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Gift Card or. A Prepaid Credit Card Which is the best gift? Advertiser disclosure You’re our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. And while our site does not include every company or financial product on the market We’re pleased that the advice we provide and the information we offer and the tools we create are impartial, independent easy to use and cost-free. How do we earn money? Our partners pay us. This could influence the types of products we write about (and where those products appear on the site), but it does not affect our recommendations or advice that are based on hundreds of hours of study. Our partners cannot be paid to ensure positive review of their services or products. . Gift Card or. Prepaid Debit Card: Which is the best gift? The gift card is the obvious winner in a exchange of cash. Prepaid debit cards are more than bank accounts. Written by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has written about the personal financial sector since, with a focus on certificates of deposit as well as other banking-related issues. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California. Dec 22nd, 2022 Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is an editor who joined NerdWallet with over two decades of experience working in newsrooms, most recently at U.S. News & World Report. She began her career in journalism at The Washington Post and later worked for Roll Call, McClatchy-Tribune and The Seattle Times. Sara has appeared in SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been featured by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She earned her degree in the U.M.’s Philip Merrill College of Journalism. Email:

. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about as well as the place and way the product appears on a page. However, this does not affect our assessments. Our opinions are our own. Here is a list of and . Cash is an easy option for a gift, but what shape it should take is a different matter. Putting bills into an envelope may be a good idea, but it’s not ideal It’s impossible to recover cash if it’s stolen or lost. Additionally, it’s easy to forget it was given as a gift after it’s tucked into a wallet. It’s better to store cash in plastic cards is a better option, provided you choose wisely between gift cards and prepaid debit cards. Here’s what to know. Gift cards are different from. prepaid debit cards Let’s start with the similarities between them They’re both pre-paid cards, which means you pay for the card prior to purchases at stores in stores, both physical and online. They also provide protection against loss if you register them in your name. You might see both types of cards within the same aisle of a store such as Walgreens, so be sure to be aware of which you’re purchasing. The main difference between a gift card and a prepaid debit cards is that it’s an instant spending card and a prepaid card is a rechargeable payment choice that comes with all the features and charges associated with a checking account as well as a linked debit card have. The primary function of gift cards is for them: to purchase products at an exclusive store brand or any retailer which accepts a payment system such as Visa, Mastercard or American Express. They aren’t able to withdraw cash and the majority aren’t reloadable. The debit cards that are prepaid have a range of jobs: make purchases; withdraw cash from ATMs, banks or certain shops; or also use online features like bill pay. They can also be reloaded. Because of their flexibility the prepaid debit cards could be used as budgeting tools, or even as replacements to checking account. They’ve historically been used to limit overspending, but in recent times, there’s been increasing amounts (a common cost when excessive spending) as well as to help track spending. More: Winner gift cards. Gift cards correspond to their name: presents. Their simplicity is partly why they’re a good choice to give. However, there’s a second reason. Prepaid debit cards typically have monthly fees like checking accounts and the charges, usually 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 best option, but they’re not all equally great deals. The general-use gift cards, such as those from Visa and Mastercard typically have one upfront cost, usually known as a purchase or activation fee, that the gift recipient is required to pay. The cost could range from $2.95 to $5.95, depending on the amount that’s added to the credit card based on a sampling of gift card websites. However, there aren’t many fees following purchase. There are some exceptions. A bank may offer general-use gift cards with charges for replacement cards or inactivity fees, which could be charged on a monthly basis after one year of card use. You can avoid the majority of, if not all charges by purchasing a gift card from a store. Be aware of the terms and fees on the gift card before you purchase it to ensure that the gift you give to your loved ones brings happiness without any fees. The author’s bio: Spencer Tierney is an expert on deposits and certificates at NerdWallet. His work has been featured in USA Today and the Los Angeles Times. Similar to… Find an account that is more suitable for checking View NerdWallet’s picks for the best checking accounts. Go deeper into Banking Find more money-saving strategies right to your inbox. Sign up and we’ll send you Nerdy posts on the topics in finance which matter to you the most along with other ways to help you make the most out of your money.

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