# Visa/MC Prepaid Cards



## Alayambo (Dec 17, 2013)

Because of my pay structure at work, I receive part of my bonuses in prepaid Visa cards and I was wondering what you frugalites generally do with these? I really wish I could just deposit them straight into savings so I wouldn't be debating it, but since that isn't an option I figure my choices are (a) treat them like "extra" money and treat myself to something fun, or (b) use them for regular day-to-day purchases so I end up with more $ in my bank account to go to savings at the end of the month. It's not a huge amount of money (currently $200), so part of me wants to do a little splurging without affecting my budget, but another part still considers this part of my "income" and therefore should be saved as much as possible. I know this depends a lot on each individual, but I'd like to hear your thoughts.

Background: I have no debts or short/long term large spending plans. Unfortunately I received the cards a couple of days after I finished my Xmas shopping so I wasn't able to use them for that.. d'oh! :rolleyes2:


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## Xoron (Jun 22, 2010)

Go to chapters, or loblaws or wherever you shop regularly and buy a gift card for the full amount of the visa card. 

The minute you use those blasted things, the fees start accumulating and you never get full value. Gift cards (in Ontario) have much more consumer protection than visa cash cards.


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## Ag Driver (Dec 13, 2012)

I'll second what Xoron said! Convert them to gift cards ASAP. I would get gift cards for groceries and fuel.


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## wendi1 (Oct 2, 2013)

I spend Visa/MC/gift cards right away, usually on Christmas shopping. Or January sales! Otherwise, I forget them (and those fees really eat them up).

Why do they give you these things? CRA considers them a taxable benefit.

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/bnfts/gfts/plcy-eng.html


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## marina628 (Dec 14, 2010)

You can use them to pay your bills Telus ,rogers etc will take prepaid credit cards .


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## Alayambo (Dec 17, 2013)

Xoron - Great idea! I never even considered that.. I wish I'd asked this question before I used a couple $ on one of them, making it an uneven $94.72 or something :rolleyes2:

Ag Driver - good idea for groceries, but I don't drive so no fuel. I was kinda hoping not to use them on groceries since my card gives cashback on groc 

wendi1 - The benefits accrue as "points" in an account which can be used towards a proprietary online store, but none of the stuff on there is appealing to me (jewelry, golf clubs, expensive luggage?) so I opt to get them in the prepaid cards instead. 

marina628 - My Bell mobility bill comes off my mastercard automatically each month, but I suppose I could overpay the account with the cards and be bill-free from them for a while? It'd probably be the least hassle for me vs trying to remember to use gift cards whenever I shop certain places. Hmm.... 

Great ideas everyone!


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## My Own Advisor (Sep 24, 2012)

I use it for gas for the vehicle. Always needed. If no car, use it for groceries. Everyone has to eat


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## Xoron (Jun 22, 2010)

Alayambo said:


> Xoron - Great idea! I never even considered that.. I wish I'd asked this question before I used a couple $ on one of them, making it an uneven $94.72 or something :rolleyes2:


Now try and buy $94.73 worth of something, they'll probably charge an "overage" fee and deny the transaction. 
Try and find out the balance, there's probably a fee for that.
Don't use it for a month or two, inactivity fees.


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## Alayambo (Dec 17, 2013)

Xoron said:


> Try and find out the balance, there's probably a fee for that.


On these cards I have to activate them through a website where I can check the balance as much as I want, at least! And believe it or not, I have a card that I'd activated on 07/15/13 and it hasn't been charged any inactivity fees (yet), and the last transaction was on 08/05. Now if I can only find where I put that card, I'll have an extra $7.09 :rolleyes2:

To anybody wondering, I ended up adding the cards as a credit on my Bell account. A bit of a hassle, I had to call it in (something about One Bill and conflict with my MC pre-auth?) but well worth it for 4 months without a bill ^_^


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## pentel (Jan 18, 2014)

Some shopping malls have gift cards, buying a shopping mall gift card lets you spend on all the stores in the mall, anything from grocery, clothes, electronics etc. and not confined to a specific store.


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## hystat (Jun 18, 2010)

+1 for groceries. Yes you lose out on the cashback from your other payment method. So simply think of your $100 bonus as the "$95 bonus" that it really is, and you'll be able to justify it.


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