Employee rewards and incentives, such as offering gift cards for employees, have become increasingly popular over the past few years. According to the Incentive Federation, Inc. (IFI), 70% of companies with at least $1 million in sales have an employee incentive program. This also means many employees are receiving incentives. Whether it was that extra project you took on at work, the lunch and learn you attended, or the health goals you meticulously tracked in your insurance company’s phone app, there are many opportunities to earn digital incentives. Some of the most popular and flexible digital incentives are digital Visa® or Mastercard® prepaid cards.
If you’ve already claimed your Visa or Mastercard prepaid card, you may be wondering what exactly you can spend it on. The most important thing to know is that prepaid cards work a lot like debit cards. They can be used at any location, but only for the amount they have loaded.
Check out our list of ten of the most popular ways to spend a Visa or Mastercard prepaid card to get started:
- You can use your prepaid card to reload any gift card you already have—Amazon, Starbucks, and Target for example.
- Donate to your favorite nonprofit organization. Every dollar counts!
- Buy birthday gifts for friends and family throughout the year.
- Add your prepaid Mastercard to your Apple wallet (not available for Visa).
- Save it to give yourself extra spending money during the holidays.
- Spend as you go: Coffee and a donut at Dunkin‘ Donuts or Starbucks, errands at Target and Best Buy, or dinner and a movie with Maggiano’s and Fandango. Just remember to use it before your expiration date!
- Forgot to pick up pet food? Spend it at Petco to get an extra treat for your pet.
- Use it online to order delivery from your favorite restaurant.
- Use it to pay for necessities like public utilities, doctor visits, and vet visits.
- Need gas for your next road trip? Choose the physical card, making sure to order it a few weeks before your trip to ensure it arrives on time.
The possibilities for spending your prepaid cards are truly endless, but here are some things you should consider before using them.
- Prepaid cards cannot be used for credit card payments or car payments.
- You cannot split payments online so you can only spend the amount that is on your card.
- You should keep your prepaid cards until they expire in case you receive any refunds to your cards.
- Virtual cards are meant to be used online or over the phone. Physical cards are best for in store or in person.
No matter how you choose to spend your reward, you’ll have peace of mind knowing you can