Gift cards have become very popular over the years. Several retail businesses have adapted it as a form of promotional business campaign. With gift cards, online transactions have been made easy since they serve as an alternative payment method. If you are not comfortable with dropping your credit or debit card details online, gift cards are your best bet. It’s the safest means of transaction in the world right now. So, if you have gift cards and have been hiding them, now is the time to bring them out and start transacting.
Types of gift cards
There are several different types of gift cards, including the ones you know nothing about. This article will explore the different gift cards alongside typical examples to help you quickly recognize them.
Single store gift cards or closed loop gift cards
Single store gift cards are the most common type of gift card. They are distributed mainly by retail businesses. Whether it is a physical plastic gift card or a digital gift card, recipients redeem single-store gift cards at the issuing company’s website, mobile app, and/or physical locations. These gift cards are generally not as flexible as other types of gift cards because they can only be redeemed for goods and services at one business. There is no activation fee, and most often, there are no non-use fees or expirations dates. Examples include Amazon gift cards, Wayfair gift cards, and Sephora gift cards.
Family of store gift cards
These gift cards are more flexible than closed loop gift cards because they are usable at any of the businesses within a family of stores. A Gap Options gift card can be used to buy high-quality athletic wear at Athleta, baby clothes at Gap, business clothes at the Banana Republic, and more. Instead of being tied to one brand, recipients have the option to explore any store in the merchant portfolio. There are no activation fees. A Gap Options gift card can be used to buy high-quality athletic wear at Athleta, baby clothes at Gap, business clothes at the Banana Republic, and more. Instead of being tied to one brand, recipients have the option to explore any store in the merchant portfolio.
Multi-store gift cards
Multi-store gift cards can be redeemed at a variety of stores. They are more flexible than single store and family of stores gift cards. Multi-store gift cards can be redeemed at any of the stores listed on the gift cards, even though they are not affiliated with each other. Their point of sales systems is not interconnected either. Hence, you must redeem them at the bank like Visa gift cards or have them swapped for gift cards to the selected stores.
Category of stores gift cards
Category of store gift cards offers wider flexibility than the aforementioned types of gift cards. They can be used within a category of stores, and the gift card is redeemable at any outlet that matches the category. The Fuel Everywhere card, for example, can be used at any locally owned or national brand service station that accepts Visa debit cards.
But that flexibility comes at a cost—namely, activation fees.
Any store or open loop gift cards
Any store or open loop gift cards are bank-issued gift cards. They are the most flexible type of gift card in the world since they can be used anywhere.
These cards can be used at restaurants, clothing stores, grocery stores, shoe stores, local boutiques, street fairs, and more.
However, the price of flexibility comes in the form of activation fees, non-use fees, and expiration dates. Examples are American Express gift cards, MasterCard gift cards, and Visa gift cards.
How to sell gift cards for cash in Nigeria
Since gift cards cannot yet be redeemed at stores in Nigeria, selling gift cards for cash has become the most popular way to redeem them. To sell your gift cards for cash, you need an exchange platform like Astro Africa that always puts your needs first and sell gift cards at the best rates.
After every transaction, your account will be credited instantly, and the whole process takes nothing more than five minutes, depending on the internet connection. All you have to do is go to the Astro Africa website or download the app from Google Playstore, become a registered user and start trading gift cards.