Gift cards have become one of the easiest ways to make money online in recent times. However, there is more to gift cards than just selling them, first, you need adequate information about gift cards and how you can trade with them.
What are Gift Cards?
Gift Cards are prepaid debit cards that contain a specific amount of money you can use to purchase a variety of products. There are different types of gift cards. We have store gift cards that have been designed to be used at specific merchants or retail stores while general use prepaid gift cards are not associated with any merchant and can be used to withdraw cash anytime.
How Gift Cards Work
Gift cards are a form of prepaid debit card loaded with funds for your future use. We have two kinds of gift cards, the closed-loop, and the open-loop, both of which can be used online or physically. Many of these gift cards usually carry a minimum and maximum amount and in some situations, you can pay half of a purchase with gift cards and balance the rest with your debit cards or cash.
Open-loop gift cards are like debit or credit cards that can be used wherever it is accepted, online or offline. Credit card issues such as American Express, Visa, Mastercard, Discover, etc offer open-loop gift cards. They can serve as a standard prepaid card and are usually reloadable.
Closed-loop gift cards are usually marketed by stores and allows a cardholder to get anything they want from a particular retail store. These cards can only be used with a single store or on its website. They do not require activation fees and include the merchant’s logo. Closed-loop gift cards are usually not reloadable, therefore they have no further use after they have been spent.
Advantages of Gift Cards
The following are some of the benefits of gift cards.
- You can use them as a substitute for payment when you do not want to use your credit cards or pay cash. This makes it very easy and convenient for you when you shop.
- You can gift people around you gift cards for the holidays or other celebrations. It’s not easy to decide what gift someone might like but you can never go wrong with gift cards.
- You can use them to control the way you spend. You can even make your budget and out the money on your gift cards so that you won’t have to get tempted to overspend when you are out with your credit cards.
Disadvantages of Gift Cards
After purchasing your gift cards, the small amount of money left can be forgotten and could end up wasted. You may have to purchase or reload your fees in order to add money anytime you need to use the gift card.
If you lose your gift card, you might have to go through a lot of stress especially if you failed to register it or keep the number. This could cause a serious headache for you. You might have to pay an inactivity fee if you fail to use your card regularly. Closed loops cards limit the purchasing power of gift cards. This means that when making your purchases you are limited by your gift card.
How to Make Money With Gift Cards in Nigeria
Here are a few ways you could make money by trading gift cards.
Trade them for Cash
Instead of using your gift cards in the respective stores that they have been issued from, you can trade them for money online. There are gift cards that you might have that are not useful to you, you can easily exchange these gift cards for money.
What you have to do is simply get the gift cards from someone and then sell them to another person. A lot of people are interested in exchanging their gift cards for cash. However, due to the fact that gift cards are one of the ways people make money these days, people are falling into the trap of scammers online.
In order to avoid this, it is best to sell gift cards to websites dedicated to this cause. There are also reputable companies that power apps mainly for the trading of gift cards. These platforms are not only secure, they also have the best trading rate while you get your money instantly.
Where You Can Sell Gift Cards
NOSH is a gift trading app where you can trade directly on your phone. On this app, you are guaranteed to redeem your gift cards within minutes. They also have great and responsive customer service for any complaints you might have and also an app live chat. The app is high encrypted and secured for traders. It’s easy to get started on the app.
All you need to do is to register and redeem your cards. These transactions take only a few minutes before your funds are processed and transferred immediately.
One of the best apps to sell your gift cards in Nigeria is Cardvest. Cardvest was founded in the year 2016, the company is one of the most trusted platforms for selling gift cards. They provide amazing services thus have become one of the best brands with loyal customers.
Cardvest gives the highest selling rate for gift cards in Nigeria. They have an efficient website where you can check their rates. They offer support for any type of gift card you might have, such as iTunes, Amazon, vanilla, Nordstrom, etc. Cardvest also offers great support to their customers and is ready to give answers to every complaint made within the hour of making them.
You can easily make money by trading gift cards in online spaces. However, you need to be careful of scammers who prey on people who do not have enough knowledge about how trading works. You can seek help from experts who have been in the business of trading gift cards or make use of apps and websites like NOSH and Cardvest that are reliable and are solely for selling gift cards to make your transactions.