[Repost] How to Cash Out your Swagbucks Balance

(Update 7/3/22: Swagbucks changed their reward offering from Visa gift cards to Mastercard gift cards. All discounts remain the same.)

We’ve been posting a lot of free money deals from Swagbucks recently, and hopefully you’ve racked up a balance. How do you cash that out?

The basic ways to redeem Swagbucks are:

Each method typically gets you one penny per Swag point. For most people, the Paypal option is best since that’s straight cash. However, as per the terms, this option is only available if you have a verified Paypal account. The Paypal email might also have to match the Swagbucks email. If Paypal isn’t an option, use instead the Visa gift card option or merchant gift card option.

There are three ways to cash out for gift cards at a rate better than one cent per point.

  • Once a month you can redeem 2200 points for any $25 gift card, including Visa gift card and Amazon gift card and many more. This deal resets with each calendar month, and gets you an extra 11% value from Swagbucks. Using this method, you can cash out $264 per year at the this bonus redemption value (2200 x 12).
  • Aside from the once-per-month value redemption, Swagbucks also regularly has some odd brands on a bit of a sale. Check out the dedicated On Sale tab to find out what the current offerings are. Typically, they are small discounts for smaller merchants, and probably not worth it. The most interesting one is the Visa prepaid options which is very often (always?) on sale. The discount is slight though – 1% usually – and most people would probably prefer a straight Paypal payment.
  • Swagbucks occasionally releases top discounted gift cards at great rates. This doesn’t happen often, perhaps a few times per year, but I’ve had success getting Kohl’s gift cards at 15% off or even eBay gift cards at a 20% discount. These redemptions can be worthwhile if you see them when you have a balance to redeem, but they might not be worth holding out for.

Whichever redemption option you choose, it can take up to a week or so until the payment/gift-card comes through. And make sure to follow their prompts and confirm each redemption with the link in the email they send out when you redeem. Also, there is a limit of two prize redemptions per day.

Side note: Not all Swagbucks offers work out 100% of the time. If it doesn’t track, you can usually get the points adjusted after 30-days by reaching out to support. There was one deal when Swagbucks clawed back points in a way that was flat-out against their clearly stated terms. Decide for yourself if these deals are worth it for you, depending on how you value your time and how frazzled you get when things don’t work.

Final note: since 2022, the feds now require businesses like Swagbucks or Paypal to issue a form 1099-K for payment processing of $600 or more. If you redeem $600+ in Swagbucks throughout the year, you’ll get a form 1099-K from either Paypal or Swagbucks, depending which payment form you choose. I believe that if you cashout less-than-$600 with Swagbucks themselves via gift cards and another less-than-$600 via Paypal, you won’t get any tax form. But remember, the Paypal part combines with all other Paypal payments you’ve received throughout the year.

If you are signing up for a new Swagbucks account, I’d appreciate if you use my Swagbucks referral link. You’ll also get a $3 bonus at the end of the month if you earn 300 SB.

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fdic
fdic

Can someone please help me with this? First time trying to redeem SB? The $25 Master card is now 2075 SB which is about 17% discount over the $25 paypal. Can someone please advise if there are any easy ways to cash that master card?
I dont have any utility bills to pay.
Last time I got some “Tremendous” master card from somewhere, I couldn’t add it to CashApp to load money from it. Ended up paying my neighbor’s internet bill with that : )
Can the master card from SB be added to CashApp or anything similar, that will let me transfer money out form them?

If the money can’t be transferred out from them, then is is there any other use than paying bills/shopping online? Last time I asked the neighborhood pizza guy will he just punch in the numbers for the CC, he was looking at me funny.

c3
c3

How did you get 2075? I see 2175.

fdic
fdic

c3 You are right, I think it was just showing me some one off 100DB discount, not sure where it came from, looks like it applied on the PP redemption as well and is now gone

newguy
newguy

delete

Jeff
Jeff

For any sports bettors out there… I was able to use the MGC I redeemed to deposit to FanDuel.

Easy enough to play it through once and withdraw.

Aaron M
Aaron M

I’ve been redeeming a $25 Visa (2175 SB) each month and using it to pay part of my internet bill (Spectrum) without issue.

Now I’m trying to use a newly issued $25 MGC to do the same and payment isn’t working. Used a different MGC (non-SB, physical card bought in Meijer) to pay ~$6 and drain that card’s balance, worked just fine.

Some comments below suggest these MGCs from MyPrepaidCenter have such issues. I’ll try it on the utility bill when that arrives.

Eric

What kind of error are you receiving?

Aaron M
Aaron M

Spectrum payment page just said that payment did not go through. No idea what the issue was. Used the $25 MGC to pay part of utility bill and had no issue there.

Zach K
Zach K

I used to pay my car payment with the VISA, but the Mastercards don’t work. I load my Amazon balance with them instead.

Yu
Yu

Did anyone try to pay citi credit cards by using MGC from mypoints redemption?

Wil
Wil

Anyone redeemed for MGC this month? How long did it take to get the MGC once you redeemed the points at MyPoints site? I did one on 7/3/2022 and have yet to receive the MGC, I remember it used to take 2 days to get VGC.

Eric

Visa gc sometimes took a week for me to receive them so I would imagine that MC gc work the same way.

BlissfulApathy
BlissfulApathy

I seem to recall someone stating you shouldn’t cash out too often, lest your account get banned.

Is there any general rule of thumb here? Like I just got $120…should I wait and do more offers before cashing out or is it fine to cash out after completing each offer?

fubag
fubag

Wanted to add that I was able to add my Paypal account (verified) of a different email address to my Swagbucks which has a different email address and it doesn’t seem to be a problem: I.E. above it states they need to be the same WHICH does not seem to be the case anymore

P
P

Does anyone know if mastercard gift cards now work with ATT?
I’ve tried using them in the past for ATT bill payment and they always get rejected.

devin
devin

Doordash has consistently been 10% off for months (except the $25 card), nice savings if it’s your deliverer of choice. I consider it 6% off because my dining cashback rate is 4%.