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Gift Card Vs. The Prepaid debit card: What’s the best gift? Advertiser disclosure You’re our first priority. Each time. We believe that every person should be able to make sound financial decisions with confidence. Although our site doesn’t feature every company or financial product in the marketplace, we’re proud that the guidance we offer as well as the advice we provide and the tools we develop are independent, objective simple, and free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and where those products appear on the site) However, it doesn’t affect our advice or suggestions, which are grounded in thousands of hours of research. Our partners cannot be paid to ensure positive reviews of their products or services. . Gift Card or. Prepaid Debit Card: What’s the better gift? The gift card is the clear winner in a gift of cash. Prepaid debit cards are more similar to bank accounts. 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 the personal financial sector since, with a focus on certificate of deposit, as well as other banking topics. He has had his work 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 22, 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. Her journalism career began working at The Washington Post and later was employed by 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 mentioned 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:

. A majority or all of the items featured here come from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product is featured on a page. However, this does not affect our assessments. Our opinions are our own. Here’s a list and . Cash is a simple gift option, but what format it should be in is a different matter. Placing bills in an envelope might work however, it’s not the most ideal: There’s no way to recover cash if it’s stolen or lost. Plus, it’s easy to forget it was given as a gift after it’s tucked into a wallet. Storing cash on plastic cards is a better option, provided you choose wisely in between gift card and debit cards that are prepaid. This article will help you understand. Gift cards are different from. Prepaid debit cards Let’s start with how they’re similar They’re both debit cards that are prepaid, which means that you can put money into the card prior to shopping at both physical and online stores. They also protect you from loss if you register them under your name. It is possible to find both kinds of cards in the same section of a retailer, like Walgreens and Target, so make certain to know which you’re purchasing. The major difference between a gift card and prepaid debit card is that a gift card is only a single-use credit card while a prepaid debit card is a rechargeable payment option with the most features and fees associated with a checking account as well as linked debit cards have. Gift cards have one job: to buy goods at the brand of a specific store or in any other store that accepts a payment network like Visa, Mastercard or American Express. They do not allow cash withdrawals and aren’t reloadable. Prepaid debit cards can be used for a variety of jobs: make purchases; withdraw cash from ATMs, banks or shops; or use internet-based features, such as bill pay. They can also be reloaded. Due to their versatility, prepaid debit cards can be used as budgeting tools, or even as replacements to checking account. They’ve been traditionally used to reduce overspending, but in recent times, there’s been more (a common cost when overspending) as well as to track spending. >> MORE • Winner gift cards Gift cards are true to their word: presents. Their simple nature is what makes them better to present. However, there’s a second reason. Prepaid debit cards typically come with monthly charges, just like checking accounts, and the fees, often $5 to $10, can add up to $120 per year. There may be as well like transaction or inactivity fees. The gift card is the better option, but they’re not all equally great deals. Gift cards for general use such as those issued by Visa and Mastercard, tend to have one upfront cost, usually called a purchase or activation fee, that the person giving the gift would have to be required to pay. The fee might be $2.95 to $5.95 depending on the amount added on the card based on an assortment of gift card websites. There are usually no additional fees after purchase. There are some exceptions. Banks may provide general-use gift cards, which have renewal fees or inactivity charges, which can be charged monthly following an entire year without card use. You can get around most of, if not all costs by purchasing a store brand gift card. Be aware of the terms and conditions of the gift card prior to you purchase it to ensure that the gift you give to your loved ones brings joy with no fees attached. The author’s bio: Spencer Tierney is an expert on deposits and certificates at NerdWallet. The work of Spencer Tierney has been covered by USA Today and the Los Angeles Times. On a similar note… Find a better checking account View NerdWallet’s picks for the best checking accounts. Go deeper into Banking Make smarter money decisions right 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 make the most from your money.

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