Gift cards are a form of prepaid debit cards preloaded with funds for future use. They are usually issued by a retailer or bank to be used as an alternative to cash, for purchases within a particular store or related businesses.
Generally, there are two ways to use your gift cards, you redeem online or in person at the said store, or you can resell for cash at mypatricia.com
A lot of gift cards come with a minimum and maximum initial loading amount. A common minimum is $10, and a common maximum is $500.
As a precaution to avoid the risk of losses, many gift cards are registered online which allows the remaining balance to be tracked and frozen if a card is lost. That way, some gift cards are safer than cash.
Gift cards apparently are everywhere now, these cards are largely issued at grocery stores, Supermarkets, electronic stores, bookstores, and malls. The main reason gift cards are on the rise now is that these brands use these cards to encourage loyalty among customers. One of the most popular ones is the iTunes gift card. Need I say the reason why it is popular?
Here’s what you can do with your card.
1) Auctioning: There is a healthy market for gift cards online. With trading platforms to sell gift cards in Nigeria. One of such platform is Patricia.com.ng or Parent website myPatricia.com. They buy your gift cards like Apple(iTunes), Amazon, Walmart, Steam, GooglePlay etc at a very high percentage of its value and pay you cash straight to your local bank account.
2) Trading: Most sites that allow you to sell gift cards also give you the option to trade them for items you’re interested in from other sellers. I doubt if you will see a lot of bartering websites that operate in Nigeria but they might be some outside Nigeria.
3) Regifting: Regifting the card is a great way to spread love or a terrible social taboo. If you choose to regift, you should do so tactfully and only with an unused card that retains its full value.
4) Donating to Charity: Contact your favourite charity and ask if they will accept your gift card. If they do, you can write off its value on your taxes as a charitable donation.
When next you come across a gift card, you now know what to do with it.