Gift cards are increasingly becoming one of the safest and convenient ways of making payments. In Nigeria, merchants are gradually accepting gift cards as a means of payment for various purchases. Not everyone would want to buy items with their gift cards; some persons prefer handling cash than buying goods. However, being able to trade your gift card comfortably for instant cash shouldn’t be a problem at all.
In this article, we present a step-by-step guide on how you can sell and redeem any gift card in Nigeria and at the correct rate. But first, let us understand what gift cards are and how they work.
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What is a Gift Card?
A gift card is a debit card preloaded with a specific amount of money that can be used for a wide range of purchases. Gift cards can be used to pay for items up to the gift card’s value. They are appropriate as gifts for birthdays, Christmas, and even graduation. Gift cards are becoming accepted in Nigeria today because they relieve people from stress. Gift cards can be in two ways: Physical or digital
Physical Gift cards: they are the most popular kind of gift card. Some e-commerce platforms like Walmart and Amazon allow cardholders to purchase using physical or digital cards.
Digital Card: these cards have no physical form. Instead, you are given a unique gift code; with that code, you can make purchases. If you own a digital card, you can store your unique code in mobile wallet apps such as PayPal’s Venmo, Apple Pay, or Google Pay
How does a Gift Card Work?
Gift cards come in the form of prepaid debit cards. These cards are preloaded with money which is kept for use in the future. Most gift cards have a stipulated minimum and maximum amount that can be loaded into them at the first instance. Generally, the minimum amount loaded into a gift card is $10, while the maximum is $500.
In most cases, you can use the funds in your gift cards to make part payment of whatever you are trying to purchase or balance the expense. Therefore, to reduce the risk and effects of losses, it is advisable to register your gift card online. Registering your gift online makes it easy for your gift card to be tracked and frozen whenever stolen or misplaced. This is why owning a gift card is somewhat safer than carrying cash around.
There are primarily two types of gift cards: The Closed-loop Card and the Open Loop Card.
Open-loop Gift Card: Open-loop gift cards are similar to your debit or credit card. They offer monetary value. Open-loop gift cards are just like debit or credit cards usable at any merchant where they are accepted.
Unlike closed-loop cards, these cards can be used multiple times. Cardholders enjoy the privileged of loading funds into their cards at will. However, the downside to open-loop cards is that you might be required to pay an activation fee of up to $4. The activation fee is paid at the point of purchasing the card.
A closed-loop Gift Cards: These cards are often marketed by stores, giving cardholders the ability to buy anything from that particular retailer.
The disadvantage of closed-loop gift cards is that they can only be used with one dealer. Either online or at the local store. Also, a closed-loop gift card cannot be reloaded. They can only be used once. Once a cardholder utilizes the funds in their closed-loop gift card, they can longer use that card. Also, note that funds loaded into a closed-loop gift card can only be valid for a specific time. The cardholder can only use the card within that time range
Notwithstanding, if a company owns more than one retailer, they may issue different gift cards that can be used to purchase items at any of its stores. Sometimes their cards are used interchangeably. One unique benefit of closed-loop gift cards is that they barely require any activation fee.
Pros and cons of using a gift card
Below are some of the advantages and disadvantages of gift cards
Pros
- Gift cards are alternative if you prefer not to pay with cash or with a credit card
- you gain control over your spending
- they are a perfect gift option for holiday seasons
- Gift cards are convenient, easy to use, and easy to send.
Cons
- Some gift cards cannot be reused
- Some gift cards are limited to only a specific store
- Closed-loop gift cardholders have a limited purchasing power
- You may have to pay an inactivity fee if you keep your card dormant without use
Examples of some Gift Cards you can Resell in Nigeria
Here are some of the most popular gift cards in Nigeria. Each of these gift cards has a high selling rate
Apple iTunes Gift Card
Apple Gift Cards are made explicitly to buy goods and services from Apple Store. Some of which are: Apple Music, Apple Books, Apple Store app, apple.com, iTunes, Apple TV, and other apple properties. For Open-loop card users, you can add money directly into your account balance then use the money to pay for Apple products, games, accessories, iCloud, movies, movies, and many other products the company offers.
Apple iTunes gift card is one the most sought-after in the gift card market, and they are readily available in many gift card retail stores across Nigeria. Although the value of the iTunes gift card isn’t constant, a $100 apple iTunes gift card is currently about N35000 and above. More so, an iTunes gift card is worth 83% of the face value of your gift card if you decide to trade it for cash or cryptocurrency
Google Play Card
Google play cards are typical of a closed-loop gift card – non reloadable or refundable. These cards are issued by Google Arizona LLC (“GAZ”). You will need a Google payment account to redeem your Google play gift card. Although they are usable for purchases only on Google Play, the exciting thing about this card is that it has no expiry date. There are also no fees attached. You can trade a Google Play gift card for cash or other cards. You can also use these cards to buy or rent movies and shows, buy books and apps, and lots more
Sephora Gift Card
You can use the Sephora gift card to purchase any physical items from any Sephora store. Sephora has a variety of gift cards such as eGift card, eGift card certificate, and the Sephora gift card. Sephora gift cards are redeemable in stores, online and have no expiration date.
Steam Gift Card
Steam gift cards are unique compared to some other cards. If you are a game freak, this platform is the best choice. You can use stem cards to buy games, wallet credit, software, and other products. Your stem gift card can be used as a gift certificate.
American Express Gift Card
AMEX (American Express Gift Card) is gradually becoming popular in this part of the world. You can use an AMEX gift card to pay for physical items where AMEX cards are accepted.
Amazon Gift Card
Amazon is one of the largest e-commerce platforms in the whole universe. There are two ways to use the Amazon gift card in Nigeria. Because of its popularity, amazon gift cards can never go out of demand. You can decide to use it for its original purpose: to purchase various items from Amazon stores or exchange your gift card for some cash by selling it to merchants. You can also convert your Amazon gift card to Bitcoin Apart from naira.
Other popular gift cards you can also resell in Nigeria include:
- Razor Gold Gift Card
- Best Buy Gift Card
- Nordstrom Gift Card
- eBay Gift Card
- Macy’s Gift Card
- Target Gift Card
- Footlocker Gift card
- Gamestop Gift Card
- MasterCard Gift
Platforms where you can sell your Gift Cards
Because gift card vendors are now all over the place, it has become somewhat challenging to identify the good from the bad. And this has made some cardholders skeptical about exchanging their gift cards. However, If you are looking for a secure platform where you can sell your gift cards for instant cash without stress, we have made a list of some of the best and most trusted platforms where you can trade your gift cards for instant cash.
- Apex Pay
Apex Pay is one of the leading gift card trading platforms in Nigeria. Apex pay offers cardholders a variety of offers. For instance, you can: When you trade with apex pay, you enjoy some exciting benefits such as fast trading, swift customer service, instant payment, and top-notch security for your card details. apexpay also has a user-friendly website and app that makes it easy for cardholders to carry out transactions.
- sell iTunes gift card for naira,
- covert footlocker gift card
- convert amazon gift card to cash
- sell $5o Nordstrom gift cards
- sell $200 Google Play for Naira
- sell $100 apple ecode for naira
- sell $5000 Walmart Visa Gift card
- exchange $100 Google play for naira and many others.
GiftCardsToNaira is a reliable gift card trading platform in Nigeria that buys gift cards from genuine cardholders and pays them in naira. They make instant cash payments the moment a gift card is redeemed. Aside from the naira, they also pay sellers in Bitcoin and Ethereum. Other currencies like Euro, Pounds, ecode (a virtual gift card delivered via email or SMS), CAD, and other big denominations are also accepted on these platforms.
You can trade the following gift cards on this platform: Amazon gift cards, iTunes Gift Cards, Steam Wallet Gift Cards. If you have any of these cards and you are wondering what to do with them, you can easily exchange them for some cash
Gift card Rates in Naira today
Here is a list of some popular gift cards and their rates. Note that these prices vary depending on the platform or merchant you are trading with.
A $25 iTunes gift card in Naira =
A $50 iTunes gift card in Naira =
A $100 iTunes gift card in Naira =
A $50 Amazon gift card in Naira =
A $200 Amazon gift card in Naira =
A $500 Amazon gift card in Naira =
A $100 eBay gift card in Naira =
A $100 eBay gift card in Naira =
A $500 eBay gift card in Naira = N
A $50 Google play gift card in Naira =
A $5100 Google play gift card in Naira =
A $200 Google play gift card in Naira =
A $500 Google play gift card in Naira =
A $100 Nike gift card in Naira =
A $500 Nike gift card in Naira =
Final Words
Nigerians are becoming increasingly aware of the profits of selling gift cards. Selling a gift card and selling them at a profitable rate are two different things. If you have always wanted to exchange your gift card for cash, you can confidently go on to do using this article as a guide.
https://Xpresstradez.com/how-to-sell-gift-cards-in-nigeria/
https://Xpresstradez.com/gift-card-exchange-rates-in-nigeria-in-2022/