The short answer: you cannot deposit a gift card itself, but you can convert it to cash or transfer the balance to your bank account through specific methods
A gift card is not money—it is a stored value tied to a specific retailer or payment network. Your bank will not accept a physical gift card as a deposit. However, you have several real paths to move that value into your checking or savings account, depending on what kind of gift card you hold and which retailer or network issued it.
The method you use depends on whether the card is a closed-loop card (issued by a single retailer like Target or Starbucks) or an open-loop card (issued by Visa, Mastercard, or American Express). Open-loop cards are easier to convert. Closed-loop cards require more steps, but most have at least one working option.
Key Takeaways
- Open-loop gift cards (Visa, Mastercard, Amex) can be transferred directly to your bank account through the card issuer's website or app, or you can use them to pay bills online and free up cash elsewhere.
- Closed-loop gift cards (retailer-specific) cannot be transferred directly to a bank account, but you can spend them in-store or online, then use the cash you save for a bank deposit.
- Some retailers offer a "sell your gift card" option through their own platforms, paying you via bank transfer, though the payout is usually less than the card's face value.
- Third-party gift card resale sites (CardCash, Raise, Decluttr) will buy your card for cash, but fees and discounts mean you receive 70 to 95 percent of the card's value.
- Converting a gift card to cash at a retail customer service desk is not a standard option at most stores, and many will refuse.
How to transfer an open-loop gift card directly to your bank account
If your gift card is branded Visa, Mastercard, or American Express, you can often link it to your bank account or transfer the balance directly. Log into the card issuer's website or mobile app—look for a link labeled "transfer funds," "cash out," or "move to bank account." You will need your bank routing number and account number, which you can find on a check or in your bank's online portal.
The transfer usually takes one to three business days. Some issuers charge a small fee (typically $1 to $3) to move the money, though many do not. Check the terms on the card's website before you start, because fees vary by issuer and card type.
If the card does not offer a direct transfer option, you can use it to pay a bill online instead. Pay your electric bill, internet bill, or credit card payment with the gift card, then deposit the cash you would have spent into your bank account. This achieves the same result without a transfer fee.
Converting a closed-loop gift card through spending and reallocation
A Target card, Starbucks card, or Amazon gift card cannot be transferred to your bank account directly. However, you can spend the balance on items you would buy anyway, then redirect that cash to your bank. For example, if you have a $50 grocery store gift card, use it to buy groceries you need this week. Take the $50 you would have spent from your wallet and deposit it into your bank account instead.
This method works best when the retailer sells things you actually use. If you have a gift card to a store where you rarely shop, this approach wastes time and may leave you with a small remaining balance you cannot use.
Selling your gift card to a third-party buyer
Gift card resale platforms like CardCash, Raise, Decluttr, and Gameflip will buy your card for cash. You list the card (closed-loop or open-loop), and a buyer purchases it at a discount. The platform then pays you via bank transfer, PayPal, or check.
The catch: you will receive less than the card's face value. Discounts typically range from 5 to 30 percent, depending on the retailer and current demand. A $100 Target card might sell for $85 to $95. A card for a less popular retailer might sell for $70 to $80. The platform takes a commission, and the buyer expects a discount.
The process usually takes three to seven days from the time a buyer purchases your card until you receive payment. Some platforms offer faster payouts for a higher fee. Read the platform's terms carefully—some require you to scratch off and photograph the card's PIN before listing it, which means you cannot use it yourself if the sale falls through.
What does not work: common misconceptions
You cannot walk into your bank and deposit a gift card like a check. Banks do not accept gift cards as deposits because they are not legal tender and the bank has no way to verify the balance or convert it to money.
Most retail customer service desks will not exchange a gift card for cash, even if the balance is small. Target, Walmart, and most major retailers have explicit policies against this. Some smaller retailers or local businesses may do it, but you have to ask—there is no may provide.
Peer-to-peer payment apps like Venmo and PayPal do not let you load a gift card balance directly into the app. You cannot use a gift card as a funding source for these services.
Comparing your options: speed, cost, and effort
| Method | Card Type | Time to Bank Account | Cost | Effort |
|---|---|---|---|---|
| Direct transfer via issuer | Open-loop only (Visa, Mastercard, Amex) | 1–3 business days | $0–$3 | Low |
| Pay a bill with the card | Open-loop only | Immediate (cash stays in account) | $0 | Low |
| Spend and reallocate cash | Closed-loop or open-loop | Immediate | $0 | Medium |
| Resale platform (CardCash, Raise) | Closed-loop or open-loop | 3–7 business days | 5–30% discount | Medium |
What to do if your gift card has a small remaining balance
If you have spent most of a gift card and only $2 or $5 remains, the resale platforms may not accept it because the payout is too small to be worth their effort. In this case, your best option is to spend the remainder on something small—a coffee, a snack, or a digital item if the retailer sells them online.
Some retailers let you combine multiple gift cards at checkout, so if you have several cards with small balances, you can use them together on one purchase. Check the retailer's policy on their website or ask at the register.
Frequently Asked Questions
Can I transfer a Visa gift card to my bank account?
Yes. Log into the Visa card issuer's website or app and look for a "transfer to bank account" or "cash out" option. You will need your bank's routing and account numbers. The transfer typically takes one to three business days and may have a small fee ($1 to $3).
What if I have a gift card to a store I do not shop at?
Sell it on a resale platform like CardCash or Raise. You will receive 70 to 95 percent of the card's face value via bank transfer. The process takes three to seven days, and you lose money to the discount, but it is faster than trying to spend a card you will not use.
Can I use a gift card to load money into PayPal or Venmo?
No. PayPal and Venmo do not accept gift cards as a funding source. You can use an open-loop gift card to pay for things directly, or transfer it to your bank account first, then link your bank to PayPal or Venmo.
Will my bank let me deposit a physical gift card?
No. Banks do not accept gift cards as deposits because they are not legal tender. You must convert the card's balance to actual money first through one of the methods described above.
Is there a fee to transfer money from a gift card to my bank account?
It depends on the card issuer. Open-loop cards (Visa, Mastercard, Amex) may charge $1 to $3 for a direct transfer, though many do not. Resale platforms take a commission and pay you a discounted amount. Direct spending and reallocation have no fee.