How to Sell/Redeem Gift Card to Naira

Discover How to Sell/redeem Gift Cards to naira in Nigeria for the Best Prices for Cash in 2024.

Prepaid stored-value gift cards from companies such as Amazon, Google, Apple, Steam, and others are available for purchase.

When buying a product or item, these cards can be used as an alternative to cash payments.

Gift cards are typically offered as presents or rewards for exceptional work.

Marketers and retailers also use them as a rewards program during item promotions.

Gift cards can be used to purchase anything within their maximum value.

In Nigeria, gift cards have grown in popularity in recent years, which has been attributed to an increase in Internet sales.

A product may be purchased from Apple, Amazon, or Steam for the equivalent of a specific gift card.

Due to the unstable dollar-to-naira exchange rate, many Nigerians are still looking for ways to sell gift cards to naira from holders who are not using them as an alternative to making online purchases.

Also read – Naira’s Unending Fall: Nigerian Authorities Ban Access to Crypto Exchanges

What exactly is a gift card
What You need to Know Before Selling Gift Cards to naira
How To Sell Gift Cards Safely
Ways to Sell Gift Cards for Naira
Tips for Maximizing Value
Precautions to Take to sell gift card to Naira
FAQs
Conclusion
References
Recommendations

What exactly is a gift card

Simply put, a gift card is a prepaid, stored-value money card issued by a corporation, bank, or shop. It can be used to make purchases in designated stores or online.

Put, a gift card looks and acts like a bank debit card, but it has money preloaded on it.

The gift card recipient is the prepaid cash, which you can use to make various approved online or in-store transactions.

It’s important to remember that while you can use the gift card to make purchases, the money deposited into it cannot be withdrawn.

Instead, you can sell the gift card to naira at any secure website.

What You need to Know Before Selling Gift Cards to naira

The act of purchasing gift cards is carried out by several people.

The goal of this post is to show YOU how to sell gift cards to naira at an excellent rate and a secure manner without having to worry too much about being conned.

Before discussing how to sell gift cards, let’s discuss a potential obstacle you can run against when trying to sell gift cards to naira.

Misplacing Your Gift Card is one of the main difficulties in selling gift cards online.

Although it can be quite annoying to lose your gift card in an attempt to exchange it for cash, it is a fact that there are many con artists on the internet, and anyone can become a target.

Also read – Naira Volatility: FG to Ban Naira from Crypto Trading Platforms

How To Sell Gift Cards Safely

Here is a step-by-step guide to securely selling gift cards to naira, so you can ensure you get the best value for your card.

1. Identify the Type of Gift Card

Start by determining the type of gift card you have. Gift cards can be broadly categorized into two types: store-specific gift cards (e.g., Amazon, Walmart) and general-purpose gift cards (e.g., Visa, MasterCard). The type of card you have can influence its resale value.

2. Choose a Reliable Platform

Selecting a trustworthy platform is crucial for a secure and profitable transaction. Several online platforms and mobile apps specialize in buying gift cards in exchange for Naira. Some popular ones include:

Paxful: A peer-to-peer platform where users can buy and sell gift cards.
Cardtonic: An app specifically designed for Nigerians to trade gift cards.
Prestmit: Offers instant payment for gift cards.
SellCardBTC: Allows users to sell gift cards for Bitcoin, which can then be converted to Naira.

Ensure your chosen platform has positive reviews and a good reputation for customer service and transaction security.

3. Create an Account

Register on your chosen platform. This typically involves providing your email address, creating a password, and verifying your identity through a phone number or government-issued ID.

Account creation is straightforward but essential for tracking your transactions and ensuring security.

4. Evaluate Your Gift Card

Each platform will have different rates for different types of gift cards. The value can depend on the market’s demand and supply dynamics of the gift card.

Use the platform’s rate calculator to estimate the value of your card in Naira.

5. Initiate the Sale

Once you’ve chosen a platform and evaluated your card’s worth, initiate the sale. This usually involves:

Selecting the type and value of the gift card.
Uploading a clear picture of the card or entering the card’s details (number and PIN).
Confirming the transaction.

6. Wait for Verification

The platform will verify the gift card details to ensure it’s valid and unused. Verification times can vary from a few minutes to several hours.

During this period, please refrain from using the card or sharing its details elsewhere to avoid issues.

7. Receive Payment

After successful verification, payment is processed. Most platforms offer payment options, including direct bank transfer, mobile money, or even Bitcoin.

Choose the option most convenient for you. Payments are typically processed quickly, often within minutes to a few hours.

Ways to Sell Gift Cards for Naira

Selling gift cards for Naira involves various methods, each with its advantages. Below are the main ways to convert your gift cards to Naira:

1. Online Platforms and Marketplaces

Numerous online platforms specialize in buying and selling gift cards. These platforms offer a user-friendly interface, competitive rates, and secure transactions. Some popular platforms include:

Paxful: A peer-to-peer marketplace allowing you to sell buyers gift cards directly. Paxful supports a variety of payment methods, including bank transfers and mobile money.
Cardtonic: A Nigerian platform designed specifically for trading gift cards. It offers instant payments and high conversion rates.
Prestmit: Known for its straightforward process and reliable customer service, Prestmit provides instant Naira payments for a wide range of gift cards.
SellCardBTC: This platform allows you to sell gift cards for Bitcoin, which can then be converted to Naira through a cryptocurrency exchange.

2. Mobile Apps

Several mobile apps make selling gift cards directly from your smartphone easy. These apps offer the convenience of trading anytime, anywhere, and often provide instant payouts.

Cardtonic App: Offers a seamless experience for selling gift cards with quick payments directly to your bank account.
Prestmit App: Allows you to trade gift cards for Naira with a user-friendly interface and efficient transaction processing.
Tbay: Another mobile app option that provides competitive rates and a smooth transaction process for selling gift cards.

Also read – Ultra Naira Loan App in Nigeria: How to Apply for Loan

3. Peer-to-Peer (P2P) Transactions

Peer-to-peer transactions involve selling your gift cards directly to buyers without an intermediary platform.

This can be done through social media, online forums, or dedicated P2P trading websites.

While potentially offering better rates, P2P transactions have higher risks and require more caution to avoid scams.

Social Media Groups: Platforms like Facebook have groups dedicated to buying and selling gift cards. Always verify the legitimacy of the buyer and use secure payment methods.
WhatsApp Groups: Many traders use WhatsApp to connect with buyers. Ensure you deal with reputable contacts and verify transactions.

4. Cryptocurrency Exchanges

Selling gift cards for cryptocurrency can be a profitable alternative, especially if you’re familiar with digital currencies.

Some platforms allow you to trade gift cards for Bitcoin or other cryptocurrencies, which can then be converted to Naira.

Binance: A leading cryptocurrency exchange that supports P2P trading. You can sell your gift cards for Bitcoin and then convert it to Naira.
LocalBitcoins: Another P2P platform that allows you to sell gift cards for Bitcoin, which can be exchanged for Naira on various local exchanges.

5. Gift Card Exchange Websites

Specialized websites focus solely on exchanging gift cards to naira. These sites often offer competitive rates and a straightforward process.

Giftcardstonaira: As the name suggests, this website converts gift cards into Naira. It provides a quick and easy process for selling various types of gift cards.
Giftcardgranny: Although more general, it offers a platform to sell gift cards at competitive rates, which can then be transferred to your Nigerian bank account.

6. Physical Exchange Locations

Some local businesses and traders offer physical exchange services where you can sell your gift cards in person.

This method provides immediate cash but requires careful verification to avoid fraudulent activities.

Local Traders: Check local classifieds or ask around to find reputable traders who deal in gift card exchanges.
Retail Stores: Some retail stores may offer to buy your gift cards, especially if they deal in electronics or international goods.

Also read – All You Need To Know About Digital Gift Cards in 2024

Tips for Maximizing Value

Compare Rates: Different platforms offer varying rates for gift cards. Compare several platforms to get the best deal.
Stay Updated: Gift card rates can fluctuate based on market demand. Monitor market trends to sell your card at a favorable rate.
Check for Bonuses: Some platforms offer bonuses or higher rates for first-time users or during promotional periods.
Secure Transactions: Use reputable platforms to avoid sharing your card details on social media or unsecured websites.

Precautions to Take to sell gift card to Naira

Avoid Scams: Be wary of platforms with too-good-to-be-true offers or those requiring excessive personal information.
Read Reviews: Check user reviews and ratings before using a platform to gauge its reliability.
Secure Your Information: Use strong passwords for your accounts and enable two-factor authentication if available.

FAQs

What types of gift cards can I sell for Naira?

You can sell various gift cards to naira, including store-specific cards (like Amazon, Walmart, iTunes) and general-purpose cards (like Visa, MasterCard, and American Express). The specific cards accepted can vary by platform.

How do I know the value of my gift card in Naira?

Most platforms have a rate calculator on their website or app. Enter your gift card details to get an estimated value in Naira. Rates can vary based on the type of card and market demand.

Are there any fees associated with selling gift cards?

Some platforms may charge a service fee or offer slightly lower rates to cover transaction costs. Always check the terms and conditions on the platform to understand any potential fees.

How long does it take to receive payment?

Payment times can vary by platform. Typically, after verification, payment can be received within minutes to a few hours. Depending on the platform’s processes, some transactions might take up to 24 hours.

What are the best platforms for selling gift cards to Naira?

Reliable platforms include Paxful, Cardtonic, Prestmit, and SellCardBTC. These platforms are well-reviewed and known for secure transactions and competitive rates.

Is it safe to sell my gift card online?

Selling gift cards online can be safe using reputable platforms with strong security measures. To prevent scams, avoid sharing your gift card details on social media or unsecured websites.

What if my gift card is partially used or expired?

Most platforms only accept gift cards that are fully unused and have not expired. Check your card’s balance and expiration date before initiating a sale.

Can I sell a gift card to naira from any country?

This depends on the platform. Some platforms accept international gift cards.

Conclusion

Selling or redeeming gift cards for Naira can be a straightforward process if approached correctly.

By understanding the type of gift card you have, choosing a reliable platform, and following the necessary steps diligently, you can easily convert your gift card to Naira.

Always stay informed and cautious to ensure a smooth and secure transaction, maximizing the value of your gift card.

With the right approach, you can turn unused gift cards into usable cash, providing flexibility and financial ease.