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Gift Card or. Prepaid Debit Card: Which is the Better Gift? Advertiser disclosure You’re our first priority. Everytime. We believe that every person should be able make financial decisions with confidence. And while our site does not feature every business or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are impartial, independent easy to use and free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and the places they are featured on the site) However, it does not affect our advice or suggestions, which are grounded in hundreds of hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. . Gift Card or. Prepaid Debit Card: What’s the best gift? Presenting gift cards is the obvious winner in a exchange of cash. Prepaid debit cards are more similar to bank accounts. Written by Spencer Tierney Senior Writer | Certificates of deposit ethics, banking ethical, deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has covered the personal financial sector since, with a focus on certificate of deposit as well as other banking-related topics. His work has been highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based 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, including U.S. News & World Report. She began her career in journalism with The Washington Post and later was employed by Roll Call, McClatchy-Tribune and The Seattle Times. Sara has appeared in 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 media outlets. She earned her degree at the Maryland University’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 impacts the types of products we review and where and how the product is featured on the page. But, it doesn’t influence our opinions. Our opinions are our own. Here’s a list of and . Cash is an easy option for a gift, but what shape it should take is another question. Placing bills in an envelope may work however it’s not the best option: There’s no way to recover cash if it’s stolen or lost. It’s also easy to forget that cash was a gift once it’s tucked into a wallet. It’s better to store cash in plastic cards is better in the event that you select wisely among gift cards or prepaid debit cards. Here’s what to know. Gift cards and. prepaid debit cards Let’s begin by describing the similarities between them: Both are pre-paid cards, which means that you can put money into the card ahead of time for spending at stores in stores, both physical and online. They also provide protection against loss when you sign them in your name. It is possible to find both kinds of cards in the same area of a retailer, like Walgreens and Target, so make sure you know which one you’re picking up. The major distinction between a giftcard and a prepaid debit card is that the gift card is only a single-use credit card while a prepaid debit card is a reloadable choice that comes with all the features and fees associated with a checking account as well as linked debit cards have. Gift cards have one job that is to purchase goods from an exclusive 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 the majority aren’t reloadable. Prepaid debit cards can be used for a variety of jobs: make purchases; withdraw cash from ATMs, banks or certain shops; or use web features such as bill pay. They’re also reloadable. Because of their flexibility, prepaid debit cards can be used as budgeting tools, or even replacements of checking accounts. They’ve been traditionally used to reduce spending, however lately, there’s been increasing amounts (a common cost when excessive spending) and also to track spending. More • Winner gift cards. Gift cards live up to their title they are they are gifts. Their simplicity is part of why they’re a good choice to present. But there’s another reason: Prepaid debit cards typically come with monthly charges, just like checking accounts, and these fees, typically between $5 and $10, could amount to up to $120 per year. It could also include other charges like transaction or inactivity fees. The gift card is the better alternative, but they’re all equally good deals. The general-use gift cards, such as those from Visa and Mastercard, tend to have one upfront cost, usually known as a purchase fee, which 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 the gift card’s websites. However, there aren’t many charges after purchasing. There are exceptions, though. Banks may provide general-use gift cards that have replacement card fees or inactivity fees, which can be charged monthly following a year of no card use. You can get around most of, if not all charges by purchasing a gift card from a store. In general, understand the terms and fees on the gift card prior to you purchase it to ensure that your holiday gift brings pleasure without fees. About the author: 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… Discover a better checking account View NerdWallet’s picks for the best checking accounts. Dive even deeper in Banking Get more smart money moves – straight to your inbox. Sign up and we’ll send you Nerdy articles on the topics in finance that are important to you as well as other methods to get more out of your money.

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