Great question! I recently attended a masterclass on The Power of Persuasion of Robert Cialdini. One of the most powerful principles is the Reciprocation principle.
By giving a gift before asking something of someone, they in most cases feel obligated to help you.
The example used in by Robert Cialdini on the website is as followed:
One of the best demonstrations of the Principle of Reciprocity comes
from a series of studies conducted in restaurants. So the last time
you visited a restaurant, there’s a good chance that the waiter or
waitress will have given you a gift. Probably about the same time that
they bring your bill. A liqueur, perhaps, or a fortune cookie, or
perhaps a simple mint.
So here’s the question. Does the giving of a mint have any influence
over how much tip you’re going to leave them? Most people will say no.
But that mint can make a surprising difference. In the study, giving
diners a single mint at the end of their meal typically increased tips
by around 3%.
Interestingly, if the gift is doubled and two mints are provided, tips
don’t double. They quadruple—a 14% increase in tips. But perhaps most
interesting of all is the fact that if the waiter provides one mint,
starts to walk away from the table, but pauses, turns back and says,
“For you nice people, here’s an extra mint,” tips go through the roof.
A 23% increase, influenced not by what was given, but how it was
given.
During the masterclass there was a different example given, sending a survey to CEO's. I don't have acces to the slides but I remember it as followed (there might be some errors in the actual percentages etc)
In one case they promised a reward after the survey was filled in (I believe 20$), in the other variant they gave the CEO a gift. A $5 voucher they could use however they liked, they could also not fill in the survey and still use the $5 voucher.
Surprisingly the variant had with giving the gift of 5$ first and asking someone to fill in had a much higher response rate. Version A where they got the reward after the survey had a 5% response rate. Version B had a response rate of 20%.
To sum it up, I think neither of your rewards will get the highest response rate (percentage wise). I believe that if you give out 30x 5$ to everyone you email you will get the highest response rate (percentage wise) but if you send the survey to 10.000 users you probably will get more responses by offering a reward.
If you wish to hook the most users, I would re-frame the reward. Instead of saying you get a chance on 1 of the 5 giftcards. You could change it to 'have a chance to receive a gift card of 5$ to 100$.' This is because the 'unknown' part in the reward gives more dopamine to users (that is why gambling is so addictive, the 'unknown possible reward' generates the most dopamine.')