Gift Card or. A Prepaid Credit Card What’s the better gift? Advertiser disclosure You’re our first priority. Every time. We believe that everyone should be able make financial decisions without hesitation. And while our site does not feature every business or financial product that is available in the marketplace, we’re proud that the guidance we offer, the information we provide as well as the tools we design are independent, objective simple, and cost-free. How do we earn money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on our website) However, it doesn’t affect our advice or suggestions, which are grounded in hundreds of hours of study. Our partners are not able to pay us to guarantee favorable reviews of their products or services. . Gift Card vs. Prepaid Debit Card: What’s the better gift? Gift cards are the clear winner when it comes to a simple present of money. Prepaid debit cards function similar to bank accounts. By Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has written about the personal financial sector since, with a focus on certificate of deposit and other banking-related topics. He has had his work highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California. Dec 22, 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. She was most recently with U.S. News & World Report. She started her journalism career working at The Washington Post and later worked at 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 mentioned by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other media outlets. She earned her degree in the U.M.’s Philip Merrill College of Journalism. Email:
. The majority of products we feature are made by our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this doesn’t affect our assessments. Our opinions are our own. Here is a list of and . Cash is an easy gift option, but what shape it should take is a different matter. The idea of putting bills in an envelope might work however, it’s not the most ideal: There’s no way to get cash back if it is stolen or lost. Additionally, it’s easy to forget that cash was a gift once it’s placed in a purse. It’s better to store cash in plastic cards is better, provided you choose wisely among gift cards or prepaid debit cards. Here’s what to know. Gift cards vs. pre-paid debit cards Let’s begin by describing what they have in common: Both are prepaid cards, meaning that you can put money into the card in advance for spending at stores both in person and online. They also offer protections against losses if you have them registered in your name. There are two kinds of cards in the same area of a store such as Walgreens, so be certain to know which you’re purchasing. The main distinction between a giftcard and a prepaid debit card is that a gift card is only a single-use credit card and a prepaid card is a reloadable 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 a dedicated store brand or at any store that accepts a payment network such as Visa, Mastercard or American Express. They do not allow cash withdrawals and the majority aren’t reloadable. The debit cards that are prepaid have a range of tasks: purchase items; cash out at ATMs, banks or certain retailers; as well as also use online features like bill pay. They’re also reloadable. Because of their flexibility they can serve as budgeting tools or as a replacement to checking account. They’ve historically been used to limit spending, however lately, there’s been increased amounts (a usual cost of spending too much) and also to help track spending. More: Winner: Gift cards Gift cards are true to their title they are presents. Their simple nature is what makes them better to present. However, there’s an additional reason. Prepaid debit cards usually come with monthly charges, just like checking accounts and the fees, often between $5 and $10, could add up to $120 per year. There may be as well fees for transactions or inactivity fees. Gift cards are the most suitable alternative, but they’re all equal in value. Gift cards for general use, such as those from Visa and Mastercard are typically accompanied by an upfront fee, commonly known as a purchase fee, which the gift giver would be required to pay. The cost could range from $2.95 or $5.95 dependent on the amount that’s added on the card as determined by the gift card’s websites. There are usually no additional fees following purchase. There are exceptions, though. A bank may offer general-use gift cards that have charges for replacement cards or inactivity fees, which may get charged monthly after one year of card use. You can avoid the majority or all costs by purchasing a brand-name gift card. Be aware of the conditions and fees of the gift card prior to you purchase it to ensure that the gift you give to your loved ones brings pleasure without fees. Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. Its work was featured in USA Today and the Los Angeles Times. In a similar vein… Get a better checking account View NerdWallet’s top picks for the best checking accounts. Explore Banking even more deeply. Make smarter money decisions – straight to your inbox Sign up and we’ll email you Nerdy content about money-related topics which matter to you the most as well as other methods to help you get more from your money.
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