Everything You Need to Know About Gift Cards

 Are you curious about the invention and usage of gift cards? This article will address everything you need to know about gift cards.

The usage level of gift cards across the world attests to their versatility. There has been a series of growth since its invention in terms of branding, types, and looks. Many people also admire gift cards since it makes gifting easy. According to Persistent Market Research’s estimate, the sales of gift cards are expected to increase at an 11.7% CAGR between 2023 and 2033. 

There are different types of gift cards based on different categories. We have closed-loop gift cards and open-loop gift cards. Closed-loop gift cards are the gift cards mostly produced by retailers, restaurants, etc. Retail stores like Amazon, eBay, Walmart, and iTunes produce gift cards to reward loyal clients and push brand awareness.

 Restaurants like Starbucks also produce gift cards that customers can use to redeem edibles at the store. Financial institutions like banks generally issue open-loop gift cards. Examples of open-loop gift cards include Visa gift cards, American Express gift cards, Mastercard gift cards, etc.

In terms of form, there are physical and digital gift cards. For many years, physical gift cards have been the most purchased, but it is predicted from many studies that digital gift cards will soon take over.

Digital gift cards make gifting easy because you can send it virtually to your recipients. Gift cards give recipients the freedom to buy whatever they like, saving you a headache.

How To Choose The Right Gift Card For Your Recipient

Many people use gift cards during holidays or festive seasons as a safe option. In fact, a study by National Retail Federation stated that gift cards are at the top of holiday wishlists for the 13th year in a row.

It has been established that gift cards make it easy to give gifts. It saves you the headache of choosing the ideal gift. Do you know that gifting the right gift card is also important? 

It doesn’t end at just buying a gift card.  You need to be sure it will be used. For a friend that likes games, you can easily gift them a Steam gift card, Razer Gold gift card, or Playstation gift card. The gift card recipients can choose to sell the Steam gift card for cash. What about friends you aren’t exactly sure about what they like?

How do you choose the right gift card for such a person? The best strategy is to get a gift card issued by a retail store with various items. Your goal is to make this person happy, right? Then, go for a brand of gift card that the person can use to buy whatever they want. Great choices include Amazon gift cards, eBay gift cards, etc.

How To Find The Best Deals On Gift Cards

It’s a common activity in Nigeria to trade gift cards for cash. This is something you should consider. It’s one of the easiest ways you can make money online. Did you get gift cards as gifts, or do you have an uncle abroad that could share gift cards? That’s your hack.

Finding the best deals is discovering the platform with the best rates. The different trading platforms in Nigeria offer various rates for each gift card. Use the gift card rate calculator available on their websites to find out what you will get in return for your gift card.

Where To Buy Gift Cards

There are different mediums you can leverage to buy gift cards in Nigeria. You can purchase gift cards online, which most people do. The other option is to buy in-store, which is most common overseas. Let’s look at the different places you can buy gift cards from.

Retail Companies

Many big retail companies have several gift cards for sale online. Due to their popularity and reputation over the years, you can trust them.

Examples include eBay, Nike, Amazon, Nordstrom, Walmart, and many more. Many sell most of these gift cards; go to their website and make a purchase.

There are even gift cards sold at discounted prices on these websites.

Gift Card Trading Companies

Another medium you can trust is reputable gift card trading platforms in Nigeria. Most platforms do not just trade gift cards; you can also buy them. 

I recommend you check out platforms like Nosh, Giftcards.com, Gift Card Granny, Raise, CardCash, etc. 

Convenience Stores

There are certain convenience shops you can visit to buy gift cards. They do sell various kinds of gift cards from different issuing brands. 

Reward Points

A great way to get gift cards without spending money is via points. You can easily make use of online surveys, attempts some tasks, accumulate points and use it to redeem gift cards. 

Platforms like Swagbucks, MyPoints, and Tada offer free gift cards for visitors who complete tasks and attain a certain threshold.

Auction Sites

Auction websites and online marketplaces also have gift cards for sale. A good example of an auction site is eBay. Many unwanted items are sold on the platform at a relatively cheap price. 

You can go to sites like eBay and purchase gift cards are cheap rates. There are also special deals you can leverage. This is a good option if you don’t have much to spend.

How To Manage And Protect Your Gift Cards

There have been reports of people experiencing gift card scams. You need to protect your gift card and not be a victim. Let’s discuss the tips.

1. Buy from a trusted platform.

When you want to purchase a gift card, ensure it is from a trusted platform or brand. Carry out due research. The safe method here is to buy directly from known retailers. Purchasing gift cards from resellers might go poorly. But, if you need to go with that option, pick a reputable brand with a customer support team.

If you are purchasing gift cards in physical stores, make sure to inspect them well before paying. Check out the packaging if it isn’t tampered with, and confirm if the PIN is still secured.

2. Keep your receipt safe.

This is to ensure you are safe if your gift card is misplaced or stolen. The receipt will prove your ownership. This can earn you a replacement card and successfully block unauthorized transactions on the misplaced card.

3. Use it quickly

After purchasing a gift card or being gifted one, it does more harm to keep it in your wallet. It’s susceptible to theft that way. You can escape such cases by using them. You can exchange your gift cards on the best gift card trading platform in Nigeria.

Conclusion 

Gift cards have made gifting and payment more seamless than they ever were. They are available in different categories and types. They include closed-loop gift cards, open-loop gift cards, digital cards, and physical gift cards. 

When you are confused about the right gift card for a friend, now you know what to do. Abstain from buying or trading gift cards on fishy platforms. Stay safe by sticking to a reputable trading platform in Nigeria. 

Convert your iTunes gift card to cash in Nigeria. It is time to bring out all those gift cards you kept and make money from them.