7 Important Facts You Should Know About Gift Cards

7 important facts you should know about gift cards? Well, I remember the first time I heard the term “gift cards,” I had no idea what my uncle was referring to. I overheard him telling my cousins that he would send them some gift cards. Seeing their excitement, I knew it was something pleasant, but I was too shy to ask. It was the year 2010, and I was shocked to hear that gift cards had existed since 1995.

I got home and spoke to my brother about it. He smirked and told me that gift cards are payment options people use to buy products and pay for services. While this is true, the information seems incomplete because gift cards are beyond basic payment options. Today, you will acquire more complete information, as I detail the top seven facts you should know about gift cards.

Top 7 Facts to Know About Gift Cards

Here are seven important facts you should know about gift cards;

Fact 1 – Gift Cards Can Be Physical or Digital

Gift cards come in two main forms: physical and digital. Physical gift cards are the traditional plastic cards you can hold in your hand. They are often sold in retail stores, supermarkets, or directly by the brand. They usually have a magnetic strip or a printed code that you can redeem either in-store or online.

However, the digital gift cards ( also called e-codes) are the modern version. Instead of a plastic card, you receive a unique code via email, SMS, or an app. Digital cards are faster to deliver, easier to store, and can’t be lost in the same way physical cards can.

While both serve the same purpose, the choice depends on your needs. If you want to gift someone in person, a physical card feels more tangible. However, if you want speed, convenience, and international transfer, a digital card is the better option.

Fact 2 – Some Gift Cards Have Expiration Dates

Another amazing fact is that not all gift cards last forever. While many popular brands now issue cards without expiry dates, some gift cards can expire after a certain period. In very rare cases, the value may also start to reduce through “inactivity fees” if the card remains unused for too long. These rules vary depending on the brand and the country’s regulations, so it’s important to check the terms before making a purchase.

The easiest way to avoid losing value is to redeem your gift card as soon as you can. If you are not ready to use it, set a reminder for the expiration date and keep the card details safe. For digital cards, store the code securely in your email or a password manager. For physical cards, keep them in a safe place where they won’t get lost or damaged.

Fact 3 – Exchange Rates Affect the Value of International Gift Cards

If you have ever tried to sell or trade a gift card from another country, the payout does not always match its face value. That’s because the worth of an international gift card often depends on the current exchange rate. For example, a $100 Amazon card may be worth more or less in Naira depending on the dollar-to-naira rate at the time you trade it.

Exchange rates can change daily, so timing plays a big role in how much value you get. If the currency linked to your gift card is strong, you might get a better payout when you trade. On the other hand, a weaker exchange rate can reduce the amount you receive.

Fact 4 – Not All Gift Cards Are Redeemable for Cash

Many people assume that owning a gift card automatically means you can convert it to cash, but that’s not always the case. Some retailers design their gift cards strictly for purchasing goods or services within their stores or online platforms. Some even have terms that prohibit resale or cash redemption entirely.

This is why knowing the card’s policy before you buy or accept it is important. If you need the card’s value in cash, your best option is to use a trusted trading platform like Ridima to enjoy competitive rates. However, if a gift card isn’t supported for cash redemption, no legitimate platform can bypass that restriction.

Fact 5 – Gift Card Scams Are Common

Gift cards are valuable, and scammers know it. In recent years, fake buyers, fraudulent trading platforms, and impersonators have targeted unsuspecting users. Some scammers trick people into sending card details before payment is made, while others set up convincing fake websites to steal codes. Once a scammer gets your gift card information, the balance can be gone in minutes.

The best defence is caution. Only trade on trusted platforms with a proven history of secure transactions, like Ridima. Never share your gift card code or receipt with strangers, and be wary of offers that promise unusually high returns. In the gift card market, urgency and secrecy are common red flags. Read about different scams here.

Fact 6 – Always Check the Balance Before and After Use

Verifying a gift card’s balance before and after use protects you from errors, fraud, or misunderstandings. Before redeeming, confirm the amount through the retailer’s official website, app, or customer service to ensure the card is valid and fully loaded. After making a purchase, check again to confirm the correct amount was deducted and no unauthorised charges occurred. This simple habit can save you from disputes and help you keep track of your card’s value.

Fact 7 – You Can Trade Gift Cards Online for Local Currency

If you have a gift card you don’t plan to use, you can convert it into cash through online trading platforms. However, the value you get will depend on the card type, its currency, and current market rates. The truth is that some brands will fetch higher payouts than others. To get the best deal, always use Ridima. With us, trading gift cards online is not only safe but also a quick way to get the maximum value of your gift cards.

How to Trade Your Trade Gift Cards Online For Cash

With Ridima, you will enjoy the highest rate in Nigeria, even as you get your cash equivalent within minutes. Let me show you how to get started.

Create an account via our website or mobile app.
Download the Ridima Mobile App from the Google Play Store or the App Store.
Register and set up your account profile.
Optionally, verify your BVN for added security.
Add your bank account details for easy fund withdrawal.
Click “TRADE GIFT CARDS” and select “SELL GIFT CARDS.”
Click on the type of gift card. For example, you can choose “Google Play” if that is the gift card.
Use the dropdown for “SELECT CURRENCY” (USD, EUR, GBP, AUD, etc.)
Specify the currency and card type (E.g., Physical card, E-Code, Receipt, etc.).
Enter card details: sub-category, value, and amount.
Review the cash payout in Naira and proceed.
Verify the gift card by entering the Ecode or uploading a photo of it.
Confirm the transaction and receive instant cash in your account wallet for withdrawal.

Conclusion

Now that you have read this article on seven important facts you should know about gift cards, you would agree that where you buy or sell your gift card is the most important detail. However, Ridima is the best place to buy a gift card from anywhere in the world. Similarly, you can convert your gift card to Naira or Cedi instantly. Use Ridima now and enjoy premium trading experiences.

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