The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Prepaid Credit Cards vs. Prepaid Gift Cards
– ratesupermarket.ca
If you’ve ever had to shop for “that” person in your life — the one who already has everything — you know that gift cards can be a lifesaver. They’ve been around for almost 26 years, growing into an essential part of any retail business.
More recently, prepaid gift cards branded with payment networks have been gaining popularity. These cards feature major credit card issuers like Visa, Mastercard, and American Express. Without limiting the user to one shop, these cards can be used in-store, online, and almost anywhere credit cards are accepted.
Similarly, financial institutions have created the prepaid credit card, not to be confused with the above gift card option. These two types of cards have several similarities but differ in some fundamental ways. Here’s our take on which option should end up in your wallet.
What’s the Difference Between a Prepaid Credit Card and a Prepaid Gift Card?
To start, here are the types of cards typically offered:
Retail gift cards: These cards are offered through a single brand or chain—for example, your favourite store or restaurant…
