Today, we have more choices than ever before. Digital rewards included.
Having more choices is great, but it also means you have to take some time to truly understand the pros and cons of each kind of reward and decide which is best for your program.
A prepaid rewards card, for example, is a Mastercard or Visa branded card that’s preloaded with funds and used like a debit card. While they started out as physical cards, today there are also virtual versions you can use online or load to your digital wallet.
Multi-brand gift cards, however, are gift cards that can be used at a finite number of specific retailers, restaurants, or service providers. Sometimes they are branded under a theme appropriate for gift-giving or a group of retailers owned by the same parent company.
Both a prepaid rewards card and a multi-brand gift card can be effective, whether you’re using them for survey and research incentives, customer rewards, employee gifts, or sales incentives. But to help you decide which one is the best option for your organization, here’s what you need to know.
Both types of digital gift cards offer the flexibility recipients are looking for, but there are some key differences to be aware of.
For either type, you can spend the value at multiple retailers, with the prepaid rewards card offering the most choice, since they’re accepted anywhere the Visa or Mastercard debit cards are. As its name suggests, a multi-brand card can be used only at whichever brands are associated with the card.
In addition, both a prepaid rewards card and a multi-brand gift card can be spent in multiple increments. So if you get a $50 card, you can spend $10 at one place, $15 at another, and $25 at a third.
If you have international recipients, you’ll want to choose a prepaid rewards card—it can be used in more than 150 countries (with automatic currency conversion by the issuer).
Just like single-brand cards, a multi-brand gift card is typically country-specific, making it a better choice for companies or campaigns within a single country.
Finally, if your recipients are more motivated by “cash,” a prepaid rewards card is your best bet, as they can spend it like cash wherever Visa or Mastercard is accepted. But if you need a more personalized message and experience—for example, including “thank you” right on the gift card—a multi-brand card is the way to go.
Ultimately, it’s the use case for your recipients that will help you decide which kind of digital gift card is the best choice for your organization.
Looking to send digital gift cards and prepaid cards from top U.S. and international brands? Check out all your options from BHN Rewards.