Reloadable Gift Cards

It is a prepaid value money card and is often issued by a bank or retailer  and can be used to make purchases at gas stations, restaurants, and retail stores and carry out other transactions.

Gift cards are usually issued by a particular retailer or merchant. They are mainly for purchases and can be activated by calling the merchant or using their URL to input the activation number.

What Is A Reloadable Gift Card?

A reloadable gift card is a card that you can always top up from time to time. Reloadable prepaid cards are not gift cards.

You can reload a gift card in-store. Walmart allows you to load gift cards either in-store or online and applies a 10% service fee if you use their gift card at Sam’s club and you are not a member

There is usually no limit to the amount you can load on a gift card and stores like Footlocker allows you to load an amount up to $35000 on a gift card.

Fees are usually not charged on a reloadable gift card and they do not have a purchase fee. However, you must note that bank-issued gift cards like Visa, MasterCard, and American Express usually charge a fee to cover third-party stores. 

The Best Gift Cards Include:

Brink prepaid MasterCardPay Pal prepaid master cardNet spend visa prepaid cardBluebird American Express prepaid debit cardServe American Express prepaid debit accountThe mango prepaid MasterCardGreenlight debit card for kids

1. Brinks

Allows you to load between $5-$100. You can reload your brinks gift card through direct deposit, bank transfer, PayPal transfer, tax refund, or mobile check load. Cash can be withdrawn from your gift card r-the-counter at over 100,000 MasterCard bank branches. This gift card is usually delivered by email or you can print it at home.

2. MasterCard Prepaid Gift Cards

Are globally accepted for shipping, dining, and entertainment purposes.

3. Bluebird American Express

charges no fees when you purchase the gift card online. However, they charge an activation fee of $5 when you purchase the card at Walmart. You can load up to $1000 daily and $5000 monthly. You can pay bills at ATMs. There is no fee for reloading in Walmart but other retailers charge $3.95.

4. Serve American Express Prepaid Gift Card

Is always ready to use immediately after purchase and offers free cash reload. They have a four-digit security code usually located in front of the card.

There are some pros and cons of a reloadable gift card as outlined below.

Convenient to use rather than carrying cash;Can be used to  gift someone going on holiday or special occasion;It can control spending;Preferable if you have no idea of what/ gift to buy for someone;

After purchase and the amount left is not used up it goes to waste when the gift card expires;You may pay fees to reload or purchase fees;Closed-loop limits your purchasing ability as you have no retailer options;You may be charged inactivity fees if you do not use your gift card;If you lose the gift card and have not registered the number, the funds may be lost.

Other Types Of Gift Cards

1. Open-Loop Gift Cards

is a general purpose gift card and it can be used anywhere that brand of card is accepted. Visa gift cards and American gift cards are open loop cards.

2. Closed-Loop Gift Card

Summary

Reloadable gift cards have many advantages from being a choice given to people when you run out of ideas on what gift items to purchase for them, as a sign of appreciation, or to be used to limit your spending. It is also a safe way of carrying cash as it reduces your loss.

Do gift cards expire?

A gift card can not expire in less than 5years after purchase

Can you get cash from your gift card?

Absolutely. You can do so at a gift card kiosk usually located in a grocery store if the retailer of the gift card allows that.

Can you reload money on a gift card?

Yes, most retailers allow you to reload an existing gift card in-store.

Can I reload a gift card with a credit card?

This is usually done in store.