Visa And Mastercard Gift Cards As Gifts
One method we mentioned earlier was to use gift cards to pay bills, then you have the cash you would have used for the bill to use for whatever you like.
A similar idea to this is to give gift cards as presents. Doing this means you still have the cash you would have used for the present and the recipient has the gift card to use for whatever they like.
How To Put Money On A Gift Card
4 minute read
Gift cards are a great way to manage your budget, plus they let you shop online without a credit or debit card. Whether youre looking to load a new gift card or want to boost the balance on an existing gift card, its really easy to add money on a gift card in person or online. Want to know how to put money on a gift card? Heres our easy-to-use guide to help you get the most out of your gift cards.
More About Using Prepaid Gift Cards Through Paypal
Can I use prepaid gift cards to make a purchase using PayPal?
Yes. Anywhere in the U.S. where PayPal is accepted you can use prepaid gift cards that have a Visa®, MasterCard®, American Express®, or Discover® logo on it. Please note that this doesnt apply to merchant-specific gift cards, which do not have a Visa®, MasterCard®, American Express®, or Discover® logo on them.
How do I use prepaid gift cards using PayPal?
Just like any other credit or debit cards. No difference at all!
For PayPal members, you can simply add prepaid gift cards to your wallet then start using them during checkout – just like any other credit or debit cards.
For users without PayPal account, you can just enter the card information during checkout in the same way you would do with credit or debit cards.
Can prepaid gift cards used for all services and products through PayPal?
Prepaid gift cards can be used to make payments for any product or service except for recurring payments or reference transactions.
This is because due to the nature of prepaid gift cards, they can become low in balance over time to cover the recurring amount. In order to protect our members from unintended service interruption, prepaid gift cards cannot be used for payments automatically pulled from PayPal accounts.
Im using a prepaid gift card, and Im getting a declined message.
You may also get an error message if your prepaid card was not issued in the U.S. or if you are trying to buy from an international merchant.
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General Information & Getting Started
You can buy Mastercard Gift Cards online at MastercardGiftCard.com. You can also buy them at participating retail locations.
To view orders, sign in to MastercardGiftCard.com with your user ID and password, and view past orders under My Account. You can also click Track Orders and use your Email Address and Order Number.
Yes, Mastercard Gift Card sells Gift Cards for email delivery. Please select email as a delivery type on your choice of card and follow steps to purchase. Once you have purchased, your email Gift Card can be accessed as a Mastercard Gift Virtual Account.
Your expiration date is nine years from the date of purchase. This expiration date is listed on your account for your reference. Funds do not expire. Contact Mastercard Gift Card customer care for a replacement account number upon account expiration.
Video Transcript: Why Some Gift Cards Cost Money To Buy
Hi, Im Shelley Hunter, Gift Card Girlfriend here at Gift Cards.com, and one of the questions Im often asked is why it costs money to buy a bank issued gift card when store and restaurant gift cards are freemeaning you dont pay more than the dollar amount loaded onto the gift card.
To answer that question, I first need to explain the difference between open loop and closed loop gift cards. Open loop gift cards such as Visa and Mastercard can be used almost anywhere debit cards are accepted. Closed loop gift cards, the gift cards issued by stores and restaurants, can only be redeemed at the merchants place of business.
Because closed loop gift cards are guaranteed revenue for the merchant, their gift cards are typically free to activate. Its not that the gift card program itself is free, its just that merchants have rolled the programs costs into other expenses rather than charge consumers directly. They do this because gift cards drive additional sales as recipients come into the stores to redeem their gift cards, often overspending the value of their gift cards as well. In addition, the merchant generally can structure its gift card program to be able to keep most of the unredeemed balances.
I tend to think of the activation fee as the price of flexibilityits a small amount to pay for the convenience of getting to use the gift card wherever I want.
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Activate Mastercard Gift Card
Mastercard Gift Cards from other popular retailers are typically already automatically activated. If you purchased a Mastercard Gift Card from Giftcards.com, activate your gift card by using our activate page. Or you can call the phone number on the back of the Mastercard Gift Card to activate.
Navigate To The Send Money Page And Fill Out Payment Info
Once youre signed up, click on the Send Money option in the menu. You should see a page like in the screenshot above.
On this page:
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How To Set Up Your Reloadable Debit Card
Select your card
Browse through the various reloadable debit cards available at Walgreens and decide which card is right for you.
Purchase and register your card
Visit any of our > 8,000& plus locations to purchase and load your card. Funds on temporary cards can be used for purchases. All cards come with instructions to register. To register your card, you will need to provide your name, address, date of birth and Social Security number. Once registered and your information is successfully veried, you will typically receive a personalized card in the mail approximately 710 business days.
Reload your card
Add funds to your card with direct deposit or with cash in store at any of our convenient locations.
Use your card
Use your reloadable debit card to shop, get cash at ATMs, pay bills online or shop in stores anywhere Visa, MasterCard or American Express cards are accepted.
Prepaid Cards Vs Gift Cards: An Overview
Prepaid cards and gift cards are both pieces of plastic that can be used to make purchases. They make popular presents as well: A versatile way to give a recipient the funds to buy whatever they like that seems safer and a touch classier than a wad of cash, and more convenient than a personal check. The biggest difference between the two reflects their permanence: prepaid cards can be reloaded and used indefinitely, while gift cards can generally only be used until the dollar amount on them is exhausted.
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What Is A Prepaid Card And How Does It Work
A prepaid card is similar to a debit card issued by any bank or credit union. These cards allow you to deposit cash at a reload location or accept the direct deposit of your payroll or government benefits checks.
You can use your card to spend that money online and at any location that accepts credit cards. This keeps you from having to carry cash but still gives you the convenience of a credit card if youre shopping online or paying bills over the phone.
Every card charges different service fees. Some cards charge a reload fee if you deposit cash to your card account through a retail location. Many cards also charge a monthly maintenance fee that you can sometimes waive by authorizing a regular direct deposit of a certain amount of money into your account.
You dont have to worry about overdraft fees with a prepaid card because you cant spend more than what you have deposited into your account. And since this card isnt attached to a line of credit, you typically dont have to worry about a credit check or minimum credit score for approval.
What Happens When I Buy Things With My Credit Card
When you spend money on a credit card, you create a little bit of debt. Did you buy that gum? Well, sort of, but you havent actually spent any of your money. The credit card bought the gum for you and eventually you will pay them back. Thats debt.
The important thing is that you reserve the money to pay off that debt, and that is what your YNAB budget is designed to do. Heres how it works, using that gum as an example:
Now, your money sits there in the Credit Card Payment Category. Twiddling its thumbs. And thats a good thing, because in this world nothing is certain, except death and taxesand your credit card bill. Heres how to do that last one in YNAB:
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How Long Will It Take For The Money To Be Transferred To My Bank Account
How long the transaction takes depends on your bank. Some transfers can be completed within a few hours or on the same business day.
For most banks though, it usually takes a few business days before you see the money in your account.
For example, if you have a Bank of America prepaid card and you are doing a transfer to your bank account for the first time, this could take up to 7 business days.
This is because you must create a new transfer-to account online, which can take up to 5 business days to authenticate.
After that, it can take another 2 business days to receive the money in your account.
If you use the MoneyGram method though, the money will arrive in your account within the same day. Even new accounts take less than a day to be verified.
Go2bank Visa Debit Card
- The Ultimate Mobile Bank Account
- No monthly fees with qualifying direct deposit
- Get your pay up to 2 days early
- Overdraft protection up to $200 with opt-in & eligible direct deposit
- Free ATM Networkwithdraw cash at thousands of free in-network ATMs nationwide
Personalized card required. Fees and limits apply. Learn more
See account agreement for terms and conditions.
Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. $15 fee may apply for each purchase transaction not repaid within 24 hours of authorization of first transaction that overdraws account. Overdrafts paid at our discretion. $3 for out-of-network withdrawals. ATM owner may also charge a fee. ATM limits apply.
Serve®Flexibility That Works for You
Serve is made with you in mind, with flexible options to fit your life. With a suite of options to choose from, Serve allows you to handle your money with ease. Our cards give you the freedom to spend online or in stores, the protection to safeguard your money, and the convenience of easy access:
- No credit check
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How Do Gift Cards Work
A gift card resembles a credit or debit card since it is plastic in nature. They have specific numbers that identify the cards. Anybody can use it since most do not link to a particular person.
Most cards have no PIN, and if you lose one, it is the same as losing real money. Someone else can use it if they collect it. However, Visa and Mastercard gift cards have been using PIN since 2013.
Some gift cards are only useful for one-time payments, while others are reloadable. Reloadable cards are almost similar to prepaid debit cards and can allow you to transfer money using the routing number and account number to a bank account. This means that you do not have to lock yourself to buy goods only.
When buying goods with you, the merchants use the on-line electronic system for authorization to deduct the amount you have spent when shopping. These include a serial number, barcode, or magnetic strip. While some gift cards will only allow you to buy at specific stores, cards from banks allow you to purchase from any store that accepts them.
For instance, Giftcards issues Visa and MasterCard that can be used anywhere that accepts Visa and Mastercard.
Before being sold, most gift cards have no value. When buying, the seller now loads money on the cards depending on the amount you pay. However, some cards have a set value, and once you receive them, you have to call a given number to activate them.
Convert Gift Cards Into Cash
Visa and Mastercard gift cards are popular for predominately two types of situation:
- To be given as a present
- For shoppers that want to save money as there are often incentives linked to the gift cards
Both of these situations are adequate reasons for buying a gift card and gifting them to someone. However, if you are the recipient of a Visa or Mastercard gift card should you keep it? Or are you better off exchanging the card for cash instead?
Incredibly, 10% to 19% of gift card balances remain unredeemed and around 6% of gift cards are never even used at all
In many cases exchanging a Visa or Mastercard gift card for cash will be the better option. Here are a few reasons why:
- Cash has no expiry date
- You can spend the full amount, with a gift card you could lose any that you havent used, or if you use it online you could lose part of the balance on delivery fees
- Cash is always acceptable, if there is a disaster you know you can buy what you need with cash
- Cash can be used for anything including adding to savings, investments, or paying down debts whereas gift cards are limited to making purchases
For these reasons, most of the time cash is superior to a gift card. Later you can learn 11 of the best ways to convert Visa or Mastercard gift cards into cash. Before that, what is a Visa or Mastercard gift card?
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Should You Liquidate Your Gift Card
When deciding whether or not to liquidate your Visa or Mastercard gift cards there are some factors to consider. First the pros of liquidation:
- You have the cash in your hand or bank account
- The full amount of the gift card can be used once exchanged for cash, after all, how often do you end up with a gift card with a few dollars left on it that never gets used?
- Once you have the cash you can use it for whatever you need such as paying off debts, investing, or adding to a savings account or emergency fund
- Cards often have expiry dates or may charge a fee if not used within a certain timeframe, once converted to cash you dont have to worry about this as cash doesnt expire
The pros of liquidating a gift card usually outweigh the cons. Sometimes keeping a gift card is best though. Here are the cons of liquidating a Visa or Mastercard gift card to help you make a balanced decision:
- You get to spend the full balance as liquidating can mean losing part of the balance due to fees and other related costs
- Can be time-consuming to find a workable liquidation solution
In the next section, you can read about some of the best ways to convert a gift card to cash. This will also highlight that sometimes you can lose out on the value of a gift card. Reasons for this include either having to pay a flat fee to convert the card or only receiving a percentage of the gift card value in return for exchange.
How To Load A New Gift Card
Adding credit to a gift card is super simple and takes just a few minutes and a couple of easy steps. If youre buying a gift card in-store, just pick up the card you want from the stand and take it to the cashier. If your card has a set value, you just pay for it with the rest of your groceries and youre ready to go. If you choose a gift card you can add your own chosen amount to, its just as quick. Youll just need to tell the cashier how much you want loaded to your card. If youre using self-checkout, follow the onscreen instructions, enter the value when asked and then pay for your purchases as usual. If youre buying an egift card, the same process applies you just do it all online instead.
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