buyer protection policies. Read the reviews on each platform before you list.
Spending the card and requesting a refund to your bank account
If you use a closed-loop gift card (like a Target or Starbucks card) to buy something and then return the item, you can ask the retailer to refund the money to your bank account instead of back to the gift card. This works only if you paid with a debit card or credit card originally—if the purchase was made with the gift card itself, the refund will go back to the gift card by default.
The catch is that you have to make a purchase first, then return it. If you simply want to convert the card balance without buying anything, this method does not work. Some retailers will let you buy a gift card with your gift card and then return it for a bank refund, but policies vary widely. Call the retailer's customer service line and ask whether this is allowed before you try it.
Why you cannot transfer closed-loop gift cards directly
Closed-loop cards (issued by individual retailers) are not connected to the payment networks that open-loop cards use. They exist only within that retailer's system, so there is no direct pathway to move the balance to your bank. The retailer would have to build that feature into their app or website, and most do not because it reduces the chance you will spend the money in their store instead.
Some large retailers like Target and Best Buy have added balance transfer features to their apps in recent years, so it is worth checking the retailer's app or website before you assume it is not possible. If the option exists, it will be in the account settings or under a "manage card" section. If it is not there, the retailer does not offer it.
Fees and timing to expect
Direct transfers from open-loop cards are the fastest and cheapest option. Most take one to three business days and cost $0 to $2.50. Selling through a reseller takes three to seven business days and costs you 5 to 15 percent of the balance. Spending the card and returning for a refund depends on the retailer's return window and processing time, which is usually five to ten business days after the return is accepted.
If you are in a hurry, direct transfer is your best bet. If you want to avoid fees and do not mind waiting, selling the card is often worth the discount. If you have time and do not mind making a purchase first, the refund route costs nothing but requires more steps.
What to watch out for
Never share your gift card number or PIN with anyone except the reseller platform you are using, and only use resellers with buyer protection and established reviews. Scammers pose as gift card buyers and ask for the card details upfront, then disappear without paying. Legitimate resellers do not ask for the card number until after you have listed it and a buyer has committed.
Also check whether the gift card has an expiration date or inactivity fee. Some cards expire after a set number of years, and others charge a monthly fee if the balance is not used. If your card is close to expiring, move the money sooner rather than later. If an inactivity fee is eating into the balance, that is another reason to transfer or sell quickly.
Frequently Asked Questions
Can I transfer a closed-loop gift card balance to my bank account?
Not directly. Closed-loop cards (retailer-specific) do not connect to the banking system. Your options are to spend the balance and return items for a bank refund, sell the card through a reseller, or check whether the retailer has added a balance transfer feature to their app. A few large retailers now offer this, but most do not.
How long does it take to transfer an open-loop gift card to my bank?
One to three business days, depending on the card issuer and your bank. The transfer initiates through the card issuer's app or website, and your bank processes it on the next business day or the one after. Weekends and holidays can add time.
Will I lose money if I sell my gift card?
Yes, typically 5 to 15 percent. Popular retailers sell for closer to 90 to 95 percent of face value, while less common brands may sell for 70 to 85 percent. The discount depends on demand and the retailer's brand recognition.
What if my gift card has a PIN and I forgot it?
Call the card issuer's customer service number on the back of the card. They can verify your identity and reset the PIN or provide a new card with the same balance. This usually takes one to two business days.
Can I transfer a gift card balance to someone else's bank account?
No. Transfers go only to the account holder's own bank account. If you want to give the money to someone else, you would need to transfer it to your account first, then send them the money separately through your bank or a peer payment app.