When birthdays, holidays, and other gift-giving occasions roll around, it can be tough to figure out the right present to give someone. While some people are easier to get gifts for, others take a bit of forethought. If you’re totally stumped, you can always give them cash. However, if money is too informal, a prepaid credit card such as the Perfect Gift Visa can be a good gift too.
What Is The Perfect Gift Visa?
The Perfect Gift Visa is a prepaid credit card that you can purchase with a set amount of money. The person you give the card to is then able to spend up to that balance anywhere Visa is accepted, which is why it can truly be the perfect gift for them.
Once the full amount is spent, a prepaid credit card becomes unusable until someone deposits more money onto it. This makes the payment process slightly different from a traditional credit card, where you’re given a specific revolving credit balance that you can withdraw from and repay monthly, with the option of minimum or partial payments.
Do You Need Good Credit To Get The Perfect Gift Visa?
Unlike a credit card, a prepaid Visa card does not require you to have good credit. In fact, no credit or credit checks are required. A prepaid credit card requires the owner to pay upfront, so you don’t actually need any credit to get the Perfect Gift Visa. As long as your Perfect Gift Visa has a balance on the card, you will be able to use it to make purchases.
Where Can You Get The Perfect Gift Visa?
Another great thing about The Perfect Gift prepaid credit card is that it’s sold at more than 11,000 popular retail locations Canada-wide, including:
- Loblaws
- Canadian Tire
- Shoppers Drug Mart
- The Home Depot
- Staples
- Pharmaprix
How To Use The Perfect Gift Prepaid Card
Using The Perfect Gift Visa/Mastercard is easy. All you have to do is follow these steps:
Step 1 – Purchase The Card
The Perfect Gift prepaid credit card is available at over 11,000 retailers across the country. When you buy it, you can purchase it in denominations of $25 to $500 onto the card.
Step 2 – Register Your Card
You or the person you give the card to must then register the prepaid card on The Perfect Gift website to use it online. Simply enter the card number, expiration date, and 3-digit security code. Once registration is complete, you can start making in-store, online, mail, or telephone purchases.
Registering is also essential because it lets you check your card balance online.
Step 3 – Use Your Card
Using The Perfect Gift prepaid card is even easier. Just bring it to any store location that accepts Visa, then swipe the magstripe (on the back of the card) at the point-of-sale terminal and sign the receipt. If you purchase an item online or by phone, you must give the merchant the same information (name, address, and phone number) you used to register the card.
Whenever you use The Perfect Gift card, the purchase amount is deducted from the remaining balance, with taxes and any other charges, until the balance reaches zero.
Benefits Of The Perfect Gift Prepaid Card
The Perfect Gift Visa is not just a great gift, it’s a good financial tool too. Here are some benefits of the Perfect Gift Visa:
Helps With Budgeting
Unlike a normal credit card, a prepaid card forces you to spend within your means. It can’t cause debt because you can only use the amount that is on the card. So, it should be easier to stick to a budget.
Earn Cash Back
Whenever you use a Perfect Gift Visa, you’ll receive a 5% bonus cash back on each signature-based purchase you make from a participating merchant. Any bonus funds you earn will be added to your prepaid card balance within 10 days of eligible purchases. Participating merchants include:
- Old Navy
- Sephora
- The Children’s Place
- Red Lobster
- Hudson’s Bay
- Royal Caribbean International
Can Be Used Anywhere Visa Is Accepted
The Perfect Give prepaid credit card has very few limitations. You can use it anywhere that accepts Visa payments, like online stores, hotels, gas stations, restaurants, and more. Just keep in mind that this type of prepaid card may not be accepted at some automatic fuel terminals. You can only pay with the station attendant, not at the pump.
Poor Credit Individuals & Newcomers Can Easily Qualify
It can be difficult to get approved for credit products if you have a bad credit score or you’re new to Canada and haven’t established a credit history yet. Fortunately, prepaid credit cards (including The Perfect Gift) don’t involve credit checks.
Prepaid cards can also be safer because they don’t force you to carry cash or revolving debt. Some even come with fraud protection, just in case your card gets lost or stolen.
Drawbacks Of The Perfect Gift Prepaid Card
Before you buy or use a Perfect Gift Visa, don’t forget about the drawbacks:
It Won’t Help You Build Credit
One of the main downsides of The Perfect Gift prepaid card is that it won’t help you build credit like a normal credit card. Unlike a credit card, you aren’t being extended any credit. As such, any payments you make won’t be reported to the credit bureaus. This means, your credit score won’t increase when you make payments.
Activation Fees
You may also pay certain fees to activate and use your Perfect Gift Visa. The fee depends on the type of card, deposit amount, and kind of service/transaction.
| Card Amount | Visa Fee |
| $25 | Up to $4.95 |
| $50 | Up to $5.95 |
| $75 | Up to $5.95 |
| $100 | $5.95 |
| $150 | $6.50 |
| $200 | $6.95 |
| $250 | $7.50 |
| $50 – $200 | $7.95 |
| $200 – $500 | $9.95 |
| Foreign Exchange Fee | 2.5% |
| Monthly Maintenance Fee | None |
Alternatives Prepaid Credit Cards
If The Perfect Gift Visa/Mastercard isn’t the right prepaid credit card for you, you may receive better benefits, fee rates, and options when you buy one of these alternatives:
Koho
Koho offers a spending and savings account that comes in three tiers. It also includes a reloadable prepaid Mastercard that you can use to make purchases and earn cash back. You can get up to 2% cash back on groceries, transportation, food and drink, plus up to 5% for online or in-store purchases with Koho’s partners. You’ll also earn up to 5% interest on your account balances. It also offers an optional credit-building service for a monthly fee.
The Vanilla Prepaid Visa
Like The Perfect Gift Visa, the Vanilla Prepaid Visa doesn’t require a credit check and the funds on it don’t expire. It features balance options of $25 to $500 and activation fees of $3.95 to $8.95. You can buy it at many different merchants, such as Walmart, Best Buy, and select fuel stations. The card is activated automatically upon purchase.
The CIBC Air Canada AC Conversion Visa Prepaid Card
The CIBC Air Canada AC Conversion Visa Prepaid Card is available in 45 countries. You can load up to 10 different currencies with no fees to buy, load funds, or make foreign purchases. You can purchase the card online or at the CIBC in Pearson Airport (Toronto). It has a maximum balance of $20,000 (or the equivalent in another currency). And a max daily load limit of $3,000.
Need A Gift For Someone You Know?
Whether it’s for a friend, loved one, or co-worker, The Perfect Gift Visa or Mastercard can truly make the perfect gift for them on any occasion. Go to www.theperfectgift.ca/ to discover the benefits of this prepaid credit card and where you can buy one today.
Perfect Gift Visa FAQs
Why does my Perfect Gift prepaid card keep getting declined?
Can my card expire?
Can I reload my card?
How can I check my card balance?
Why won’t my Perfect Gift Visa/Mastercard work?
- Card numbers starting with 428434 (call 1-866-315-7728 to ask about receiving a refund)
- Card numbers starting with 440847 (call Customer Service at 1-866-466-8082 to get a replacement card, if you have an expired card with an available balance)
