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Kobo was offering an egift card as a reward or rebate. Border Bucks works the same way. As Nightbird helpfully pointed out Agency books can't be purchased with them.
One of two things happened. Kobo couldn't program the egift card to work with the publisher's conditions on select ebooks or the Agency 6 disallowed it as it does the Border's Bucks promotion.
Yes, it is difficult to understand. It's one of the reasons people dislike the Agency system. The Agency publishers are the retailers and have complete control of the ebook purchase and currently the don't allow discounts or rebates of any kind.
Your B&N gift card wasn't due to any merchandise purchase you made, I believe.
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