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Gift Card vs. Prepaid Debit Card: Which is the best gift? Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able to make sound financial decisions without hesitation. And while our site does not feature every business or financial product that is available in the marketplace We’re pleased of the guidance we provide, the information we provide and the tools we create are objective, independent simple, and cost-free. How do we earn money? Our partners compensate us. This may influence which products we write about (and the way they appear on the site), but it doesn’t affect our advice or suggestions, which are grounded in thousands of hours of research. Our partners cannot promise us favorable review of their services or products. . Gift Card Vs. prepaid debit card: Which is the best gift? Presenting gift cards is the clear winner in a present of money. Prepaid debit cards function like banks accounts. By Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banker writer at NerdWallet. He has written about personal finance since 2013, with a focus on certificate of deposit, as well as other banking topics. The work he has written for him was covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location is Berkeley, California. Dec 22nd, 2022 Edited By Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is an editor who joined NerdWallet with two years of experience in newsrooms. She was most recently with U.S. News & World Report. She started her journalism career at The Washington Post and later was employed by Roll Call, McClatchy-Tribune and The Seattle Times. Sara has been featured as a guest on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been quoted on The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She earned her degree from the University of Maryland’s Philip Merrill College of Journalism. Email:
. Many or all of the products we feature are made by our partners, who pay us. This affects the products we review and the location and manner in which the product appears on a page. But, it doesn’t influence our evaluations. Our opinions are entirely our own. Here’s a list and . Cash is a simple gift option, but what form it should take is a different matter. Putting bills into an envelope might be a good idea however, it’s not the most ideal: There’s no way to get cash back if it’s stolen or lost. Plus, it’s easy to forget that cash was a gift once it’s tucked into a wallet. It’s better to store cash in plastic cards is more secure in the event that you select wisely between gift cards and debit cards that are prepaid. Here’s what to know. Gift cards are different from. prepaid debit cards Let’s look at how they’re similar: Both are prepaid cards, meaning you put money on the card ahead of time for purchases at physical and online stores. They also protect you from loss when you sign them in your name. You might see both types of cards within the same aisle of a store such as Walgreens and Target, so make certain to know which you’re buying. The primary distinction between a gift card and a prepaid debit cards is that it’s a one-time spending card, while a prepaid debit card is a reloadable option that has most features and costs that a checking account and linked debit cards have. Gift cards have one job that is to purchase goods from an exclusive store brand or in any other store that accepts a payment network such as Visa, Mastercard or American Express. They don’t allow cash withdrawals, and most aren’t rechargeable. Prepaid debit cards have many functions: they can make purchases, withdraw cash at ATMs, banks or shops; or utilize online features like bill pay. They are also reloadable. Due to their versatility the prepaid debit cards could be used as budgeting tools, or as a replacement of checking accounts. They’ve historically been used to limit spending too much, but lately, there’s been increased amounts (a usual cost of excessive spending) as well as to aid in tracking spending. >> MORE • Winner gift cards Gift cards are true to their word as they are gifts. Their simplicity is partly why they’re a good choice to give. However, there’s a second reason. Prepaid debit cards generally come with monthly charges, just like checking accounts and the charges, usually between $5 and $10, could be as high as $120 per year. There could be other fees as well like transaction or inactivity charges. The gift card is the best option, but they’re not all equal in value. Gift cards for general use such as those issued by Visa and Mastercard, tend to have one upfront fee, often known as a purchase fee that the gift recipient is required to have to pay. The amount could be $2.95 or $5.95 dependent on the amount that’s added to the credit card based on the gift card’s websites. There are usually no additional fees after purchase. There are exceptions, though. Some banks offer general-use gift cards, which have charges for replacement cards or inactivity fees. These can be charged monthly following one year of card use. You can avoid the majority of, if not all charges by purchasing a brand-name gift card. In general, understand the conditions and fees of the gift card prior to you purchase it, so that your holiday gift brings joy with no fees attached. About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been featured in USA Today and the Los Angeles Times. Similar to… Get a better checking account View NerdWallet’s picks for the best checking accounts. Go deeper into Banking Make smarter money decisions — straight to your inbox. Sign up and we’ll send you Nerdy articles about the money topics which matter to you the most along with other ways to help you make the most out of your money.
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