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Gift Card Vs. The Prepaid debit card: What’s the Better 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. While our website does not feature every business or financial product available on the market however, we’re confident that the advice we provide, the information we provide and the tools we develop are independent, objective, straightforward — and cost-free. How do we earn money? Our partners compensate us. This could influence the types of products we write about (and where those products appear on the website) however it does not affect our advice or suggestions which are based on thousands of hours of study. Our partners cannot promise us favorable ratings of their goods or services. . Gift Card Vs. A Prepaid Credit Card What’s the better gift? Presenting gift cards is the obvious winner when it comes to a simple exchange of cash. Prepaid debit cards are more similar to bank accounts. This article was written by Spencer Tierney Senior Writer | Certificates of Deposit ethics, banking ethical, deposit accounts Spencer Tierney is a consumer banker writer at NerdWallet. He has been writing about the personal financial sector since with a focus on certificates of deposit as well as other banking-related issues. He has had his work featured in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California. Dec 22, 2022 Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is an editor who joined NerdWallet with more than two decades of experience working in newsrooms. She was most recently with U.S. News & World Report. She started her journalism career working at 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 featured by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other media outlets. She earned her degree from the University of Maryland’s Philip Merrill College of Journalism. Email:

. Many or all of the products we feature are made by our partners, who we pay. This impacts the types of products we review as well as the place and way the product appears on a page. But, it doesn’t affect our assessments. Our opinions are our own. Here is a list of and . Cash is a simple gift option, but what format it should be in is another question. Placing bills in an envelope may work however, it’s not the most ideal as there’s no way to retrieve cash in the event that it’s stolen or lost. Plus, it’s easy to forget cash was a gift when it’s in a wallet. Storing cash on plastic cards is more secure when you make the right choice among gift cards or debit cards that are prepaid. Learn more about. Gift cards vs. pre-paid debit cards Let’s begin by describing what they have in common both are prepaid cards, meaning you put money on the card in advance for purchases at physical and online stores. They also provide protection against losses if you have them registered under your own name. You might see both types of cards within the same aisle of a shop, such as Walgreens So make sure you know which one you’re purchasing. The major difference between a gift card and a prepaid debit card is that it’s a one-time spending card, while a prepaid debit card is a reloadable option that has most features and fees that a checking account and a linked debit card have. The primary function of gift cards is that is to purchase goods from the brand of a specific store or in any other store which accepts a payment system like Visa, Mastercard or American Express. They aren’t able to withdraw cash and aren’t reloadable. The debit cards that are prepaid have a range of tasks: purchase items; withdraw cash at ATMs, banks or certain shops; or also use web features such as bill pay. They are also reloadable. Because of their flexibility, prepaid debit cards can serve as budgeting tools or even as replacements for checking accounts. They’ve traditionally been for curbing spending too much, but lately, there’s been increasing amounts (a typical cost associated with spending too much) as well as to track spending. More • Winner Gift cards Gift cards are true to their title as they are gifts. Their simplicity is partly the reason they are a better choice to gift. However, there’s a second reason. Prepaid debit cards generally come with monthly charges, just like checking accounts, and these fees, typically between $5 and $10, could be as high as $120 over the course of a year. There may be as well, such as transaction or inactivity fees. The gift card is the better choice, but they’re not all equally great deals. General-use gift cards such as those issued by Visa and Mastercard, tend to have one upfront cost, usually known as a purchase fee that the person giving the gift would have to be required to pay. The cost could range from $2.95 or $5.95, depending on the amount that’s added on the card based on an assortment of gift card websites. But there aren’t usually other fees following purchase. However, there are exceptions. A bank may offer general-use gift cards, which have renewal fees or inactivity fees, which can be charged monthly following a year of no card usage. It is possible to avoid most or all costs by purchasing a store brand gift card. In general, understand the terms and conditions of the gift card prior to you purchase it to ensure that your holiday gift brings pleasure without fees. The author’s bio: Spencer Tierney is an expert in certificates of deposit at NerdWallet. Its work was featured on USA Today and the Los Angeles Times. In a similar vein… Find an account that is more suitable for checking View NerdWallet’s recommendations for the top checking accounts. Explore Banking even more deeply. Make smarter money decisions delivered straight to your inbox Sign up and we’ll send you Nerdy posts about money-related topics that matter most to you along with other ways to help you get more out of your money.

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