A gift card is a prepaid stored-value money card, usually issued by a retailer, bank or company. It is used as an alternative to cash for purchase within a particular or related business. This type of card is loaded with money or is already loaded with cash that you or the gift card recipient may use on offline and online platforms.
Gift cards have things in common with the everyday debit card, which include details inputted on it as well as being used to make payment. However, a gift card differs from a debit card as it cannot be reused once its value is exhausted. Also, gift cards cannot be used at ATMs for cash withdrawals.
Gift cards can be easily exchanged for cash or cryptocurrencies. This can be done by reliable gift exchange platforms such as Prestmit. It is effortless and straightforward to do.
In this article, we’ll see the different ways to redeem a gift card. Before then, let’s see the types of gift cards and what it means to redeem a gift card.
Types of Gift Cards
Many companies today, such as Nike, Apple, Amazon, eBay, and so on, have gift cards. However, gift cards are of two types based on acceptance. They are closed-loop gift cards and open-loop gift cards, which are discussed below.
- Closed-loop gift cards: These are the type of gift cards that can only be used to make purchases from a single company or retailer, like a department store. For example, a Spar gift card can only be redeemed at Spar. This doesn’t mean that a chain of stores owned by the same parent company cannot be used at the same point.
- Open-loop gift cards: These are the type of gift cards that are widely accepted at various merchants and locations. They are open-loop if they are not specific to a particular store.
What Does it Mean to Redeem a Gift Card?
The word ‘redeem‘ in this context is an industry term. It simply means using a gift card to make purchases from a physical or online store or exchange it for money or cryptocurrency on a safe app.
However, redeeming a gift card differs in how you want to accomplish it and what it is used for.
3 Different Ways to Redeem a Gift Card
In this part of the world (Africa), there are ways of redeeming your gift cards. They are discussed below.
- Redeem a Gift Card from a Physical Store
As stated earlier, some brands/companies issue gift cards. You can visit such companies’ physical stores if available in your area. This physical store allows you to shop for what the card can purchase and then pay with it in cash.
For example, if you own a Shoprite gift card, you can visit a Shoprite physical store, buy what you want with the card and pay in cash. If you have difficulty making transactions, a cashier will help you at the store.
2. Redeem a Gift Card Online
You might not have to visit a gift card issuer’s physical store if it has an online store. Some issuers that enable online gift card redemption include Spar, Shoprite, Google Play Store, iTunes, etc.
To redeem a gift card online, log into the website or app you want to use for redemption. Visit the option to save gift cards. Enter the gift card pin in the designated area, then the desired purchase amount. You then click “Redeem” to finish. For online shops or applications, you can employ this technique.
3. Exchange for Cash or Cryptocurrency
This is an easy and fast way to redeem your gift cards, primarily if you sell on a gift card trading platform at reasonable rates.
Using such platforms will have an excellent trading experience as you get paid in your national currency (Naira, Cedi, etc.). You’ll receive payment for this transaction in your bank as soon as possible.
You can also receive cryptocurrencies, such as Bitcoin, USDT, etc., into your unique wallet address provided by such a platform.
Best Place to Redeem a Gift Card in Nigeria
The best site to sell your gift cards in Nigeria is Prestmit. There are multiple payment options on the platform, which include cash (Nigerian Naira & Ghanaian Cedis) and cryptocurrency (Bitcoins & USDT).
The gift cards you can sell on this platform include Amazon, AMEX, Razer Gold, Google Play, Apple, Nordstrom, Sephora, Vanilla, and so on.
The platform is always available, simple, quick for transactions, and safe. All these have increased the number of users on the platform and made it known as a trusted and reliable one.
How To Exchange Gift Cards for Naira on Prestmit
Here are the simple steps to follow when exchanging gift cards for Bitcoin on this platform. They are listed below.
- Create an account with Prestmit.
- Sign up and then log into the account.
- Once logged in, click the “BEGIN TRADE” or “START TRADE” button to get started.
- Then select “SELL GIFT CARDS” on the next page.
- Then scroll down the page to fill in the trade details.
- Then scroll down the page to fill in the trade details.
How to Exchange Gift Cards for Bitcoins on Prestmit
- First, download the Prestmit app from the Google Play Store or Apple Store and sign up.
- Select “Start Trade” from the drop-down menu.
- Select “Sell Gift Card” and fill in the Gift Card information by scrolling down the page.
- Click on Bitcoin as the payment method since you’re exchanging Gift Cards for Bitcoin.
- Select “Category” and choose the type of Gift Card you want to sell. For example, Google Play physical card.
- Click on “Gift Card Type” to choose the Amazon Gift Card in your possession. Example; USA Google Play physical (50-100). The Google Play Gift Card is between $50-$100.
- Select “AMOUNT” from the menu: Input the total amount of Gift Cards you’d like to convert to Bitcoin. When you enter the amount, the Bitcoin value of the Gift Card will be immediately displayed.
- Upload the Gift Card image if you have a physical card.
- Enter your Bitcoin wallet address in the comment section.
- Finally, click “APPLY” to complete the transaction, after which the payment will be credited immediately into your Prestmit BTC wallet.
There are different ways to redeem a gift card today. You can save a gift card by visiting a physical store, online or selling for cash or cryptocurrency.
If you are selling your gift cards for cash or cryptocurrency, you must use a platform that meets the requirement for an excellent trading experience. One such is Prestmit, which has made a name for itself through its services in Nigeria and Ghana.