By Gift cards have become a popular form of currency in Nigeria, with many individuals and businesses actively trading them for cash or using them for online purchases. The growing demand for gift cards stems from the flexibility they offer and the convenience they bring to users. However, the rate at which gift cards are exchanged for Naira fluctuates based on various factors like the platform being used, the type of card, and the current market conditions. This article provides an updated list of gift card rates in Nigeria, highlights the best deals for popular cards, and explains how to calculate the gift card to Naira conversion using a gift card rate calculator.
Understanding Gift Card Rates in Nigeria
Gift card rates refer to the value at which a gift card can be traded for cash, typically in Naira. The rates differ from card to card and also depend on factors like demand, the card’s currency, and market volatility. For example, an Amazon gift card may have a higher exchange rate than a less popular card like a Saks Fifth Avenue gift card.
Platforms that allow gift card trading often have gift card rate calculators that help users determine how much they can get for their cards based on current market rates. These calculators provide real-time rates, making it easier for users to know the exact amount they can receive for their gift card.
Popular Gift Cards and Their Rates
The most common types of gift cards in Nigeria include retail gift cards, prepaid gift cards, and digital gift cards. Below is an updated list of gift card rates for popular cards as of 2024:
1. Amazon Gift Card
- Rate: $100 Amazon gift card ranges between N60,000 to N65,000 depending on the platform.
- Best Deal: Amazon gift cards tend to have stable rates and are in high demand, making them an ideal choice for trading.
Amazon gift cards can be redeemed for a wide variety of products, from electronics to books, making them one of the most versatile options for both gifting and trading.
2. iTunes/Apple Gift Card
- Rate: A $100 iTunes gift card typically trades for N40,000 to N45,000.
- Best Deal: iTunes/Apple gift cards tend to have lower rates compared to Amazon or Visa gift cards, but they are still popular among music and app lovers.
iTunes cards are best suited for users who enjoy digital purchases like apps, music, and movies.
3. Google Play Gift Card
- Rate: A $100 Google Play gift card usually trades for around N42,000 to N47,000.
- Best Deal: Google Play gift cards are excellent for those looking to buy apps, games, and media through the Google Play store. These cards have moderate rates compared to other gift cards but are consistently in demand due to the widespread use of Android devices in Nigeria.
4. Steam Gift Card
- Rate: A $100 Steam gift card trades for N55,000 to N60,000.
- Best Deal: Steam cards are highly valued among gamers who use the Steam platform to purchase video games and in-game items. Their rates fluctuate depending on the gaming season, especially during major Steam sales.
5. Visa Prepaid Gift Card
- Rate: A $100 Visa prepaid card typically trades for N70,000 to N75,000, depending on the platform.
- Best Deal: Visa prepaid cards are among the most flexible gift cards since they can be used almost anywhere that accepts Visa, making them a premium option for those looking for maximum versatility. Due to their high demand, Visa cards often offer one of the best exchange rates in the gift card market.
6. Sephora Gift Card
- Rate: A $100 Sephora gift card trades for around N45,000 to N50,000.
- Best Deal: Sephora cards are popular among beauty enthusiasts who want to purchase makeup, skincare, and other beauty products. The rate for Sephora cards is moderate, but it remains a valuable gift card for the right recipient.
7. PlayStation Gift Card
- Rate: A $100 PlayStation gift card typically trades for N55,000 to N60,000.
- Best Deal: PlayStation gift cards are highly sought after by gamers, especially during the release of new games or during the holiday season. Their rates tend to increase during these periods, making them a good option for those looking to maximize returns on their gift card trades.
8. Walmart Gift Card
- Rate: A $100 Walmart gift card generally trades for N45,000 to N50,000.
- Best Deal: Walmart gift cards are popular because of the wide range of products available at Walmart stores. While the rates are moderate, the high demand for these cards makes them a reliable choice for trading.
9. eBay Gift Card
- Rate: A $100 eBay gift card trades for around N48,000 to N52,000.
- Best Deal: eBay gift cards are ideal for those who shop on the eBay platform, and they have relatively high exchange rates due to the platform’s global reach.
Best Platforms to Trade Gift Cards in Nigeria
Several platforms in Nigeria allow users to trade their gift cards for Naira. These platforms also feature gift card rate calculators to help users get the best deals. Below are some of the most trusted platforms:
1. Cardtonic
Cardtonic is one of the most popular platforms for trading gift cards in Nigeria. The platform provides a gift card rate calculator that helps users determine how much they can get for their cards in real-time.
- Pros: Competitive rates, fast payouts, and a user-friendly app.
- Cons: Occasionally experiences delays during peak periods.
2. Paxful
Paxful is a peer-to-peer platform where users can trade gift cards for cryptocurrency or cash. It’s widely trusted and offers a variety of payment methods.
- Pros: Wide variety of gift cards accepted, competitive rates, and the ability to trade for Bitcoin.
- Cons: Some sellers may offer lower rates, so it’s essential to compare offers.
3. Patricia
Patricia is another leading platform for buying and selling gift cards in Nigeria. It has a gift card rate calculator that updates rates daily.
- Pros: Instant payout, easy-to-use interface, and competitive rates.
- Cons: Limited to certain types of gift cards.
4. Prestmit
Prestmit is known for offering some of the best rates for gift cards in Nigeria. They also have a real-time gift card rate calculator that allows users to get the latest exchange rates.
- Pros: High exchange rates, fast payouts, and an intuitive platform.
- Cons: Fewer gift card types accepted compared to other platforms.
How to Use a Gift Card Rate Calculator
A gift card rate calculator is a tool that helps you determine the current value of your gift card when exchanged for Naira. Most trading platforms offer this tool, and it’s easy to use:
- Select the Type of Gift Card: Start by choosing the type of gift card you have, such as Amazon, Visa, or Steam.
- Enter the Card’s Value: Input the denomination of your card (e.g., $50, $100).
- Get the Conversion Rate: The calculator will display the current exchange rate for your gift card.
- See the Naira Value: Once the rate is provided, the calculator will convert your gift card to its Naira equivalent.
For example, if you have a $100 Amazon gift card and the rate is N620 per dollar, the calculator will show that your card is worth N62,000.
Factors Affecting Gift Card Rates
Several factors affect the gift card rate you receive when trading your card for Naira. These include:
- Market Demand: Gift cards in high demand, like Amazon or Visa, typically have better rates.
- Currency: Cards in USD or GBP often have higher rates than those in other currencies.
- Platform Fees: Some platforms charge transaction fees, which can slightly lower the value you receive.
- Seasonal Trends: During holidays or special sales events like Black Friday, rates may fluctuate based on demand.
Conclusion
The value of your gift card depends on several factors, including the type of card, the platform you’re using, and current market conditions. Platforms like Cardtonic, Paxful, Patricia, and Prestmit offer competitive rates and feature gift card rate calculators that help users determine the current exchange rate for their cards. By using these platforms and calculators, you can ensure that you’re getting the best deal when converting your gift card to Naira.
Whether you’re trading a Visa prepaid card or a Steam card, understanding the market and knowing where to trade can help you maximize the value of your gift card in Nigeria. Always keep an eye on the latest rates and compare platforms to find the best possible deal.