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Gift Card or. A Prepaid Credit Card What’s the best gift? Advertiser disclosure You’re our first priority. Everytime. We believe that every person should be able to make financial decisions without hesitation. Although our site does not include every company or financial product on the market, we’re proud 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 where those products appear on our website), but it doesn’t affect our advice or suggestions, which are grounded in hundreds of hours of study. Our partners cannot be paid to ensure positive review of their services or products. . Gift Card or. A Prepaid Credit Card What’s the better gift? The gift card is the obvious winner for a straightforward gift 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, deposits Spencer Tierney is a consumer banker writer at NerdWallet. He has been writing about personal finance since 2013, with a focus on certificates of deposit and other banking-related subjects. He has had his work featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California. Dec 22, 2022 Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is an editor who joined NerdWallet with two decades of experience in newsrooms, most recently at U.S. News & World Report. Her journalism career began 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 quoted on 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:

. A majority or all of the products we feature are made by our partners, who we pay. This influences which products we write about and the location and manner in which the product appears on the page. However, this doesn’t influence our evaluations. Our opinions are our own. Here’s a list and . Cash is a simple option for a gift, but what shape it should take is a different issue. Putting bills into an envelope might be a good idea however, it’s not the most ideal It’s impossible to recover cash if it’s stolen or lost. Plus, it’s easy to forget it was a gift when it’s tucked into a wallet. The storage of cash on plastic cards is a better option in the event that you select wisely among gift cards or debit cards that are prepaid. This article will help you understand. Gift cards are different from. Prepaid debit cards Let’s start with the similarities between them both are debit cards that are prepaid, which means you put money on the card prior to purchases at stores both in person and online. They also protect you from losses if you have them registered under your name. It is possible to find both kinds of cards in the same area of a retailer, like Walgreens, so be certain to know which you’re buying. The main distinction between a gift card and prepaid debit card is that a gift card is an instant spending card and a prepaid debit card is a reloadable payment choice that comes with all the features and charges that checking accounts and linked debit cards do. The primary function of gift cards is for them: to purchase products at a dedicated store brand or in any other store that accepts a payment network such as Visa, Mastercard or American Express. They don’t allow cash withdrawals and aren’t rechargeable. Prepaid debit cards have many tasks: purchase items; withdraw cash at ATMs, banks or certain shops; or use web features such as bill pay. They can also be reloaded. Due to their versatility, prepaid debit cards can serve as budgeting tools or as a replacement of checking accounts. They’ve traditionally been for curbing spending too much, but lately, there’s been more (a usual cost of spending too much) as well as to help track spending. More The winner Gift cards. Gift cards live up to their word as they are gifts. Their simplicity is partly what makes them better to present. However, there’s a second reason. Prepaid debit cards generally come with monthly charges, just like checking accounts, and these fees, typically between $5 and $10, can add up to $120 per year. It could also include other charges like transaction or inactivity fees. It’s a best choice, but they’re not all equally great deals. Gift cards for general use like those offered by Visa and Mastercard typically have one upfront fee, often known as a purchase fee, that the gift recipient is required to be required to pay. The amount could be $2.95 or $5.95 dependent on the amount that’s added to the card, as determined by a sampling of gift card websites. However, there aren’t many fees after purchase. However, there are exceptions. A bank may offer general-use gift cards, which have renewal fees or inactivity fees, which may get charged monthly after an entire year without card use. You can get around most of, if not all charges by purchasing a brand-name gift card. Be aware of the conditions and fees of the gift card prior to you buy it so that you can give your gift with pleasure without fees. The author’s bio: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been highlighted by USA Today and the Los Angeles Times. On a similar note… Discover the best checking account NerdWallet’s recommendations for the top checking accounts. Go deeper into Banking Get more smart money moves delivered straight to your inbox. Sign-up and we’ll email you Nerdy content about money-related topics that matter most to you as well as other methods to help you get more from your money.

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