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Gift Card Vs. Prepaid Debit Card: What’s the best gift? Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able make financial decisions with confidence. Although our site does not include every company or financial product available in the marketplace We’re pleased that the guidance we offer, the information we provide and the tools we develop are independent, objective simple, and completely free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and the way they appear on our website), but it doesn’t affect our suggestions or recommendations, which are grounded in many hours of study. Our partners are not able to promise us favorable reviews of their products or services. . Gift Card Vs. prepaid debit card: Which is the Better Gift? Gift cards are the clear winner in a gift of cash. Prepaid debit cards work similar to banks accounts. Written by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposits Spencer Tierney is a consumer banker writer at NerdWallet. He has written about finances for individuals since the year 2013, with a focus on certificates of deposit and other banking-related subjects. His work has been highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location is 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. She was most recently with U.S. News & World Report. Her journalism career began working at The Washington Post and later worked for Roll Call, McClatchy-Tribune and The Seattle Times. Sara has appeared on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been mentioned 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:

. The majority of products we feature are made by our partners, who we pay. This affects the products we write about and where and how the product appears on a page. However, this does not influence our opinions. Our opinions are our own. Here’s a list of and . Cash is an easy option for a gift, but what format it should be in is another question. The idea of putting bills in an envelope might work however it’s not the best option It’s impossible to recover cash if it gets lost or stolen. It’s also easy to forget it was a gift when it’s in a wallet. It’s better to store cash in plastic cards is more secure in the event that you select wisely among gift cards or debit cards that are prepaid. Here’s what to know. Gift cards are different from. prepaid debit cards Let’s start with what they have in common both are debit cards that are prepaid, which means you pay for the card prior to shopping at both stores both in person and online. They also protect you from loss when you sign them under your name. There are two kinds of cards within the same aisle of a retailer, like Walgreens So make certain to know which you’re picking up. The major distinction between a giftcard and a prepaid debit card is that a gift card is only a single-use credit card while a prepaid debit card is a reloadable option with the most features and charges that a checking account and linked debit cards have. They are used for one purpose that is to purchase goods from 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 aren’t refillable. The debit cards that are prepaid have a range of tasks: purchase items; withdraw cash from ATMs, banks or retailers; as well as 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 for checking accounts. They’ve traditionally been for curbing spending, however lately, there’s been increased amounts (a typical cost associated with excessive spending) and also to aid in tracking spending. More: Winner Gift cards Gift cards are true to their name: they are gifts. Their simplicity is partly the reason they are a better choice to gift. But there’s another reason: Prepaid debit cards usually have monthly fees like checking accounts do and these fees, typically between $5 and $10, can add up to $120 annually. It could also include other charges fees for transactions or inactivity charges. It’s a most suitable alternative, but they’re all equal in value. Gift cards for general use such as those issued by Visa and Mastercard typically have an upfront fee, commonly called a purchase or activation fee, that the gift giver would have to pay. The cost could range from $2.95 or $5.95, depending on the amount that is added to the credit card based on a sampling of gift card websites. There are usually no additional fees following purchase. There are some exceptions. A bank may offer general-use gift cards, which have renewal fees or inactivity fees. These may get charged monthly after an entire year without card usage. You can avoid the majority, if not all, charges by purchasing a gift card from a store. It is important to know the terms and conditions of a gift card before you purchase it to ensure that the gift you give to your loved ones brings pleasure without fees. Author bio Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work of Spencer Tierney has been featured in USA Today and the Los Angeles Times. On a similar note… Discover the best checking account NerdWallet’s recommendations for the top checking accounts. Go deeper into Banking Get more smart money moves right to your inbox. Sign up and we’ll send you Nerdy articles about money-related topics which matter to you the most as well as other methods to help you get more from your money.

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