Gift cards have gained immense popularity over recent years worldwide, and Chicago is no exception. According to CNN, the U.S.A. has gift cards totalling $21 Billion, which are unused. Also, a study on gift card usage last year suggests that the average amount wasted on gift cards was $175 per person in the U.S.A.including Chicago.
One of the major reasons for wasted or unused gift cards in Chicago is either too many stocked gift cards or cards of brands/stores which do not align with interest. If you are also one of those who do not want to use their gift card and are looking for ways to transfer money from Gift Card to a bank account in Chicago, this article is for you.
Reasons for Transferring Money from Gift Cards to Bank
One common issue with gift cards is the problem of wasted balance of gift cards. A Gift card is usually wasted when the recipient does not use its total amount, resulting in the wastage of funds, according to the U.S.A. Today, a survey conducted in July 2022 found that of 2,372 US adults, 47% had at least one unused gift card. Here are some key factors which highlight this issue and the reason behind it.
Incomplete Redemption
Many recipients spend only some part of the gift card value in one transaction, leaving the remaining card balance unused or forgotten.
Card Expiry
Like other cards, Gift cards also come with an expiry, beyond which the remaining balance amount becomes invalid. The balance amount on the gift card gets well-spent if the recipient uses the gift card within the specified timeframe.
Losing Gift Card
Sometimes people forget about the gift card when it has been lying around for too long, and by the time they decide to use it, it is too late. Another reason is losing gift cards, which also wastes money.
Lack of Interest
Sometimes the remaining amount in the gift card needs to be more, or the services/brands offered by the gift card are not of interest to the recipient, leading to the wastage of money on the card.
What are the options for transferring money from Gift card to Bank account in Chicago?
There are various ways to transfer money from a gift card to a bank account in Chicago, but the options mentioned below are the most common and convenient of all:
Gift Card-to-Bank Services
Certain companies specifically facilitate the transfer of money from gift cards to bank accounts. They enable the gift card balance to be transferred to a prepaid debit card that you can attach to your bank account before it gets transferred to the bank account.
Online Platforms
You can sell your gift card balance for money on a number of online marketplaces and gift card exchange websites. These online marketplaces help you find possible purchasers who are prepared to pay less for the remaining amount on your gift card and in return you can get money from gift card.
Gift Card Kiosks
Some retail locations, grocery stores, or shopping centers have the facility of gift card kiosks where you can sell your gift card for money or transfer the money to your bank account.
Pro Tip: You can get all the information about gift cards here.
Steps to transfer money from Gift Card to Bank Account
If you want to transfer the unused money from your gift card to your bank account, you have to follow the steps mentioned below:
Terms and conditions
Check the terms and conditions of your gift card to ensure you can transfer the balance from the gift card to the bank account. Some gift cards restrict transferring the balance amount from the gift card to the bank.
Choose a Reliable Platform
Research a reliable platform /website and select a reputable gift card exchange platform in Chicago that allows you to transfer money from a Gift card to a bank account.
Create Account
After selecting the website/platform, create your account on the chosen gift card exchange platform. Provide your necessary details and information as required.
Gift Card Details
Enter the details of your gift card asked by the platform/website, for example, the gift card number, the remaining balance, etc. Make sure you enter the correct details and information.
Review Offer
Once you've entered the gift card details, the platform will typically provide you with offers for your card. Review and select the offer that suits you. Enter the account details carefully in which you want to receive the money.
Complete the process
The Final step is to complete the process by following the instructions mentioned by the website/platform. You must either send the gift card to the exchange service or provide your necessary information electronically.
Wait for the money
Wait for the money to be transferred to your bank account, as it may take some time, depending on the processing time of the exchange service. Be patient and track the progress of the amount transfer on the website/platform.
Check Receipt
You will soon receive money in your account. You can verify the receipt of the funds transfer.
Getting money from the gift card is easy if you follow the instructions properly.
Note: Click here, if you want to sell your gift card!
Conclusion
It's vital to carefully review the terms and conditions of the gift card to ensure that transferring the money from the gift card to the bank is allowed. A reliable exchange service is also essential to safeguard your personal information and ensure a smooth transaction.
Transferring money from a gift card to a bank account provides a practical solution for utilizing unused gift card balances. By following the outlined steps and using reputable gift card exchange services like Cash for Gift Card, the process of money transfer is highly safe, smooth and hassle-free. Feel free to contact us if you want to transfer money from gift card to bank account or want to get money from your gift card to the bank account.