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Gift Card Vs. Prepaid Debit Card: What’s the better gift? Advertiser disclosure You’re our first priority. Everytime. We believe that everyone should be able to make financial decisions with confidence. And while our site does not include every company or financial product available on the market We’re pleased of the guidance we provide as well as the advice we provide and the tools we create are objective, independent simple, and completely free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the way they appear on the website), but it does not affect our advice or suggestions, which are grounded in hundreds of hours of research. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. . Gift Card or. Prepaid Debit Card: Which is the best gift? The gift card is the obvious winner for a straightforward exchange of cash. Prepaid debit cards are more similar to bank 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 been writing about personal finance since 2013, with a focus on certificates of deposit as well as other banking-related issues. His work has been highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. 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 more than two years of experience in newsrooms, including U.S. News & World Report. She started her journalism career with The Washington Post and later worked at Roll Call, McClatchy-Tribune and The Seattle Times. Sara has appeared as a guest on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been mentioned on The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She earned her degree at the Maryland University’s Philip Merrill College of Journalism. Email:
. A majority or all of the products featured here are from our partners who compensate us. This impacts the types of products we write about and the location and manner in which the product is featured on a page. However, this doesn’t influence our opinions. Our opinions are our own. Here is a list of and . Cash is a simple option for a gift, but what form it should take is a different issue. Putting bills into an envelope could work however it’s not the best option: There’s no way to recover cash if it’s stolen or lost. Additionally, it’s easy to forget it was a gift once it’s tucked into a wallet. The storage of cash on plastic cards is better in the event that you select wisely in between gift card and prepaid debit cards. This article will help you understand. Gift cards and. prepaid debit cards Let’s start with the similarities between them: Both are debit cards that are prepaid, which means you pay for the card prior to shopping at both stores both in person and online. They also provide protection against losses if you have them registered under your name. It is possible to find both kinds of cards within the same aisle of a retailer, like Walgreens, so be sure you know which one you’re picking up. The main distinction between a gift card and a prepaid debit card is that a gift card is an instant spending card and a prepaid debit card is a reloadable payment option that has most features and fees that checking accounts and linked debit cards have. Gift cards have one job for them: to purchase products at the brand of a specific store or in any other store that accepts payment networks like Visa, Mastercard or American Express. They aren’t able to withdraw cash and aren’t refillable. Prepaid debit cards have many tasks: purchase items; cash out at ATMs, banks, or retail stores; and also use web features such as bill pay. They’re also reloadable. Due to their versatility, prepaid debit cards can serve as budgeting tools or as a replacement to checking account. They’ve historically been used to limit overspending, but in recent times, there’s been increasing amounts (a typical cost associated with excessive spending) and also to aid in tracking spending. >> MORE: Winner gift cards Gift cards are true to their word as gifts. Their simplicity is partly what makes them better to gift. But there’s another reason: Prepaid debit cards generally are subject to monthly fees, similar to checking accounts do and the charges, usually between $5 and $10, can amount to up to $120 over the course of a year. There may be as well, such as transaction or inactivity charges. Gift cards are the better option, but they’re not all equally great deals. General-use gift cards, such as those from Visa and Mastercard, tend to have an upfront fee, commonly called a purchase or activation fee that the gift giver would have to pay. The cost could range from $2.95 or $5.95 depending on the amount that is added to the card, as determined by a sampling of gift card websites. There are usually no additional fees after purchase. However, there are exceptions. Some banks offer general-use gift cards, which have replacement card fees or inactivity fees. These can be charged monthly following one year of card use. It is possible to avoid most of, if not all charges by purchasing a brand-name gift card. It is important to know the terms and fees on a gift card before you purchase it, so that the gift you give to your loved ones brings pleasure without fees. About the author: Spencer Tierney is an expert in certificates of deposit at NerdWallet. His work has been highlighted in USA Today and the Los Angeles Times. In a similar vein… Get an account that is more suitable for checking View NerdWallet’s recommendations for the top checking accounts. Explore Banking even more deeply. Get more smart money moves — straight to your inbox. Sign up and we’ll send you Nerdy articles about the money topics that are important to you and other strategies to get more out of your money.
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