gift card prices in Nigeria: Gift cards are becoming increasingly popular in Nigeria, and this is due to the profitability of the venture. If you are yet to notice, there are gift card exchange platforms everywhere, and they sell gift cards at different rates. Gift card prices are not constant or can be fairly stable, depending on the platform you use. For every gift card price you find online, the exchange platform already collected its share for being the third-party buyer.
The best gift card exchange platforms will sell gift cards at over 80% of the normal exchange rate. For this reason, you need to find the best exchange platform so you don’t sell at a loss. Some exchange platforms sell below 60%, and that’s relatively poor since we all want to make profits. Fraudulent exchange platforms publicize selling gift cards at 100% exchange profits to lure unsuspecting traders like you to their platform and scam you. Avoid any platform that promises to sell gift cards at 100% profit because even if the first trade is successful, the second one will lead to losses.
Apart from exchange platforms having control over the rates of your gift cards, other factors affect gift card prices in Nigeria. Not all gift card traders in Nigeria are privy to these factors, and that is we decided to list and discuss them below.
Exchange market
The exchange market is very volatile and affects the rate of every asset, including cryptocurrency and gift cards. Selling gift cards for cash is synonymous with selling dollars or euro for naira. So, the exchange rate of these currencies in relation to the naira will determine the rate of your gift card. Gift cards issued in high-performing currencies like the dollar, euro, or pound usually have higher exchange rates than Australian or Canadian dollars.
Type of gift card
The type of gift card you possess affects the exchange rate, which depends solely on demand and supply. If you remember the laws of demand and supply in economics, you will remember that the higher the demand and supply of a commodity, the higher the price of that commodity. This is what happens with gift cards. It is why gift cards like Amazon and Walmart gift cards always have a reasonably higher rate than other gift cards because they are always in high demand. Open-loop gift cards like American Express and Visa gift cards also have high exchange rates because they are in high demand.
Form of gift card
There are different forms of gift cards, and they affect the exchange rate of gift cards. The major form of gift cards is physical and digital gift cards. The physical form of gift cards usually has higher exchange rates than the digital types because they are in higher demand. Sometimes, they have the same rates, but it seldom happens. In purchasing gift cards, buying the physical types will do more for your finances than the digital types.
How to know the prices of your gift card – gift card prices in Nigeria
The best way to know the prices of your gift card is through a gift card rates calculator. Not every exchange platform has this feature, but Astro Africa has it, which is very accurate.
Astro Africa is an exchange platform well-known for its reasonable rates and updated rates calculator. The Astro Africa rates calculator is constantly updated with the current rates to help you navigate the gift card market. The calculator is free and doesn’t require you to sign up. Knowing the current rates of your gift card puts you at an advantage over other gift card traders because you will know the best time to trade.
To use the Astro Africa rates calculator, follow the steps below. For this process, let’slet’s calculate the $100 iTunes gift card price.
- Visit the Astro Africa website.
- Click on check rates.
- Select currency, naira.
- Select gift card. Scroll down to iTunes gift card.
- Select the right subcategory for your gift card. Is it a physical iTunes gift card or a digital type? If you select the wrong subcategory, you will get the wrong rates, which might mislead you.
- Input the gift card amount in dollars, and the equivalent value in naira will be displayed. The current price of a $100 iTunes gift card on Astro Africa in naira is 45,360 naira for physical and 27,360 naira for digital. Can you spot the difference between both rates? Just as we discussed in the earlier section.
- After calculating the rates of your gift card, click on Proceed to Trade to sell gift cards at the best rates on Astro Africa.
