Author Topic: WWYD: How would you spend a $500 prepaid card?  (Read 6501 times)

beeth_oven

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WWYD: How would you spend a $500 prepaid card?
« on: January 13, 2014, 11:53:09 AM »
I got a little thank-you bonus from work for $500. Yay, right? But the money is on one of those non-reloadable credit card things that annoyingly charges me $3.95 each month I don't use it. Obviously, I'd prefer cash or something I could just deposit/save to invest, but it seems like I can only use it for a good or service (unless there's some workaround I'm not seeing).

I'm curious for other people's ideas as I don't want to buy something just to buy something. Right now, the only "thing" I need is a new phone, because my current one is a super old Android that literally has 18MB of internal storage on it. Basically, every day I'm having to delete texts and things, so new ones don't get rejected. And yes, I do have a larger SD card, but there are only so many apps I can move over there. Either that, or signing up for a class of some sort.

So, if you got a $500 bonus you HAD to use, what's the wisest purchase you'd make?

bevathome

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #1 on: January 13, 2014, 12:05:24 PM »
If you want to save the $500, use it for things you were going to buy any way, such as groceries.  Then put the money you didn't spend into savings/investments.

Greg

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #2 on: January 13, 2014, 12:06:08 PM »
Does it have a Visa or other symbol?  Maybe it can be used like a credit/debit card to pay bills online.

beeth_oven

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #3 on: January 13, 2014, 12:17:56 PM »
Does it have a Visa or other symbol?  Maybe it can be used like a credit/debit card to pay bills online.

Yes, it has a Mastercard logo on it so I can use it basically anywhere. Bills, hmm, didn't think of that!

the fixer

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #4 on: January 13, 2014, 12:27:25 PM »
Buy a $500 gift card to the store you go grocery shopping at. You shouldn't get charged any fees to buy, use or hold on to the gift card since it's for a specific store and you'll spend it on things you need (food) when you're ready to spend it
YES! This.

Use it to pay for everything you normally buy where plastic is accepted, especially groceries. But if you can't use it within a month, "roll it over" by buying gift cards to spend in the second month.

tariskat

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #5 on: January 13, 2014, 12:52:36 PM »
Does it have a PIN associated with it?  You might be able to get cash back when you're out buying groceries, etc, and use it up twice as fast and get cash to put in the bank.

Thegoblinchief

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #6 on: January 13, 2014, 02:40:38 PM »
Everyday expenses sound like a solid idea.

In my particular situation, I would use it to give my wife either a new bike or money towards the new computer she's been saving up for for quite some time.

StetsTerhune

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #7 on: January 13, 2014, 04:11:23 PM »
I think (irrationally perhaps), that it depends on the nature of the card, if this is a large, corporate program, then by all means just buy daily expenses to use it. If on the other hand this is a small place you work and it was a more personal "thank you" from your boss, then I do feel like you should "treat ya self" a bit with it. I was in this exact situation once, and I went out to the suburbs and spent the whole card stocking a liquor bar for my apartment. Something I could tell my boss if I did with it, something I never would have splurged on myself, but something that lasts forever and probably saved me money in the long run since I'm happier to stay in and make drinks with friends.

AlanStache

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #8 on: January 13, 2014, 04:31:53 PM »
Wonder if the boss man can see what you spend the card on, or maybe just where...?

Also are there transaction fees or just monthly fees?  Other threads here have talked about selling gift cards at a loss to third parties on line.

impaire

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #9 on: January 13, 2014, 04:41:08 PM »
We won a $500 giftcard last month... We spent it instead on everyday necessities, and increased our savings for the month by $500. If you have needs you didn't have before, they're probably wants :)

I like the idea of buying a gift card to your usual store the best of all the ideas that have been given!

dragoncar

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #10 on: January 13, 2014, 04:48:20 PM »
Wonder if the boss man can see what you spend the card on, or maybe just where...?

Also are there transaction fees or just monthly fees?  Other threads here have talked about selling gift cards at a loss to third parties on line.

That's a little scary... I'm sure if they wrote down the number/security code they could see the merchants.  I got one last year, but it didn't have monthly fees.  OP are you sure there are fees?

mlipps

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #11 on: January 13, 2014, 05:13:35 PM »
You could probably load it onto AmEx's serve program and then pay bills using their bill pay, or even your mortgage. I don't know the exact details but I know lots of people do something along those lines to create spending on a CC (by buying the gift card) and then get the cash back out.

Rural

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #12 on: January 13, 2014, 07:02:48 PM »
Groceries, and yes, buy a grocery gift card before the fee hits.

arebelspy

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #13 on: January 13, 2014, 07:29:14 PM »
Not sure why so many suggestions to buy another gift card with it - just literally spend it on groceries until the card runs out.

No need to buy another gift card.  When you buy groceries, you're using it.  You only get charged $3.95 in the months you don't use it at all, so as long as you grocery shop more than once a month, you'll never be charged any fees.

It should run out in a few months (cover your groceries for a month, two, three, depending on how much you spend on groceries).

Or any other thing that accepts credit cards - your electric/water bill, cell phone bill, restaurants, gasoline, etc. etc.
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dragoncar

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #14 on: January 13, 2014, 09:51:40 PM »
Not sure why so many suggestions to buy another gift card with it - just literally spend it on groceries until the card runs out.

No need to buy another gift card.  When you buy groceries, you're using it.  You only get charged $3.95 in the months you don't use it at all, so as long as you grocery shop more than once a month, you'll never be charged any fees.

It should run out in a few months (cover your groceries for a month, two, three, depending on how much you spend on groceries).

Or any other thing that accepts credit cards - your electric/water bill, cell phone bill, restaurants, gasoline, etc. etc.

On this forum, we can make anything complicated, including spending a simple gift card.

arebelspy

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #15 on: January 13, 2014, 09:58:17 PM »
Apparently. :)
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Rural

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #16 on: January 14, 2014, 05:41:41 AM »
Well, I suggested it because I misread and thought that the fee was charged every month regardless of usage. Since it's not, just buy groceries.

Jags4186

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #17 on: January 14, 2014, 05:58:35 AM »
You can call and get a PIN #. Open an AMEX Bluebird account and make a deposit for $500 into that account at a Walmart Kiosk. You can then transfer the money to your checking account via ACH. I use AMEX bluebird to liquidate visa/MasterCard gift cards when I can get bonus points for buying them via credit card.

madage

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #18 on: January 14, 2014, 09:01:24 AM »
You can call and get a PIN #. Open an AMEX Bluebird account and make a deposit for $500 into that account at a Walmart Kiosk. You can then transfer the money to your checking account via ACH. I use AMEX bluebird to liquidate visa/MasterCard gift cards when I can get bonus points for buying them via credit card.

It can be difficult to load gift cards to Bluebird if the nearest Walmart doesn't have a kiosk (or it's always out of order) and you have to use the Money Center. Recently, the employees at my Money Center have been checking to see that your name is emblazoned on the debit card and refusing to load Bluebird if it's not (ie a gift card with PIN). If that option is not available but you have a CVS nearby, definitely look into Serve (mentioned earlier in this thread, also provided by AMEX). CVS allows fee-free Serve loads with debit and credit cards. You can then withdraw the cash at a MoneyPass ATM for no fee, transfer to your bank account or easily apply the Serve funds to your bills. Serve does have a $1 monthly fee unless you live in certain states or meet certain requirements.

impaire

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #19 on: January 14, 2014, 09:59:02 AM »
Well, I suggested it because I misread and thought that the fee was charged every month regardless of usage. Since it's not, just buy groceries.
x 2

arebelspy

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Re: WWYD: How would you spend a $500 prepaid card?
« Reply #20 on: January 14, 2014, 10:19:32 AM »
Well, I suggested it because I misread and thought that the fee was charged every month regardless of usage. Since it's not, just buy groceries.
x 2

Yeah, I figured that for maybe one or two posters it was a reading comprehension thing, but it's interesting to me that there was like 5 different people who all dropped the last few words off this sentence:
But the money is on one of those non-reloadable credit card things that annoyingly charges me $3.95 each month I don't use it.

/shrug

The grocery gift card is a good solution though if it charged you monthly regardless of your usage.  :)
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