Yes! Store credit works for anything, no matter what you traded it in for. For instance, you can trade in a ton of games from the Wii and put it toward new Switch games, Sega Genesis... Anything.
No it doesn't have to be for the same console. Level 7 gives you the choice. You can receive a fair cash amount or a bit more in store credit. You can trade in PS5 games for original Nintendo games if you want.
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