What Does It Mean to Redeem a Gift Cards?

What Does It Mean to Redeem a Gift Card?

A gift card can be called a card in which a prepaid money value can be stored. It is issued by a b business and is used as an alternative to cash at physical and online stores. Like a debit card, a gift card has unique details written on it. Such details include what you input at the checkout point of any store for making a payment. There are maximum and minimum amounts of money that can be preloaded into your gift cards. The value of your purchase would be subtracted from the card’s value.

Unlike a debit card, gift cards are anonymous and are often disposed of when the value stored on the card is exhausted. In addition, these cards can’t be used at ATMs to withdraw cash. There are a couple of types of gift cards, including closed-loop gift_cards and open-loop gift cards. What does it mean to redeem a gift card? Here is a detailed guide!

What is Meant By Redeeming a Gift Cards?

Closed loop gift cards can be redeemed only at the merchants listed on the gift cards. For instance, a shoprite gift card can only be redeemed at shoprite. A few closed loop cards can be used in a few stores. It can be a chain of stores owned by a parent company.

Contrary to that, open loop gift_cards almost work like cash. They are ideal if you want to enjoy a great range of purchasing options. These cards can be redeemed anywhere in case they are accepted, for instance at clothing stores, restaurants, and stores etc.

How to Redeem a Gift Cards?

There are three ways you can redeem your gift card in Nigeria:

The physical store of the card issuer:

Such a method is viable in case the issuer does have a physical store in your country. You can walk into its outlet, buy what you want through the gift card, and pay it on the counter. The cashier can facilitate the payment.

The online store of the card issuer:

You can redeem your gift card online in case the issuer does have an online store. Online stores offer a redeem gift card option. To redeem your gift card online:

  • Log in to the app or website you want to redeem your card from
  • Go to the option of redeem gift card
  • Enter the gift card code in the field
  • Fill in the overall cost of the items you want to buy
  • Choose the redeem option.

Selling Your Gift Cards

Want to sell gift cards in Nigeria? Selling your gift card can be the right option for you if the issuer of your gift card does not have a physical store, or you are not able to access the use of its online store. GC Buying is your destination for selling your cards. It is a secure and perfect platform to sell cards and get some good cash for them.