Gift Card Vs. A Prepaid Credit Card What’s the best gift? Advertiser disclosure You’re our first priority. Everytime. We believe that everyone should be able to make financial decisions with confidence. While our website does not feature every business or financial product available on the market We’re pleased that the guidance we offer as well as the advice we provide as well as the tools we design are impartial, independent easy to use and cost-free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and the places they are featured on the site) however it in no way affects our suggestions or recommendations which are based on hundreds of hours of research. Our partners cannot promise us favorable reviews of their products or services. . Gift Card or. A Prepaid Credit Card Which is the Better Gift? Presenting gift cards is the obvious winner when it comes to a simple gift of cash. Prepaid debit cards are more like banks accounts. By Spencer Tierney Senior Writer | Certificates of Deposit ethics, banking ethical, deposit accounts Spencer Tierney is a consumer banker writer at NerdWallet. He has been writing about finances for individuals since the year 2013 with a particular focus on certificates of deposit, as well as other banking issues. His work has been covered in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in 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. Her journalism career began 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 by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other media outlets. She graduated at the Maryland University’s Philip Merrill College of Journalism. Email:

. The majority of items featured here come from our partners, who we pay. This influences which products we write about and the location and manner in which the product is featured on a page. But, it doesn’t influence our opinions. Our opinions are our own. Here’s a list of and . Cash is a great option for a gift, but what shape it should take is a different matter. Putting bills into an envelope might work however, it’s not the most ideal It’s impossible to get cash back if it’s stolen or lost. It’s also 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, provided you choose wisely between gift cards and debit cards that are prepaid. This article will help you understand. Gift cards and. Prepaid debit cards Let’s begin by describing what they have in common: Both are pre-paid cards, which means you pay for the card prior to shopping at both stores in stores, both physical and online. They also protect you from loss when you sign them under your name. There are two kinds of cards within the same aisle of a retailer, like Walgreens and Target, so make certain to know which you’re purchasing. The primary distinction between a gift card and a prepaid debit card is that it’s an instant spending card and a prepaid debit card is a reloadable choice that comes with all the features and fees associated with a checking account as well as linked debit cards have. The primary function of gift cards is that is to purchase goods from a dedicated store brand or in any other store that accepts payment networks like Visa, Mastercard or American Express. They aren’t able to withdraw cash and the majority aren’t refillable. Prepaid debit cards have many functions: they can make purchases, withdraw cash from ATMs, banks or retailers; as well as utilize internet-based features, such as bill pay. They’re 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 been traditionally used to reduce spending, however in recent years there have been more (a usual cost of overspending) as well as to track spending. More • Winner gift cards. Gift cards live up to their word as presents. Their simplicity is partly why they’re a good choice to present. However, there’s a second reason. Prepaid debit cards generally have monthly fees like checking accounts, and these fees, typically $5 to $10, can be as high as $120 annually. It could also include other charges, such as transaction or inactivity fees. It’s a best choice, but they’re not all equally good deals. The general-use gift cards such as those issued by Visa and Mastercard are typically accompanied by one upfront cost, usually known as a purchase or activation fee that the gift giver would pay. The cost could range from $2.95 or $5.95 dependent on the amount that’s added to the card, as determined by a sampling of gift card websites. But there aren’t usually other charges after purchasing. There are some exceptions. Banks may provide general-use gift cards, which have charges for replacement cards or inactivity fees. These may get charged monthly after a year of no card usage. It is possible to avoid most, if not all, charges by purchasing a brand-name gift card. In general, understand the conditions and fees of the gift card before you purchase it to ensure that you can give your gift with pleasure without fees. The author’s bio: Spencer Tierney is an expert in certificates of deposit at NerdWallet. The work of Spencer Tierney has been covered in USA Today and the Los Angeles Times. In a similar vein… Find a better checking account View NerdWallet’s top picks for the best checking accounts. Go deeper into Banking Make smarter money decisions – straight to your inbox. Sign up and we’ll email you Nerdy content about money-related topics that are important to you as well as other methods to help you get more from your money.

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