How to cash out prepaid gift cards 05-31-2019, 10:46 PM
#1
I'm sure we're all aware of how to acquire prepaid cards from basically any Proctor & Gamble subsidiary company. However, I am not sure if most people here are aware of how to cash them out to your bank account. I figured out a way to do so while losing little to no money to transaction fees.
Steps
What you want to do is download Square Point of Sale (POS) from your respective app store. Sign up with your real information and link your bank account, otherwise, they won't be able to verify you. (Square is used at many stores and also owns Cash App FYI). You need to provide your routing number and account number from your respective bank. This is needed in order for the money from the cards to be transferred to your bank account. When you're done filling out your information, they will send you a free card reader if your address has been successfully verified. If not, just refund one from BestBuy. The one I got is this. Any of their readers will work fine.
How to actually cash out?
When using the card reader, there is a 2.75% fee for each transaction. If you choose to manually type in the card information, the fee is 3.5% + $0.15. The fees are small, however, there is a way to remove the fees through their referral. If you sign up here (my referral) or with anyone's referral, you will get no processing fees on $1000 in sales for 180 days. This is the most ideal situation since you want to retain as much value on the cards as possible.
I hope this method answers anyone's questions on how to cash out prepaid cards with little to no fees. Please don't bash/criticize this method or me for posting this. I was trying to figure out how to cash out the cards for a week or two. I'm sure at some point, you were as well.
TLDR
Download Square Point of Service (POS), sign up with real information, link bank account, get the free card reader to cash out the cards or refund a card reader, have 1 person sign up under your referral to get no processing fees (this is optional if you want to avoid a 2.75% or 3.5% + $0.15 fee)
Enjoy!
Steps
What you want to do is download Square Point of Sale (POS) from your respective app store. Sign up with your real information and link your bank account, otherwise, they won't be able to verify you. (Square is used at many stores and also owns Cash App FYI). You need to provide your routing number and account number from your respective bank. This is needed in order for the money from the cards to be transferred to your bank account. When you're done filling out your information, they will send you a free card reader if your address has been successfully verified. If not, just refund one from BestBuy. The one I got is this. Any of their readers will work fine.
How to actually cash out?
When using the card reader, there is a 2.75% fee for each transaction. If you choose to manually type in the card information, the fee is 3.5% + $0.15. The fees are small, however, there is a way to remove the fees through their referral. If you sign up here (my referral) or with anyone's referral, you will get no processing fees on $1000 in sales for 180 days. This is the most ideal situation since you want to retain as much value on the cards as possible.
I hope this method answers anyone's questions on how to cash out prepaid cards with little to no fees. Please don't bash/criticize this method or me for posting this. I was trying to figure out how to cash out the cards for a week or two. I'm sure at some point, you were as well.
TLDR
Download Square Point of Service (POS), sign up with real information, link bank account, get the free card reader to cash out the cards or refund a card reader, have 1 person sign up under your referral to get no processing fees (this is optional if you want to avoid a 2.75% or 3.5% + $0.15 fee)
Enjoy!
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