Gift Card Vs. The Prepaid debit card: What’s the better gift? Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able make financial decisions with confidence. While our website does not include every company or financial product that is available on the market We’re pleased that the guidance we offer and the information we offer and the tools we develop are independent, objective simple, and free. How do we earn money? Our partners pay us. This can influence the products we review and write about (and where those products appear on the website) however it does not affect our advice or suggestions which are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable reviews of their products or services. . Gift Card vs. prepaid debit card: What’s the better gift? The gift card is the clear winner for a straightforward exchange of cash. Prepaid debit cards work than banks accounts. By Spencer Tierney Senior Writer | Certificates of Deposit ethics, banking ethical, deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has written about personal finance since 2013 with a focus on certificate of deposit and other banking-related topics. His work has been covered by 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 more than two years of experience 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 appeared 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 media outlets. She earned her degree from the University of Maryland’s Philip Merrill College of Journalism. Email:
. A majority or all of the items featured here come from our partners, who we pay. This influences which products we write about as well as the place and way the product is featured on the page. But, it doesn’t influence our evaluations. Our opinions are entirely our own. Here’s a list of and . Cash is an easy gift idea, but the format it should be in is another question. Placing bills in an envelope could be a good idea however it’s not the best option as there’s no way to retrieve cash in the event that it gets lost or stolen. Additionally, it’s easy to forget cash was given as a gift after it’s tucked into a wallet. It’s better to store cash in plastic cards is more secure when you make the right choice among gift cards or prepaid debit cards. Here’s what to know. Gift cards and. pre-paid debit cards Let’s look at the similarities between them: Both are debit cards that are prepaid, which means you pay for the card in advance for purchases at stores in stores, both physical and online. They also offer protections against loss if you register them under your own name. You might see both types of cards in the same section of a shop, such as Walgreens, so be certain to know which you’re purchasing. The major difference between a gift card and a prepaid debit cards is that the gift card is only a single-use credit card and a prepaid card is a reloadable payment option with the most features and costs that a checking account and linked debit cards have. They are used for one purpose: to buy goods at an exclusive store brand or in any other store which accepts a payment system like Visa, Mastercard or American Express. They aren’t able to withdraw cash and the majority aren’t rechargeable. Prepaid debit cards can be used for a variety of functions: they can make purchases, withdraw cash at ATMs, banks or retail stores; and utilize internet-based features, such as bill pay. They can also be reloaded. Because of their flexibility they can be used as budgeting tools, or as a replacement to checking account. They’ve traditionally been for curbing spending, however in recent years there have been increased amounts (a typical cost associated with overspending) as well as to aid in tracking spending. >> MORE • Winner: Gift cards Gift cards are true to their name as they are gifts. Their simplicity is part of why they’re a good choice to present. But there’s another reason: Prepaid debit cards generally are subject to monthly fees, similar to checking accounts, and these fees, typically $5 to $10, can add up to $120 annually. There may be as well like transaction or inactivity charges. Gift cards are the best option, but they’re not all equally good deals. Gift cards for general use, such as those from Visa and Mastercard, tend to have one upfront cost, usually known as a purchase fee, that the gift recipient is required to pay. The amount could be $2.95 or $5.95 dependent on the amount added to the credit card based on an assortment of gift card websites. However, there aren’t many fees after purchase. However, there are exceptions. Banks may provide general-use gift cards, which have replacement card fees or inactivity fees. These could be charged on a monthly basis after a year of no card usage. You can get around most or all fees by buying a specific store brand gift card. In general, understand the conditions and fees 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. Author bio Spencer Tierney is an expert on deposits and certificates at NerdWallet. The work of Spencer Tierney has been covered on USA Today and the Los Angeles Times. In a similar vein… Find a better checking account View NerdWallet’s picks for the best checking accounts. Go deeper into Banking Get more smart money moves – straight to your inbox. Sign up and we’ll send you Nerdy articles about the money topics which matter to you the most and other strategies to get more out of your money.
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