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Gift Card or. A Prepaid Credit Card What’s the better gift? Advertiser disclosure You’re our first priority. Each time. We believe that everyone should be able to make sound financial decisions with confidence. And while our site doesn’t feature every company or financial product in the marketplace however, we’re confident that the advice we provide as well as the advice we provide and the tools we develop are impartial, independent simple, and cost-free. How do we earn money? Our partners pay us. This may influence which products we write about (and the places they are featured on our website), but it in no way affects our advice or suggestions which are based on many hours of study. Our partners are not able to promise us favorable review of their services or products. . Gift Card Vs. prepaid debit card: Which is the Better Gift? Presenting gift cards is the clear winner in a exchange of cash. Prepaid debit cards work similar to bank accounts. This article was written by Spencer Tierney Senior Writer | Certificates of Deposit ethics, banking ethical, deposit accounts Spencer Tierney is a consumer banker writer at NerdWallet. He has written about finances for individuals since the year 2013 with a particular focus on certificates of deposit as well as other banking-related issues. The work he has written for him was highlighted in 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 over two years of experience in newsrooms, including U.S. News & World Report. She began her career in journalism at The Washington Post and later was employed by Roll Call, McClatchy-Tribune and The Seattle Times. Sara has appeared in SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been quoted on The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She earned her degree from the University of Maryland’s Philip Merrill College of Journalism. Email:

. A majority or all of the products we feature are made by our partners, who pay us. This influences which products we review and where and how the product appears on the page. However, this doesn’t influence our evaluations. Our opinions are our own. Here is a list of and . Cash is an easy gift idea, but the form it should take is another question. Placing bills in an envelope may be a good idea however, it’s not the most ideal: There’s no way to retrieve cash in the event that it gets lost or stolen. Additionally, it’s easy to forget cash was a gift once it’s placed in a purse. Storing cash on plastic cards is better, 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 look at the similarities between them both are prepaid cards, meaning you pay for the card ahead of time for shopping at both stores both in person and online. They also protect you from loss when you sign them under your own name. You might see both types of cards in the same area of a retailer, like Walgreens, so be sure to be aware of which you’re picking up. The main distinction 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 choice that comes with all the features and charges associated with a checking account as well as a linked debit card have. Gift cards have one job that is to purchase goods from the brand of a specific store or at any store that accepts payment networks such as Visa, Mastercard or American Express. They do not allow cash withdrawals, and most aren’t reloadable. Prepaid debit cards can be used for a variety of jobs: make purchases; cash out at ATMs, banks, or shops; or also use online features like bill pay. They are also reloadable. Due to their versatility the prepaid debit cards could serve as budgeting tools or even as replacements to checking account. They’ve historically been used to limit spending too much, but in recent years there have been increased amounts (a common cost when excessive spending) as well as to help track spending. More • Winner: Gift cards. Gift cards correspond to their word: gifts. Their simple nature is the reason they are a better choice to gift. However, there’s an additional reason. Prepaid debit cards usually have monthly fees like checking accounts do and the fees, often $5 to $10, can be as high as $120 annually. There may be as well fees for transactions or inactivity charges. The gift card is the most suitable choice, but they’re not all equally good deals. The general-use gift cards such as those issued by Visa and Mastercard typically have an upfront fee, commonly known as a purchase 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 credit card as determined by the gift card’s websites. However, there aren’t many charges after purchasing. However, there are exceptions. Banks may provide general-use gift cards, which have replacement card fees or inactivity fees, which can be charged monthly following a year of no card usage. You can avoid the majority, if not all, costs by purchasing a gift card from a store. Be aware of the terms and conditions of the gift card prior to you purchase it, so that the gift you give to your loved ones brings happiness without any fees. About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been covered in USA Today and the Los Angeles Times. On a similar note… Find an account that is more suitable for checking View NerdWallet’s picks for the best checking accounts. Dive even deeper in Banking Make smarter money decisions delivered straight to your inbox. Sign up and we’ll email you Nerdy content about the money topics which matter to you the most and other strategies to help you make the most from your money.

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