It’s no secret that Bitcoin has changed the game for gift cards. Because of the technology and real-use cases Bitcoin brings, gift cards have taken new uses, forms, and even opened the doors to unique opportunities.
With Paxful, not only can you buy almost any type of gift card at a discount—letting you buy almost anything at lower prices—but you also get to do all of your shopping from the comfort of your own home.
The different types of gift cards available on Paxful
Before we get you up to speed on how to trade gift cards on Paxful, let’s talk about the different types of gift cards out there. This will give you an idea of how trade cards you already have and introduce you to the trading opportunities available on Paxful.
Here are all the different types of gift cards you can find on our marketplace:
Closed-loop cards are single-purpose cards that can only be used at specific locations—Amazon, Walmart, Google Play, Apple gift cards, and more are great examples of these cards. For example, you won’t be able to use a Walmart gift card on Amazon, hence the “closed-loop.”
Open-loop cards have a lot more flexibility when it comes to where you can spend them. Since they don’t apply to specific retailers, you can use American Express, MasterCard, or Visa gift cards at any store that accepts payments from these financial institutions.
Physical gift cards
Physical gift cards are cards with set values printed on them—often denominated in 10, 25, 50, and 100 USD. These will have codes on the back you’ll need to scratch off to redeem them. Examples of these include Starbucks, Hotels.com, and Nordstrom gift cards.
Similar to physical cards, you’ll need to redeem a code to get the value of a virtual card. However, instead of scratching off the back to get to the code, virtual card codes are sent directly to your email—which is helpful if you’re afraid to lose a physical card or want to do all your gift card shopping from home. Popular examples of virtual cards available on Paxful include Sephora, Netflix, and Target gift cards.
Reloadable and non-reloadable cards
Also known as prepaid cards, reloadable cards are similar to debit and credit cards—they have their own number and expiration date printed on the front. The amount that’s loaded inside represents the credit limit, showing you how much you can spend. As soon as the money inside is used, the card becomes worthless until more money is deposited. Examples of reloadable cards include MasterCard, Reloadit by Netspend, and OneVanilla VISA/MasterCard gift cards.
How to buy gift cards on Paxful
Now that you know the different types of gift cards on the marketplace, are you ready to start trading? Here’s how to get started:
- Buy Bitcoin
The first thing you need to do is to top your Paxful Wallet up with some Bitcoin—you’ll need to pay other traders for their gift cards, right?
Head to the Buy page, choose your preferred payment method from the 450+ options we have and take a look at all the available offers. As soon as you find one you like, you can start a trade, send in your payment, and grab your Bitcoin.
If this is your first trade, we recommend checking out the ultimate beginner’s guide to trading Bitcoin before starting.
- Head to the Gift Card Hub
The Gift Card Hub is a built-in feature on Paxful that makes trading any type of gift card as efficient as possible. It works the same as buying Bitcoin but in reverse and your trades can be completely automated. Just be sure to look at all the details of each offer—some may offer their gift cards at a discount.
Tip: Use the filters on the side to arrange all the offers from highest to lowest (select the Price: Highest to Lowest filter) to find awesome discounts.
As soon as the trade starts, your trade partner will send the code and/or pictures of the physical gift card along with the receipt. From there, verify the code and release the Bitcoin from escrow to complete the trade.
Buy anything with Bitcoin
Gift cards are one of the most popular payment options on Paxful—and it’s no surprise to see why. Not only do you have many types of gift cards to choose from, but you also get a ton of opportunities to find the cards you need at a discount.
Try it out now and see for yourself.