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Gift Card Vs. Prepaid Debit Card: What's the best gift?
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Gift Card Vs. A Prepaid Credit Debit Card Which is the Best Gift?
Cards for gifts are the obvious winner when it comes to giving a gift of cash. Prepaid debit cards are more similar to bank accounts.
Written by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer writer for banking 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 topics. He has had his work highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.
Updated Dec 22 2022
Written by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She was an Editor and Project Manager in the newsrooms for two years, including most recently working for U.S. News & World Report. She managed projects such as the U.S. News education rankings as well as The Best States rankings. Sara has been featured as a guest on SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been quoted in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She is based near Washington, D.C.
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Cash is an easy gift , but the format it should be in is a different issue.
The idea of putting bills into an envelope might be a good idea, but it's not ideal It's impossible to get cash back if it is stolen or lost. It's also easy to forget that cash was a present once it's in a wallet.
The storage of cash in plastic cards is a better option when you make the right choice in between gift card and debit cards. Here's what to be aware of.
Gift cards vs. prepaid debit cards
Let's look at what they have in common: Both are credit cards that are prepaid, meaning you pay for the card in advance for spending at physical and online shops. They also offer protections against losses if you have them registered under your own name. There are two types of cards in the same section of a store such as Walgreens Make sure you know which one you're picking up.
The primary difference between a giftcard and prepaid debit card is that a gift card is a single-use credit card, and a prepaid debit card can be reloaded as a payment option that has most features and fees associated with a checking account as well as a linked debit card have.
The purpose of gift cards is: to buy goods at a dedicated store brand or at any store that accepts a payment network such as Visa, Mastercard or American Express. They don't allow cash withdrawals and are not reloadable.
Prepaid debit cards perform a range of tasks: purchase items; withdraw cash at ATMs, banks, or shops; or also use web features such as bill pay. They can also be reloaded.
Due to their versatility Because of their versatility, prepaid debit cards may be used as budgeting tools, or even replacements of checking accounts. They've been traditionally used to limit overspending, but in recent years there have been increased (a typical cost associated with spending too much) and also to help track expenditure.
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Winner Prize: Gift cards
Gift cards live up to their title they are presents. Their simple nature is part of what makes them better to gift. However, there's a second reason. Prepaid debit cards generally have monthly fees like checking accounts do and the fees, often between $5 and $10, can add up to $120 per year. There may be as well, such as transaction or inactivity fees.
Gift cards are the better option, but they're all equal bargains.
General-use gift cards, such as those from Visa and Mastercard, tend to have one upfront charge, commonly called a purchase or activation fee, which the gift giver would have to pay. The fee might be $2.95 or $5.95 depending on the amount added on the card as per an assortment of gift card websites. There aren't a lot of fees following purchase.
There are exceptions, though. Some banks offer general-use gift cards that have renewal fees or inactivity fees, which could be charged monthly following an entire year of card usage.
It is possible to avoid most or all fees by buying a specific gift card from a store. It is important to know the terms and conditions of gift cards before you buy it so that you can give your gift with pleasure without fees.
Author bio Spencer Tierney is a writer and NerdWallet's authority for certificates of deposit. The work of Spencer Tierney has been featured by USA Today and the Los Angeles Times.
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