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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 everyone should be able to make sound financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide as well as the tools we design are independent, objective, straightforward — and cost-free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and the places they are featured on our website) However, it doesn’t affect our advice or suggestions that are based on hundreds of hours of research. Our partners do not pay us to guarantee favorable review of their services or products. . Gift Card Vs. prepaid debit card: What’s the Better Gift? Presenting gift cards is the clear winner in a present of money. Prepaid debit cards work similar to bank accounts. By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banker writer at NerdWallet. He has covered finances for individuals since the year 2013 with a focus on certificates of deposit as well as other banking-related issues. His work has been featured 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 over two years of experience in newsrooms. She was most recently with U.S. News & World Report. Her journalism career began with The Washington Post and later was employed by Roll Call, McClatchy-Tribune and The Seattle Times. Sara has appeared on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been quoted by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She earned her degree at the Maryland University’s Philip Merrill College of Journalism. Email:
. Many or all of the items featured here come from our partners, who pay us. This impacts the types of products we feature as well as the place and way the product appears on a page. But, it doesn’t affect our assessments. Our opinions are entirely our own. Here’s a list of and . Cash is an easy gift option, but what format it should be in is a different matter. Putting bills into an envelope could work, but it’s not ideal: There’s no way to recover cash if it is stolen or lost. Additionally, it’s easy to forget it was a gift once it’s in a wallet. Storing cash on plastic cards is a better option when you make the right choice among gift cards or debit cards that are prepaid. Here’s what to know. Gift cards and. pre-paid debit cards Let’s look at the similarities between them both are pre-paid cards, which means you put money on the card ahead of time for spending at physical and online stores. They also protect you from losses if you have them registered under your own name. You might see both types of cards within the same aisle of a retailer, like Walgreens, so be sure you know which one you’re buying. The main distinction between a gift card and a prepaid debit card is that a gift card is a one-time spending card, while a prepaid debit card is a rechargeable payment option with the most features and fees associated with a checking account as well as linked debit cards do. Gift cards have one job that is to purchase goods from an exclusive store brand or any retailer that accepts payment networks like Visa, Mastercard or American Express. They don’t allow cash withdrawals, and most aren’t reloadable. Prepaid debit cards have many functions: they can make purchases, withdraw cash at ATMs, banks or certain shops; or use internet-based features, such as bill pay. They can also be reloaded. Due to their versatility the prepaid debit cards could be used as budgeting tools, or even as replacements to checking account. They’ve traditionally been for curbing spending, however in recent times, there’s been increasing amounts (a common cost when spending too much) and also to track spending. More: Winner Gift cards. Gift cards correspond to their title they are presents. Their simplicity is partly the reason they are a better choice to gift. 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 add up to $120 per year. It could also include other charges, such as transaction or inactivity fees. The gift card is the most suitable choice, but they’re not all equal in value. General-use gift cards, such as those from Visa and Mastercard, tend to have an upfront fee, commonly known as a purchase or activation fee, that the person giving the gift would have to have to pay. The fee might be $2.95 or $5.95 depending on the amount that is added to the card, based on an assortment of gift card websites. However, there aren’t many charges after purchasing. There are exceptions, though. Some banks offer general-use gift cards with charges for replacement cards or inactivity charges, which could be charged on a monthly basis after an entire year without card usage. It is possible to avoid most, if not all, charges by purchasing a brand-name gift card. Be aware of the terms and conditions of the gift card prior to you purchase it to ensure that your holiday gift brings happiness without any fees. About the author: Spencer Tierney is an expert in certificates of deposit at NerdWallet. His work has been covered by USA Today and the Los Angeles Times. In a similar vein… Discover a better checking account View NerdWallet’s picks for the best checking accounts. Go deeper into Banking Get more smart money moves — straight to your inbox. Sign-up and we’ll send you Nerdy posts on the topics in finance which matter to you the most as well as other methods to help you make the most from your money.
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