Gift Card Vs. The Prepaid debit card: Which is the better gift? Advertiser disclosure You’re our first priority. Everytime. We believe that every person should be able to make sound financial decisions with confidence. Although our site does not feature every business or financial product in the marketplace, we’re proud of the guidance we provide and the information we offer and the tools we develop are impartial, independent, straightforward — and cost-free. So how do we make money? Our partners pay us. This could influence the types of products we review and write about (and the places they are featured on our website), but it in no way affects our suggestions or recommendations, which are grounded in many hours of study. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. . Gift Card or. prepaid debit card: What’s the best gift? Presenting gift cards is the clear winner when it comes to a simple gift of cash. Prepaid debit cards function similar to banks accounts. This article was written by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer banker writer at NerdWallet. He has written about personal finance since 2013 with a particular focus on certificates of deposit as well as other banking-related subjects. The work he has written for him was featured 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 decades 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 for 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 featured in 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:
. The majority of products featured here are from our partners who compensate us. This affects the products we feature as well as the place and way the product appears on a page. However, this does not influence our evaluations. Our views are our own. Here’s a list and . Cash is a simple gift idea, but the form it should take is another question. Placing bills in an envelope could work however, it’s not the most ideal It’s impossible to get cash back if it gets lost or stolen. It’s also easy to forget it was a gift when it’s placed in a purse. Storing cash on plastic cards is better when you make the right choice between gift cards and prepaid debit cards. Here’s what to know. Gift cards vs. prepaid debit cards Let’s start with how they’re similar They’re both prepaid cards, meaning that you can put money into the card in advance for purchases at physical and online stores. They also protect you from loss when you sign them under your name. There are two kinds of cards in the same area of a shop, such as Walgreens So make sure to be aware of which you’re buying. The main difference between a gift card and a prepaid debit cards is that the gift card is only a single-use credit card and a prepaid card is a reloadable payment option with the most features and charges that a checking account and a linked debit card have. The primary function of gift cards is: to buy goods at a dedicated store brand or in any other store that accepts a payment network such as Visa, Mastercard or American Express. They aren’t able to withdraw cash and the majority aren’t reloadable. Prepaid debit cards have many tasks: purchase items; withdraw cash at ATMs, banks or certain retailers; as well as utilize online features like bill pay. They can also be reloaded. Because of their flexibility the prepaid debit cards could serve as budgeting tools or even as replacements of checking accounts. They’ve traditionally been for curbing spending too much, but lately, there’s been increased amounts (a typical cost associated with excessive spending) and also to track spending. More • Winner gift cards. Gift cards correspond to their word as presents. Their simplicity is partly what makes them better to gift. However, there’s a second reason. Prepaid debit cards generally are subject to monthly fees, similar to checking accounts and these fees, typically between $5 and $10, could amount to up to $120 over the course of a year. It could also include other charges fees for transactions or inactivity charges. The gift card is the best option, but they’re not all equally great deals. The general-use gift cards like those offered by Visa and Mastercard are typically accompanied by one upfront fee, often known as a purchase or activation fee, which the person giving the gift would have to have to pay. The cost could range from $2.95 to $5.95 depending on the amount that is added on the card as determined by a sampling of gift card websites. However, there aren’t many fees following purchase. However, there are exceptions. Banks may provide general-use gift cards with replacement card fees or inactivity fees, which can be charged monthly following an entire year without card use. You can get around most or all fees by buying a specific store brand gift card. It is important to know the conditions and fees of a gift card before you purchase it, so that you can give your gift with happiness without any fees. Author bio Spencer Tierney is an expert on deposits and certificates at NerdWallet. His work has been highlighted by USA Today and the Los Angeles Times. On a similar note… Get 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 articles on the topics in finance that are important to you and other strategies to get more from your money.
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