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Gift Card or. The Prepaid debit card: Which is the best gift? Advertiser disclosure You’re our first priority. Everytime. We believe that every person should be able to make financial decisions with confidence. While our website doesn’t feature every company or financial product that is available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are independent, objective easy to use and completely free. How do we earn money? Our partners pay us. This may influence which products we review and write about (and the places they are featured on the site), but it does not affect our recommendations or advice which are based on hundreds of hours of study. Our partners do not be paid to ensure positive review of their services or products. . Gift Card vs. Prepaid Debit Card: Which is the Better Gift? Presenting gift cards is the clear winner in a exchange of cash. Prepaid debit cards are more like bank accounts. Written by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered the personal financial sector since with a particular focus on certificates 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 located 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 in newsrooms, including U.S. News & World Report. She started her journalism career with 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 quoted on The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She earned her degree at the Maryland University’s Philip Merrill College of Journalism. Email:

. Many or all of the products we feature are made by our partners, who pay us. This influences which products we review and where and how the product is featured on the page. However, this does not influence our opinions. Our views are our own. Here is a list of and . Cash is an easy gift option, but what shape it should take is a different issue. Placing bills in an envelope might work however, it’s not the most ideal as there’s no way to retrieve cash in the event that it gets lost or stolen. Plus, it’s 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 between gift cards and debit cards that are prepaid. Here’s what to know. Gift cards are different from. Prepaid debit cards Let’s look at the similarities between them They’re both pre-paid cards, which means you put money on the card in advance for shopping at both stores in stores, both physical and online. They also provide protection against loss when you sign them under your own name. There are two kinds of cards in the same area of a shop, such as Walgreens So make sure to be aware of which you’re picking up. The main difference between a gift card and a prepaid debit card is that it’s only a single-use credit card and a prepaid debit card is a rechargeable payment choice that comes with all the features and costs that a checking account and linked debit cards have. The primary function of gift cards is: to buy goods at a dedicated store brand or in any other store that accepts a payment network like Visa, Mastercard or American Express. They aren’t able to withdraw cash, and most aren’t rechargeable. Prepaid debit cards can be used for a variety of tasks: purchase items; cash out at ATMs, banks or certain retailers; as well as use internet-based features, such as bill pay. They’re also reloadable. Because of their flexibility the prepaid debit cards could be used as budgeting tools, or as a replacement for checking accounts. They’ve historically been used to limit spending too much, but lately, there’s been more (a usual cost of excessive spending) and also to aid in tracking spending. >> MORE • Winner Gift cards Gift cards are true to their name as presents. Their simplicity is part of why they’re a good choice to give. However, there’s a second reason. Prepaid debit cards usually come with monthly charges, just like checking accounts and the charges, usually between $5 and $10, could amount to up to $120 per year. There may be as well, such as transaction or inactivity charges. The gift card is the better choice, but they’re not all equally good deals. Gift cards for general use like those offered by Visa and Mastercard are typically accompanied by one upfront fee, often called a purchase or activation fee, which the gift recipient is required to pay. The amount could be $2.95 or $5.95 depending on the amount that is added on the card as determined by an assortment of gift card websites. There are usually no additional charges after purchasing. There are some exceptions. Banks may provide general-use gift cards, which have renewal fees or inactivity charges, which can be charged monthly following an entire year without card usage. You can get around most or all charges by purchasing a store brand gift card. In general, understand the terms and fees on the gift card prior to you buy it so that the gift you give to your loved ones brings joy with no fees attached. About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work of Spencer Tierney has been highlighted by USA Today and the Los Angeles Times. On a similar note… Discover an account that is more suitable for checking View NerdWallet’s picks for the best checking accounts. Go deeper into Banking Make smarter money decisions delivered straight to your inbox Sign up and we’ll send you Nerdy posts about the money topics which matter to you the most as well as other methods to get more out of your money.

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