A Complete Guide to the Types of Gift Card in 2023
Gift cards are becoming prevalent in recent years, they are easy to take and use. Sending as a gift to your families or friends is also a good idea and advantage of gift card. Different brands own its unique types of gift cards, each of them is trying to get a higher market share in the world. After all, everyone wants to get a slice of the cake, why not?
Let's see the changes today. This article will talk about the essence of a gift card, different types of gift cards, specific categories of gift cards and their uses and functions in Nigeria.
What is Gift Card
Generally, a gift card is a form of money that could be spent anywhere. Gift cards were seen as ordinary cards or anything that represented a certain value, it was quite a simple feature. If the seller and buyer both had needs, they would use the card to exchange for goods or services with lesser or equal values. In other words, you can use gift cards to buy any physical product or in-app product that the retail store or platform accepts.
What Are the Different Categories of Gift Card
Basically there are 2 types of gift cards: open loop cards and closed loop cards.
Open loop cards: "Open-loop" is a term commonly used in the gift card industry. An all-purpose charge card that can be used anywhere that brand is accepted, like a Visa gift card, you can use it anywhere that Visa Cards are typically accepted. American Express (AMEx), Discover, and MasterCard are all major credit card companies that offer open loop cards.
Closed loop cards: a closed-loop card also called a single purpose card, they can only be used at a specific retailer or merchant. Like Apple&iTunes gift card, Google Play gift card, Steam gift card, etc.
Tips: The open loop card usually has a higher monetary holding capacity than the closed loop cards, which means you can get more money with an open loop card.
Different Forms of Gift Card
Except that, gift cards always come in different forms. The main forms are listed as below:
Physical Gift Card
They are usually plastic gift cards with the concrete shape. Some gift cards are customized. To access the gift code, you must scratch the physical copy of the product purchased in a physical store.
Virtual Gift Card
They are gift cards purchased online that are sent to the purchaser's email address. The virtual gift card can never be lost and it can save more time for busy people.
Scanned Gift Card
A scanned gift card can be purchased online or physically, but they are usually printed on paper. A physical code and an electronic code are intertwined.
Tips: Physical gift cards usually have a higher resale rate than virtual gift cards if you still have the receipt when reselling the gift card.
The Use of Gift Card
In spite of the fact that gift cards are often given out by businesses in order to increase direct sales, they can also be used to promote businesses or provide appreciation to customers.
Gift cards are like a bridge to connect the business market and customers, during the special occasions, the company always issues and promotes the gift cards to its target customers and potential customers, it's really a smart publicity to introduce the gift card brand to people.
In spite of the fact that gift cards are often given out by businesses in order to increase direct sales, they can also be used to promote businesses or provide appreciation to customers.
Gift cards are like a bridge to connect the business market and customers, during the special occasions, the company always issues and promotes the gift cards to its target customers and potential customers, it's really a smart publicity to introduce the gift card brand to people.
Functions Of Gift Card
1. Attract more customers
Gift cards are usually effective methods at businesses accepting credit cards for products and services. If the products have the high price, then customers would be reluctant to purchase, so credit gift cards are a good solution for this situation. Furthermore, new customers can follow this method.
2. Increase brand influence
The majority of gift cards convey the company's brand and symbol. Issuing the gift cards to customers is a perfect channel to spread and enhance the brand influence to its customers.
3. Boosted sales
It's not uncommon for gift cards to come with preloaded value, but this doesn't stop many users from spending more than intended. A gift card encourages customers to enter the store and view products. Use the gift card to make payment make them happy even if the total price is higher than expectation.
4. Reduce scams
Digital gift cards can be redeemed for part of the value, eliminating cash back and leaving a balance on the gift card. Clients who exchange expired refunds for cash can also use gift cards to purchase store credit, thus reducing scams. Generally speaking, gift cards generate more sales than cash.
5. Create powerful business connection
Gift card is a suitable and convenient way to build and enhance the connection between the issuers and customers. If the customers purchase the issuer's gift card with good experience, it will stimulate their repeat purchase behavior, they could become your loyal users and speak for your brands, to some extent, which enhances the business connection with both sides.
Different Types of Gift Cards in Nigeria
Supermarket Gift Card
Online supermarkets and stores accept these gift cards for purchasing merchandise. The most common types of supermarket gift cards include Walmart, eBay, Costco, Best Buy,etc.
Gaming Gift Card
These are gift cards used to make purchases in games and gaming software. Including Google Play, Steam, Razer Gold, Play Station, Roblox, Xbox and Gamestop.
Lifestyle Gift Card
You can purchase lifestyle items with lifestyle gift cards. As with other types of gift cards, they have the same features. Including Sephora, Nordstrom, Nike, JCPenny, footlocker, AMEx, etc.
Streaming Gift Card
Streaming platforms accept these gift cards. Your favorite shows and movies are available through them. Apple iTunes, Amazon Prime, HBO, Netflix, FOX, Showtime are good options.
Which Gift Card Has the Highest Rate
Here we list the top 10 popular gift cards with the highest rates in Nigeria. The highest rate gift card can't be the same one all the time, you need to keep an eye on the market fluctuation.
Steam Gift Card ⭐⭐⭐⭐⭐
Razer Gold Gift Card ⭐⭐⭐⭐⭐
Apple&iTunes Gift Card ⭐⭐⭐⭐⭐
Google Play Gift Card ⭐⭐⭐⭐⭐
Amex Gift Card ⭐⭐⭐⭐⭐
Foot Locker Gift Card ⭐⭐⭐⭐
Sephora Gift Card ⭐⭐⭐⭐
Nordstrom Gift Card ⭐⭐⭐⭐
Macy's Gift Card ⭐⭐⭐⭐
Vanilla Gift Card ⭐⭐⭐⭐
How to Sell Gift Card Online
If you have unwanted gift cards to sell, you should consider Tbay. This platform has been verified by some of the world's top media companies such as Yahoo Finance, AP News, Market Watch, and Markets Insider. You can get higher rates and more money.
Join us now
Email: [email protected]
Tbay Website: https://h5.tbay.store
Wechat: T_bay01
Facebook: Tbay
Whatsapp: +8615658115260
Tbay App: Google Play Store & App Store
Join us now
Email: [email protected]
Website: https://tbay.store
Facebook: Tbay
Tbay App: Google Play Store & App Store
