The popularity and acceptance of gift cards has surely blown up over the past few years and most Nigerians have now considered it very useful and lucrative! Buying or selling gift cards comes with certain pros and cons, this is why it becomes necessary to understand the basics to avoid headaches and loss.
In this article, we will explore 10 of the most popular questions about gift cards. You will be able to find answers to majority of your questions about gift cards, and we trust that the answers will help you decide to start selling gift cards on flipexapp.com
Here are 10 things you should know about gift cards. These tips will help you avoid headaches and get the most out of gift cards - whether you are giving or receiving them.
1. The Gift Cards Industry is Big
You probably know that gift cards are popular. But you may not realize just how massive the gift card industry is. According to the National Retail Federation, holiday gift card spending alone reached $27 billion in 2021 and is most likely going to reach $29.9 billion after the 2023 holidays.
To put those huge numbers in perspective, the annual US gift card market is larger than the GDP of countries like Kenya and Ukraine. Gift cards truly are big business, and their popularity shows no signs of slowing down. Major retailers like Apple and Amazon make billions of dollars each year selling their own gift cards.
2. Most Giftcards Don’t Expire for 5 Years
This is worth reiterating - that the Credit Card Act prohibits gift card expiration for at least 5 years. However, issuers can charge fees for non-use after a certain time period passes. Be sure to read the gift card policies to understand any fees you may incur if you don’t use the card often.
While major retailers rarely impose fees, always register your gift cards if possible. And try to use the balance as soon as possible to maximize the value. Don’t let expiration dates sneak up on you.
3. Gift Cards Are on High Demand
While some criticize gift cards as impersonal, survey after survey shows they remain highly desired gifts. Recent surveys show that people want gift cards more than any other presents. Gift cards popularity has continued to increase because it allows people to pick their own perfect item.
Plus, gift cards often encourage individuals to treat themselves to something special they wouldn’t normally spend on. With so many design and personalization options available, gift cards are very thoughtful presents.
4. You Can Store and Manage Your Gift Cards on Your Smart Phone with Apps
Trying to keep track of a stack of gift cards can quickly become a hassle. But several apps on the Google Play Store and Apple App Store allow you to upload and digitally store gift card information safely.
You can easily access card balances, expiration dates, and merchant information from your smartphone. Some apps even notify you of related discounts and offers. Storing gift cards on an app makes them convenient and reduces the risk of lost cards.
5. Billions in Gift Cards Go Unused
Here is a mind-blowing thing you should know about gift cards - approximately $1 billion in gift cards go unused each year. While some gift card owners simply take a while to redeem their cards, many never get around to it at all.
Reasons for waste vary from forgotten cards to unwanted retailers to unavailability of trustworthy gift card exchange platforms. But don’t let your gift cards gather dust and expire. Always sell any unused gift cards for cash on FlipEx. Set reminders to use them within the first year or two when their value is greatest.
6. There will be a Surge in Gift card Purchase this Holiday Season
Holiday shopping trends indicate gift card purchases may see major growth as popular gifts for family, and friends. Analysts predict over $29.9 billion will be spent on gift cards just in November and December 2023.
Much of the holiday gift card shopping rush happens in the week leading up to Christmas. However, buying early has advantages - more designs and personalization options are available and popular retailers may sell out closer to the holiday.
Whether buying for others or hoping to receive cards yourself, expect to see gift cards surge in popularity among holiday shoppers.
7. You Can Convert Unused Gift Cards to Cash
No need to let unused gift cards waste away without getting value for it. This is where FlipEx comes in with a simple solution that allows you to redeem your gift cards fast at the highest giftcard rates in the market.
The process is simple - find your gift card among listed giftcards on FlipEx, select a currency, denomination, enter amount and provide the gift card details. FlipEx will process the giftcards and instantly make payments to your FlipEx wallet.
Selling or converting your unused gift cards prevents waste and puts some cash back in your pocket.
8. Gift Cards Dominate Holiday Budgets
Every holiday season Consumers always allocate a large part of their spending budget to buying gift cards for holiday gift spending. Gift cards appeal across generations, but a great percentage of shoppers between the ages of 18-24 are major recipients or buyers of gift cards for the sole purpose of shopping majorly online. With all ages loving gift cards, don’t expect their holiday popularity to fade anytime soon.
9. Registration Protects Lost Gift Card Balances
Losing a gift card can ruin anyone’s day. Fortunately, some retailers allow online gift card registration to protect balances in case of loss. Starbucks and Target, for example, both offer registration and balance transfer options if a card goes missing.
Taking a few quick minutes to register gift cards gives peace of mind. The small effort means you won’t forfeit the entire balance if the physical card disappears. Check issuer policies to see if this option is available.
10. You Need a Safe and Secure Gift Card Exchange Platform
Finding the perfect gift for someone can be a real challenge. You want to get them something thoughtful and meaningful, but also stay within your budget. Gift cards seem like an easy option, but what if the store or restaurant doesn't fit their lifestyle or interests? This is where a safe gift card exchange platform comes in handy for them.
Regardless of the reason, it feels wasteful to let a gift card sit unused in your wallet. With a gift card exchange platform, you could swap gift cards for cash rather than letting them expire.
The key is finding an exchange platform you can trust. You want assurance that the gift card exchange platform is legit and the exchange process is secure. Do your research and read reviews to be confident in the reliability of the exchange service.
Having an easy way to swap gift cards like Walmart gift cards takes the stress out of gift giving. No more guessing games about what brand or store someone prefers. And the recipient feels good knowing they can redeem the gift card for something they'll truly appreciate and use.
A trustworthy exchange platform like FlipEx helps ensure your thoughtful gift doesn't go to waste. FlipEx is available for download on the Google Play Store and Apple App Store
Conclusion
Gift cards offer undeniable convenience coupled with flexibility and value. But they also come with their own unique pros and cons around expiration, fees, storage, and more. Now that you know these 10 things about gift cards, you can maximize their advantages as a giver or recipient. Understanding the ins and outs of gift cards helps you avoid hassles and make the most of these favorite gifts.