How to Make Money Trading Gift Cards in Nigeria – You have probably heard of how people make money buying and selling gift cards online, but what you may not know is that the same opportunities exist right here in Nigeria! In this guide, I will show you step-by-step how to make money trading gift cards and increase your income by thousands of Naira each month! So how do you get started? Let’s find out!
What are Gift Cards?
In economics, a gift card is a prepaid stored-value money card usually issued by a retailer or bank to be used as an alternative to cash for purchases within a particular store or related businesses.
There are two forms of gift cards and they are physical gift cards and E-gift cards. Physical gift cards are branded plastic cards bought from retail stores while E-gift cards: Are digital codes you buy online and sent to you via an email address or a phone number.
How to Make Money Trading Gift Cards in Nigeria
A gift card is purchased using money. The value of the card is deducted each time it is used. Gift cards are also given out by retailers and marketers as part of a promotion strategy, to entice the recipient to come into their store and spend more money. Some retailers charge fees for purchasing gift cards or require minimum purchase amounts. Fees may discourage buying of gift cards.
To avoid such fees, some people purchase gift cards from multiple retailers, so that no single retailer accounts for all of their purchases.
The popularity of gift cards has grown rapidly since their introduction; $112 billion worth were sold in 2012 in the United States alone. By 2013, that number had risen to $140 billion. In 2014, sales reached $160 billion, with a projected value of $180–200 billion by 2018. A survey conducted by Deloitte Touche Tohmatsu Limited (DTTL) in 2013 found that 87% of respondents planned to purchase at least one gift card during the holiday season of 2013, and 34% planned on purchasing more than five gift cards.
List of Popular Gift Cards
6.. eBay gift cards
7. American Express gift cards
Why Trade Gift Cards in Nigeria?
The idea of making money by buying and selling gift cards may seem laughable how can a $50 gift card you buy at Best Buy be worth more than $50? but it’s actually a very legitimate way of making some serious cash. This is how you make money from gift cards, for example, you could buy a $100 gift card for say $50 from somebody that needs quick money and sell it to another person for $70 and make a $30 profit.
Most people love free stuff and tend to get carried away when it comes time to buy gifts. They might spend hundreds on a single item, only to find out that they could have bought two or three different things for their loved ones with that same amount of money.
That extra spending is exactly what makes trading gift cards so lucrative: You can sell them for more than face value, which is why many people are looking for ways to make money trading gift cards in Nigeria. But how do you go about finding buyers for your cards? And how do you know if a deal is good enough to take advantage of? Here’s everything you need to know about getting started.
Where to Sell your Excess Gift Cards
When it comes time to sell your gift cards, you can list them for sale at a number of online marketplaces. Some sites will even buy your cards directly, like Cardpool and Raise. eBay is another option; just be aware that its fees are higher than those charged by other sites. If you are looking for a more local experience, you can trade gift cards out on sites like Craigslist or Facebook Marketplace where you live. All you need do is
- .Set up an account
- Enter details of your gift card
- Trade your gift card
Also, you can try selling your gift cards on social media but proceed with caution your transactions might not always go smoothly. Be sure to read up on scams before making any deals on social media! How to Choose which Gift Cards to Sell: Before listing your gift card for sale, think about what you need from it. For example, if you want cash quickly (within 24 hours), then you should choose an auction site or marketplace that pays quickly. Similarly, if speed isn’t important but getting as much money as possible is, then an online marketplace like Cardpool may make sense.
What to Look Out For When Trading Gift Cards
As there are several scammers trying to make money buying and selling gift cards, be sure you take precautions. The most common way scammers make money is by overpaying for a card and then they sell it at below-market value. Make sure that you follow strict guidelines when setting up your buy/sell rates or you could end up getting less than what you should have. Also, never give out personal information such as bank account details until you are completely satisfied with how transactions will occur.
Remember: if something seems too good to be true, it probably is! If you need help finding reliable buyers or sellers, check out Reddit’s /r/giftcardexchange. It’s full of people who want to trade their unwanted cards for ones they actually want. It’s also an excellent place to get advice about how best to avoid being scammed. Just remember: these are people just like you, so treat them well!
Some Other Tips about Trading Gift Cards
The following are some tips you can use if you are going to do gift card online trading. They might be very useful if you are going to make money-trading gift cards in Nigeria. It’s also important that you know what exactly kind of card is best suited for buying and selling purposes. That will help in ensuring that you don’t end up with a card that may or may not be accepted by merchants.
How to Make Money Trading Gift Cards in Nigeria
There are basically two types of gift cards: open-loop and closed-loop. Open loop means they can be used anywhere while closed loop means they can only be used at specific stores. For example, Amazon has its own closed-loop gift card called Amazon Coins, which cannot be used anywhere else but on its website. In addition, there are different levels of value when it comes to these cards; some come with $10 while others have $100 values.
As such, before you buy any gift card, it’s important that you check on how much value it carries so as to avoid being stuck with one that won’t be worth anything. Also, remember that all transactions using cash-equivalent gift cards must go through AMEX Merchant Services or MasterCard Merchant Services. So ensure that your account provider supports those services. Once you get your hands on a gift card, you can either sell it outright or trade it for another type of gift card with someone who wants to buy yours.
You should always sell them at face value unless you want to risk getting scammed out of your balance. And never ever try selling them below face value because nobody would want them then! If you decide to sell your gift card outright, find out what it’s worth first. This way, you won’t lose too much money if somebody offers less than face value. If you choose to trade instead of selling, ensure that both parties are aware of how many dollars they will be receiving or paying off each other during an exchange.
