Site icon Brand Spur

How to Redeem Gift Cards, Gift Card Rates in Nigeria

Brand Spur

Here is a step-by-step guide on how to redeem gift cards in Nigeria in 2021 and gift card rates in Nigeria

Persistent dollar scarcity in Nigeria has forced many import-dependent businesses to seek alternatives to traditional means of purchasing foreign products and payment for those products.

One of the several alternatives adopted by small import companies operating in Nigeria is gift cards. However, because of scams perpetrated by few fraudulent individuals, navigating this new terrain or niche required a guide.

To dive into how to beat fraud and exchange your gift cards to Naira in minutes, let’s first understand what gift cards are!

What Are Gift Cards

Gift cards are prepaid debit cards with a preloaded specific amount for the purchase of items.

Here is How a Gift Card Works

Since gift cards are prepaid debit cards loaded with funds for future purchases, the two types of gift cards, the open-loop and the closed-loop cards can be used online and in person.

Here are the differences between Open and Closed Loop Gift Cards

Open-loop gift cards can be used at many merchants, like regular debit cards while closed-loop gift cards are good at just one retailer.

Please note that closed-loop gift cards are usually not reloadable.

For many gift cards, there is a stipulated minimum and maximum initial loading amount, the usual minimum is $10 and a common maximum is $500. In some situations, they can be used to pay for a portion of purchase with cash, debit, or credit used to balance the expense. As a precaution to mitigate the risk of losses, many gift cards can also be registered online — a strategy that allows the remaining balance to be tracked and frozen if a card is lost. In this way, some gift cards are safer than cash.

Gift cards can be used to purchase items online and in physical stores where gift cards are accepted. For example, a bearer can use the apple gift card to buy apps, music, books, etc and also at any retail store that accepts gift cards.

How to Redeem Gift Cards to Naira

Apexpay.org, Nigeria’s fast-growing gift cards exchange company, is the leading gift card exchange platform online.

Apexpay has developed a system that eases the burden and closes the gap that exists in the exchange industry by ensuring a safe and secure platform for both seller and buyer.

The Most Popular Gift Cards in Nigeria this Year

Gift Card Rates in Nigeria Today – Naira Gift card rates per $100

Footlocker 35,000
Mastercard 34,000
Amex 34,000
Google 33,000
iTunes 32,000
Bestbuy 32,000
Nordstrom 30,000
Macy 30,000
Sephora 30,000
Steam 30,000
Visa 30,000
Amazon 30,000
eBay 30,000
Exit mobile version