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Gift Card or. Prepaid Debit Card: Which is the best gift? Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able to make financial decisions with confidence. Although our site does not feature every business or financial product available in the marketplace We’re pleased that the guidance we offer, the information we provide as well as the tools we design are independent, objective easy to use and cost-free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the website) However, it in no way affects our advice or suggestions which are based on thousands of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. . Gift Card or. Prepaid Debit Card: What’s the Better Gift? The gift card is the obvious winner for a straightforward present of money. Prepaid debit cards are more similar to bank accounts. This article was written by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banker writer at NerdWallet. He has covered personal finance since 2013 with a focus on certificate of deposit as well as other banking-related issues. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. 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 two years of experience in newsrooms. She was most recently with U.S. News & World Report. Her journalism career began with The Washington Post and later was employed by Roll Call, McClatchy-Tribune and The Seattle Times. Sara has been featured 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 graduated at the Maryland University’s Philip Merrill College of Journalism. Email:

. Many or all of the items featured here come from our partners who compensate us. This influences which products we review and the location and manner in which the product is featured on the page. However, this doesn’t influence our evaluations. Our opinions are entirely our own. Here’s a list and . Cash is a simple gift idea, but the format it should be in is a different matter. Putting bills into an envelope might be a good idea, but it’s not ideal: There’s no way to get cash back if it’s stolen or lost. It’s also easy to forget that cash was a gift once it’s placed in a purse. The storage of cash on plastic cards is better, provided you choose wisely between gift cards and prepaid debit cards. Here’s what to know. Gift cards vs. Prepaid debit cards Let’s look at the similarities between them both are pre-paid cards, which means that you can put money into 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. You might see both types of cards within the same aisle of a store such as Walgreens and Target, so make sure you know which one you’re picking up. The major difference between a gift card and prepaid debit card is that the gift card is a one-time spending card, and a prepaid card is a rechargeable payment option with the most features and fees that checking accounts and linked debit cards do. The primary function of gift cards is for them: to purchase products at an exclusive store brand or in any other store that accepts a payment network such as Visa, Mastercard or American Express. They do not allow cash withdrawals and the majority aren’t reloadable. Prepaid debit cards have many jobs: make purchases; withdraw cash at ATMs, banks, or retail stores; and use internet-based features, such as bill pay. They can also be reloaded. Because of their flexibility the prepaid debit cards could be used as budgeting tools, or as a replacement to checking account. They’ve historically been used to limit spending, however in recent years there have been more (a common cost when overspending) as well as to aid in tracking spending. >> MORE The winner gift cards. Gift cards correspond to their word: gifts. Their simplicity is part of what makes them better to gift. However, there’s a second reason. Prepaid debit cards usually 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. There may be as well, such as transaction or inactivity charges. Gift cards are the best option, but they’re not all equally good deals. Gift cards for general use, such as those from Visa and Mastercard are typically accompanied by one upfront cost, usually known as a purchase or activation fee, that the gift recipient is required to have to pay. The amount could be $2.95 or $5.95 depending on the amount that’s added on the card as determined by an assortment of gift card websites. There are usually no additional fees following purchase. There are some exceptions. Some banks offer general-use gift cards, which have replacement card fees or inactivity charges, which could be charged on a monthly basis after an entire year without card use. You can get around most or all charges by purchasing a store brand gift card. In general, understand the terms and fees on the gift card prior to you purchase it to ensure that your holiday gift brings happiness without any fees. The author’s bio: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Its work was covered on USA Today and the Los Angeles Times. On a similar note… Get the best checking account NerdWallet’s recommendations for the top checking accounts. Dive even deeper in Banking Make smarter money decisions right 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 make the most out of your money.

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