What is accounting treatment for gift cards?

1.
Revenue should be recognized at the point when gift cards are utilized2.
Expense can be amortized on some reasonable basis (if material) considering different aspects

should be treated as a revenue expense and should be charged to sales promotion expense a/c or any other similar a/c

If Gfit VOucher is for any product,When redeem it by customer,it will be consider as100%Discount on sales.(Sales Discount Expences)...If we offer some percentage on reduction on Gift VOucher,when redeem it, that %amount on sales will be considered as Discount on Sales.

Yes acceptable since the first priority is always given to the sales and accounting is the process to record, to analyze, to summarize and to keep the updated records of the business and it's growth, and as far as the question of expenses it is like an investment for growth.