Do you know that selling gift cards has become a common source of income for many Nigerians? You might be wondering what the gift card business is all about and how you can make a decent living trading gift cards online. Continue reading as grip.ng shows you the fundamentals of gift card trading in Nigeria.
One of the many methods to make money online today is through trading gift cards. If you’ve been paying attention, you’ve probably noticed some persons in your timeline or heard someone around you talking about trading gift cards for cash with the grip.ng platform which is the most reliable in Nigeria today. Furthermore, there are several gift cards that you may swap and earn from. As a result, if you want to make money online, you can stay in your room and earn money every day.
When you’re ready to exchange gift cards for cash, though. It would be preferable if you were cautious in your approach. You can deal with other online traders or sell to certain websites.
It’s difficult to know which method to use when trading gift cards. As a result, Grip provides you with this quick guide on how to get started with gift card trading.
But first, let’s look at what gift cards are.
What are Gift Cards, exactly?
Gift cards are prepaid debit cards with a set value that can be used to buy products and services from the firms that issue them. Gift cards are available from almost every major e-commerce business. These businesses pre-load the cards with a set amount that clients can use whenever they want.
Gift cards are thus named because they are given as gifts to loved ones. As a result, rather than giving someone a gift, you can give them gift cards that they can use to purchase whatever they want.
Pre-loaded amounts are available on gift cards. As a result, you can get an Amazon gift card or some other gift card for $50, $100, or more.
Gift cards are divided into two categories; the Open-loop and Closed-loop gift cards. Open-loop gift cards can be used anywhere that accepts them. Only the store that provided the gift card accepts closed-loop gift cards.
What’s the difference between Open-loop and Closed-loop gift cards?
- Open Loop Gift Cards as:
Due to the fact that open-loop gift cards work with a variety of credit card systems, they can be used practically anywhere. Visa gift cards, for example, can be redeemed anywhere Visa is accepted, including in stores, online, and over the phone.
It usually has the logo of the card issuer or networks (which handles the transactions), such as Visa, MasterCard, American Express, or Discover. When it comes to cards issued by financial institutions, such as Visa or MasterCard, the name of the issuing bank or credit union is frequently shown.
Advantages of Open Loop Cards
- Open gift cards are readily accessible and can be used at a variety of locations, including restaurants, apparel stores, and grocery stores.
- They can even be used to pay for one-time expenses.
- Cards with an open loop are virtually as adaptable as cash.
- Closed Loop Gift Cards:
Only the merchant named on the card can redeem closed-loop gift cards. Firms like Starbucks and Amazon gift cards, for example, are “closed” since they can only be used or redeemed at Starbucks and Amazon.com. You may come across a collection of gift cards that can be used across multiple retailers. Banana Republic, Old Navy, Baby Gap, and other retailers owned by the same parent corporation accept Gap gift cards.
These “related” gift cards are nevertheless closed loop because they can only be processed (activated, redeemed, and supported) through the parent company’s gift card program, despite being redeemable Several a number of merchants.
Advantages of Closed-Loop Gift Cards
- Closed gift cards are usually free to activate, which means you only pay the amount loaded into the card.
- Because they do not need to make money on the gift card itself, merchants like grip.ng will rarely charge activation fees.
What Are the Most Commonly Traded Gift Cards?
You should concentrate on popular gift cards that have value in the gift card market if you want to maximize your potential in gift card trading. The biggest corporations offer these gift cards, and five of them stand out: iTunes, Amazon, Walmart, and Google Play gift cards.
These five gift cards, unlike others, are always in demand and may be readily resold for rapid profit. The gift cards are usually pre-loaded with cash ranging from $10 to $500, making it simple to get started trading regardless of your starting capital.
How Can You Profit From Gift Cards?
You can always trade gift cards for cash instead of using them in the stores that issued them. You can accomplish other things by exchanging gift cards for cash.
You are unlikely to require the goods and services provided by the firm that issued the gift card. If you have an Apple gift card, for example, you might not need to make any in-app purchases. As a result, exchanging gift cards for cash is the only logical option.
The concept of exchanging gift cards for cash is straightforward. You purchase gift cards from one individual and then sell them to another. A large number of people want to exchange their gift cards for cash.
Here’s an illustration of the profit margins that make gift cards selling a lucrative internet venture. Let’s say you bought a $100 gift card for $70, which implies you have a $30 potential profit margin.
If you advertise the gift card for $90 on an online gift market platform and it sells for that amount, you will have generated a $20 profit just by reselling the gift card. Twenty dollars may seem insignificant, but when multiplied by ten transactions each day, it adds up to a tidy $200 profit every day.
What is the best platform to trade Gift Cards Online?
Due to the prevalence of internet scams, it’s preferable to sell gift cards to dedicated websites and applications. These platforms are supported by reputable companies. You’ll obtain the greatest trading rate and your money promptly once you’ve found the best one.
Before Grip, there were other gift card trading platforms that experienced traders used, but the process was typically unsatisfactory. The majority of these platforms either had excessive transaction fees or were extremely dangerous to use due to the high amount of scam buyers.
Grip, on the other hand, appears to check all the boxes and offers great benefits and features for gift card retailers, particularly in Nigeria.
Who is Grip?
Grip is an internet exchange platform that links buyers and sellers of gift cards and also provides payment solutions and services. Low transaction costs and a secure gift card trading market are two aspects that set the platform apart from its competitors.
Grip is the best internet gift card trading platform out there in Nigeria for redeeming gift cards. Grip was launched in 2021, and it has since grown to become one of Nigeria’s most reputable financial institutions. Since its launch, Grip has created brand loyalty with thousands of clients around the country, thanks to the exceptional services they deliver regularly.
Grip also features one of the lowest transaction fees, as well as a clean and simple user experience.
The biggest benefit of selling to specialised Nigerian gift card trading organisations like Grip is security. You have confidence that the corporation will not steal your money.
However, you should use caution in this scenario as well, as many bogus websites are appearing.
Grip is a gift card trading platform that is composed of a team of highly motivated professionals with a collective goal of providing innovative products and services.
We are also impaired to bring essential digital payment solutions and incredible trading experiences for all our customers in both Africa and beyond.
So you are safe to buy and sell Sephora, Nordstrom, Target, Steam, Walmart, Amazon, Amex, AppStore, Best, eBay, Google play, Macy, Nike, Razer gold, Vanilla, Visa, iTunes, and many more whether as physical cards or e-code at the best rate out there.
Why should you trade your Gifts Cards with us?
- The Grip.ng brand values, which are shared by both team members and end-users, are centered on people. This is reflected in our acronym B.E.S.C.T.T, which stands for “Business Ethics, Excellence, Social Responsibility, Customer Service, Trustworthy, Teamwork.”
- To be the top option for customers throughout Africa and beyond for gift card exchange and payment solutions.
- To promote payment alternatives at the most competitive rates and to speed up money transfer settlement.
It is the gift card trading app in Nigeria that offers the best rates. The company’s website is likewise well-designed; you can quickly compare interest rates on several credit cards here.
There’s also the Grip app, which allows you to trade while on the go.
Grip can help you with almost any gift card you have. They swap apple store gift cards, iTunes, Amazon, vanilla, Nordstrom, and other items, for example.
Another key reason to sell gift cards for cash on Grip is for support. They’ll react to any questions you have within an hour.
Ways to Trade your Gift Card on Grip.ng
- Trade your Gift Cards on the Grip Website:
Our website, grip.ng, is a platform that will enable us to buy your gift card. There are many a number of websites that will buy your gift card and offer you cash in exchange, but many of these are run by scammers that are just there to get away with your gift card.
But when you trade with us, we make sure to notify you via email or calls through our experienced agents that we have received and begun processing your gift card. We work towards buying your digital gift card right away if you have one. Make sure to check out our website’s reviews or contact us on our number and social media platforms.
You will be sure to get compensated for the value of your gift card.
- Trade your Gift Cards on the Grip iOS App:
For our iOS device users (iPhone) you can trade your gift card with us using our app on the Apple Play store.
Simply download the app, register, and enter your card information then select how you will like to get paid.
- Trade your Gift Cards on the Grip Android App:
Android users are not left out as we also offer an android mobile app for selling gift cards. Go straight to your Google play store and search for the ‘GRIP’ application.
Download and register your details appropriately and trade with us. Note that we value the privacy of our customers so your information is secure in our impenetrable database and our agents will not request extra details that are not stated on the registration platform,
Conclusion: How to register on Grip
Grip makes it simple to exchange gift cards for cash. You need not provide a lot of personal information. Create an account, upload your gift card information, enter your account number, and wait for your credit alert to arrive. Start trading with Grip by downloading the app from the Play Store.
Grip registration is a quick and painless process that takes less than five minutes. The registration process is simple and straightforward, with clear instructions. Make sure you enter the correct information about yourself, including your date of birth, phone number, and name. You can start selling your gift card in the gift card market after registering on the website. Simply create an offer with your details, including price and payment method, and you’re ready to go.
Many people have difficulty making money from gift card trading because they do not take action. Don’t waste time after reading this post; create a free Grip account and start trading gift cards right away.
