Does Nigeria have a Gift Card

Gift cards are digital assets preloaded with a specific amount of money that can be used as a convenient means of payment at their designated store. The demand for these digital assets is high, and people purchase them for various reasons. 

H2:Common Types of Gift Cards In Nigeria

The following are the most Common gift cards in Nigeria.

1. Steam Gift Card – Upgrade your gaming on the Steam platform. 
2. Walmart Visa Gift Card – Shopping from Walmart, whether online or physically. 
3. Razer Gold Gift Card – Refresh your gaming experience
4. Visa Gift Card – No restriction on shopping, use like you would a debit/credit card. 
5. Foot Locker Gift Card – Sneakers at your fingertips
6. iTunes Gift Card – Access to entertainment at Apple
7. Google Play Gift Card – Endless Android app downloads

Uses of Gift Cards

Closed-loop gift cards can be used to make purchases at retail stores, gas stations, restaurants, and other locations where the issuing merchant is operative or has been authorized to accept the cards. Some commonly used gift cards include Grocery gift cards, Shopping or mall gift cards, Gas cards, etc. Although traditionally gift cards are issued by businesses in order to generate additional direct sales, these cards are also being used as a promotional tool or as part of a customer rewards system.

Functions of Gift Cards

1. Attract new customers: Gift cards are usually effective at a business that accepts credit cards for products or services that most people want or need at an electronics store, which carries higher-priced items that many customers wouldn’t normally buy.

2. Increase brand awareness: Most, if not all, gift cards are designed to match the company logo and brand. This essentially works as a marketing tool in the customer’s pocket. 

3. Improved sales: Although gift cards are often set to a specific amount, many customers will end up spending more. The gift card encourages customers to enter the store and browse products.

4. Reduce fraud: The use of an electronic gift card allows for partial redemption, leaving the rest of the balance stored on the gift card and eliminating cash back. You can also use gift cards for store credit, helping to reduce fraud that occurs when customers try to make expired returns for cash.

How to Buy Gift Cards Online

1. Official Websites

The official website of the gift card company is one of the ways to purchase gift cards. But you can also buy gift cards on the websites of companies and merchants who sell them. Online gift cards are available from well-known merchants, including Amazon, Sephora, Nordstrom, eBay, Nike, etc. You can upload images to these websites to further personalise and personalise your gift card. Additionally, they sell gift cards in Nigeria at discounted prices.

2. Card Resellers

You can get the most significant discounts here since card resellers do just what they say they’ll do: resell gift cards. These websites allow users to sell their unused gift cards, and the websites then resell the cards to customers at a discount. Discounts can be anywhere from 5% to as much as 30%, depending on the website you use and your choice of gift cards. So let’s quickly review some of these websites to determine which ones you should visit. There are quite a few of these websites, but Xbanka is the top one we advise visiting. These offer discounted gift cards from hundreds of merchants.

3. Convenience Stores

Typically, a convenience shop offers a variety of gift cards from various retailers. Convenience stores sell a variety of gift cards from multiple brands, like Tesco.

4. Reward Points

A fundamental way to obtain a gift card is by converting reward points into gift cards. Using American Express cards, you can exchange reward points for gift cards. You can turn your points into gift cards if they reach a particular threshold. AMEX offers various gift card alternatives for restaurants, theatres, fashion retailers, and more. American Airlines also offers this system of rewards.

5. Auction Sites

Gift cards are also available via online marketplaces and auction websites. An auction site like eBay is a website where you can buy gift cards. Online stores like eBay are popular for allowing users to sell unwanted goods cheaply.

How to Redeem Gift Cards in Nigeria

Redeeming a gift card depends on its type and purpose. Here are some common ways:

• Online Purchases: Use the gift card code at checkout on supported websites.
• In-Store Transactions: Some gift cards can be scanned or swiped at physical store locations.
• Wallet Top-Up: Some platforms allow users to add gift card balances to their wallets.

How to Activate a Gift Card

1. To activate a gift card, you must first locate the activation information on the card or its packaging. This information may be a phone number, website, or other instructions for activating the card.

2. Once you have located the activation information, follow the instructions to activate the gift card. This may involve calling a phone number, visiting a website, or providing the card’s activation code to the retailer in some other way.

3.  If you are activating a gift card in-store, take it to the checkout counter and ask the cashier to activate it. The cashier will typically ask for the card’s activation code and will then activate the card on the spot.

4. Once you activate the gift card, it can be used to purchase items at the retailer’s store or website. To check the balance on the card, visit the retailer’s website or ask a cashier in-store.

What to Do with a Gift Card

What can you do? Here are the options for you:

• Use It: If you can find something you want, go ahead and use the gift card.
• Regift It: Pass the card on to someone else who might need it.
• Exchange It for Cash: This is where gift card trading apps come in handy. You can trade your gift card for cash, cryptocurrency, or other gift cards.

How To Buy And Sell Gift Cards In Nigeria

Xbanka is the best gift card trading platform in Nigeria. You can seamlessly buy and sell your gift cards on the platform. With Nosh, you can buy and sell your gift cards at the best rates within a few minutes. Let’s discuss the steps involved in both processes.

Step-by-step guide on how to purchase gift cards on Xbanka:

1. Visit the Xbanka website 
2. Sign in with your details.
3. Click on the Buy Gift Cards section.
4. Click on “Proceed” after reading the terms.
5. Select the gift card name and amount.
6. Swipe to complete the buy.

Step-by-step guide on how to sell gift cards on Xbanka:

1. Go to the Xbanka website 
2. Create an account and log in.
3. Tap on the Giftcards section.
4. Select Sell Gift Cards.
5. Input the gift card name, subcategory, and amount.
6. Upload the image of your gift card.
7. Swipe to sell.

Why Gift Cards Lose Value When You Try to Sell Them in Nigeria

If you’ve ever tried selling a $100 gift card and ended up with only ₦50,000 or less, you’re not alone. It’s a common experience, and unfortunately, most people don’t understand why this happens. Let me break it down for you with the same clarity I wish I had when I first started trading gift cards.

1. Market Demand and Supply

The value of a gift card in the resale market depends heavily on how much demand there is for it in Nigeria. For example, Amazon and Steam cards are in high demand because people can use them to shop or play games even from here. On the other hand, cards like Nordstrom or Macy’s might have less value because their usefulness is limited to specific audiences. When supply exceeds demand, platforms reduce their rates to manage inventory. This means you could lose value simply because too many people are trying to sell the same card at once.

2. Unreliable Trading Platforms

This is one of the biggest reasons people lose money. There are too many unverified or unregulated platforms in Nigeria promising “best rates” but paying you far less than the value of your card.

These platforms will:

• Offer high rates on their site, but reduce them during the actual transaction.
• Delay payment until you give up or settle for less.
• Reject cards after they’ve already been redeemed, leaving you stuck with nothing.

Trust me, I’ve been there. That’s why choosing the right platform is 90% of the game when it comes to preserving the value of your card.

3. Card Type and Region Restrictions

Many people don’t realize this, but the type of card and its country of origin can drastically affect how many Naira you get. A $100 iTunes card from the U.S. will usually fetch more than the same value in a UK-issued card because of regional usage limitations.

Some platforms don’t accept certain regions at all. Others will take it but offer a terrible rate. If you don’t know this beforehand, you’ll probably lose value and feel scammed.

4. Poor Timing

Yes, timing matters. Just like the forex market, gift card rates fluctuate daily based on exchange rates, international economic factors, and even trading platform policies. If you’re selling during a low-rate period, your card will automatically be worth less.

I used to sell my cards whenever I got them, not knowing that waiting just a day or two could have given me better value. That changed once I started watching rate trends and trading only when the value reached its peak.

5. Hidden Fees and Conversion Tricks

Some platforms display one rate but pay you a much lower amount after deducting mysterious “service charges” or processing fees. You’re left confused, thinking you miscalculated, when in reality, you’ve been short-changed. These hidden deductions are one of the silent ways traders lose money without even realizing it.

Why are gift cards expensive in Nigeria?

1. Greedy platforms

Some platforms exploit the economic situation by overcharging for gift cards to maximize profits. This mirrors similar practices by certain POS operators who maintain high charges despite improved cash flow in the country.

2. High demand

The rising demand for gift cards gives suppliers the leverage to set higher prices. Popular cards become even more expensive as sellers capitalize on their desirability and market scarcity.

Factors Affecting the Value of Gift Cards in Nigeria

The value of a gift card in Nigeria depends on several factors, including:

• Card Type: Some gift cards have higher demand than others.
• Denomination
• Market Demand
• Card Condition: Used or partially redeemed gift cards may have lower resale value.

Conclusion

Gift cards are an excellent digital asset to have because of their viability as the best alternative to cash when you are shopping in international stores. But the function of gift cards transcends online shopping, as you can buy a gift card to give to a loved one as a gift or sell the gift card, as the case may be. However, it is essential to know the best place to buy your gift card, which is imperative to buy from a credible and reliable platform. Xbanka is the best platform for your gift card in Nigeria.

FAQ

1. How many types of gift cards are available in Nigeria?

 Types of Gift Cards in Nigeria. The six types of gift cards you’ll find in Nigeria are virtual, physical, retail, multipurpose, custom, and prepaid git cards. Each offers flexible and easy ways to shop, gift, or spend

2. Can I convert a gift card to naira?

You can sell gift cards for naira on Xbanka, for cedis or mobile money, or for cryptocurrency (bitcoin, or USDT), anytime, anywhere, including but not limited to Google Play, Steam Wallet, iTunes, Apple, AMEX, Vanilla, Best Buy, Footlocker, GameStop, Netflix, Macy, Nike, Nordstrom, Sephora, OffGamers, eBay, Razer.

3. What gift card has no fees?

Why Choose Mastercard Gift Cards? No Hidden Fees: We believe in transparency, so our gift cards are fee-free after purchase. You get the full value of your gift without any deductions.

4. Which type of gift card is used in Nigeria?

The most popular gift cards in Nigeria include Amazon, Steam, iTunes, Google Play, and Visa/Mastercard gift cards. These gift cards are the most sought-after because they can be easily traded for cash, airtime, or cryptocurrency on various platforms.