Amazon gift cards are a popular and universal way of shopping for both physical and digital items on the Amazon and Kindle store, enabling the faster purchase of items on Amazon. However, sometimes you do not want to buy anything with it, but you just want to transfer your gift card balance to your bank account instead so you can use it to sort other needs.
Hence the question: How to transfer an Amazon gift card balance to a bank balance? The good news is that you can transfer your Amazon gift card balance to your bank account via several channels.
In this blog post, you will be guided on how you can seamlessly transfer your Amazon gift card balance to your bank account and some other alternatives you can use as well. Let's get into it!
Key takeaways
- Amazon is one of the reliable ways of transferring your Amazon gift card balance to your bank account.
- It takes about six to seven working days or more for your gift card balance to be credited to your bank account.
- Using a card exchange can be risky, as there are many scams out there, so be sure they are reliable before trading your Amazon gift cards with them.
What are Amazon gift cards?
Amazon gift cards are simply prepaid cards that can be used to purchase items on the Amazon store. They come in both physical and digital formats and can hold monetary values between $15 to $2000, which is the maximum value a single Amazon gift card can hold.
Furthermore, Amazon gift cards can be customized to suit a user's visual designs, and the best part is that they do not expire once they are redeemed.
To purchase an Amazon gift card is quite easy, as there are many online and physical retail stores where you can purchase it. However, the most reliable, secure, and easiest way of purchasing an Amazon gift card is on Amazon. You can also gift someone an Amazon gift card and customize their names on it.
With all that been said, let's move on to the main gist for today.
How to transfer Amazon gift card balance To bank account
1. Amazon pay
Amazon Pay is an online payment service from Amazon that customers can use to pay for their purchases on Amazon. It is convenient and allows you to link your bank cards to your Amazon account. So you can use this method to transfer your Amazon gift card balance to your bank account.
It is safe and easy to use if you do not have issues on your Amazon account. Below is a step-by-step explanation of how to do it:
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- Visit Amazon Pay website and sign in to your account.
- Click the three horizontal lines on the top right of the screen and scroll down to "Gift Cards."
- Click on it and select "Redeem a Gift Card."
- Fill in your voucher code and click "Apply to Your Balance."
- Your Amazon gift card balance will be automatically added to your Amazon Pay.
- Then head back to the previous menu and select Your Payments.
- Click on Send Money and choose the bank option. Input your bank account details and click on Pay Now.
Pro Tip: This method works best if you already have an Amazon pay account and there are no issues with your Amazon account.
2. Exchange platforms
The second method of transferring your Amazon gift cards to your bank account is by using reliable exchange platforms. This method is common and convenient too if the exchange platform is legit. However, you will need to have a new and unused gift card when using this method, as most exchanges do not accept used Amazon gift cards.
The downside of using this method is the fact that the platform takes out a certain percentage from your gift card balance, which reduces the overall value of the amount received. Apart from the high commission fees these platforms take out, the payout is more likely to take days, which may delay the purpose of what you want to use the money for.
Other than that, you can give it a try.
3. Refund purchases method
If you are unable to use the two methods listed above, you can use this third method. Which involves purchasing items on the Amazon store with your gift card balance and then requesting a refund to your bank account.
While this method may look easy, it is riskier, as you stand a chance of losing your Amazon account if done often. I would advise you to be cautious about this and only use it when the other options are not feasible.
Other alternatives of transferring Amazon gift card balance to bank account
When the other methods listed above prove abortive, use these other alternatives to transfer your Amazon gift card to your bank account. Here are some of the alternatives:
1. Buy other gift cards
There are a wide range of other popular gift cards on the Amazon platform that you can purchase using your Amazon balance, and then you can easily sell them or convert them to cash.
One of such popular gift cards that you can purchase with your Amazon balance is the Visa or Mastercard gift card, which you can use as a debit card anywhere in the world where Visa or Mastercard are accepted.
2. Sell to family or friends
One of the easiest ways to transfer your Amazon gift card balance to your bank account is by selling it to family members or trusted friends. This will help eliminate third-party platforms, and you will get the full value of your gift card too.
3. Buy and resell items
If every other method listed above does not work, which is not possible, you can simply buy items on Amazon and resell them on other online platforms or marketplaces like Facebook Marketplace or eBay, and then when the items are sold, you can have cash deposited in your bank account.
Using this method may not be that easy, but it will give you additional profit. My advice is for you to only buy and resell hot-selling, high-demand items. And factor in shipping fees in your Amazon balance when buying these items.
4. Trade for crypto
Another method is to trade your gift cards for cryptocurrencies like Bitcoin, Ethereum, or USDT. You can easily do this using platforms like Paxful that support card exchanges for cryptocurrency.
Risks and considerations of transferring Amazon gift card balance
While there are several ways to use or transfer Amazon gift card balances, it’s essential to understand the risks and limitations associated with these methods. Whether you’re selling a gift card, purchasing other gift cards, or transferring balances, the following considerations can help you avoid scams, unexpected losses, or issues.
1. Scams
One of the common risks of transferring an Amazon gift card is falling victim to scams. This is because many fraudulent gift card exchanges take advantage of the anonymity of these transactions and the difficulty of reversing these transactions to scam gullible users. The best way to not fall victim to such scams is to take your time to do your due diligence on the card exchange.
Read online reviews about them and avoid deals that are too good to be true.
2. Loss of value
Another risk of trading your Amazon gift cards on most card exchanges is that you do not receive the full value of your Amazon gift card. This is because these exchanges take out a certain percentage from the card's value, which could be 5% or 10% as platform fees. So, if you intend to use card exchanges, endeavour to compare prices on various reliable and trusted platforms to get the best rate.
3. Account restrictions
Amazon is a very transparent e-commerce platform with active bots working 24/7 to ensure its security. So, when these bots notice any suspicious activities on their platform, it can lead to account suspensions or restrictions in extreme cases. Which means you may not be able to access your gift card balance.
So, avoid buying gift cards from unauthorized platforms or exchanges to avoid falling victim to this. I would advise you to always get your Amazon gift cards from Amazon and always adhere to Amazon's gift card reselling policy.
4. Delays
When transferring your Amazon gift card balance to your bank account, there is a high probability of experiencing delays either from Amazon gift card balance transfer or payments from card exchanges.
Which can be caused by verification requirements or payment processing time that takes between two to seven working days. To avoid these delays, ensure you complete your verification process promptly and only use card exchanges with fast payouts.
5. Hidden fees
Another risk you may encounter when transferring your Amazon gift card balance to your bank account is the risk of experiencing hidden fees on exchange platforms that reduce the final amount you were to receive. So ensure you read through the lines and be sure that there are no hidden fees before trading your gift card on these exchanges.
Wrapping Up
There you have it. You can easily transfer your Amazon gift card balance to your bank account using any of the methods mentioned in this guide. I encourage you to explore options that are best for you and stay vigilant on common risks like scams or hidden fees so your balance does not go to waste.
We hope you enjoyed reading this piece and learned a thing or two. Till next time, bye for now!
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