Question: I was recently gifted a visa card by my friends, but I would rather put the money in that card into my debit card and use the same. I don’t have other credit cards, at least of now and wish to continue the same. Is this possible? Can I indeed transfer the money on the prepaid visa gift card to my debit card? How do I do the same? Another question that popped in my head when talking about credit cards was that the Visa and MasterCard are far more popular and widely accepted than the American Express card. I find it strange, and am trying to understand why it is so? Any ideas can you share with me? Any inputs on this would be helpful. Thank you…

Answer: If you want a YES or No answer, then NO, you cannot transfer the money in the prepaid visa card to your debit card. A visa card is a credit card and your friends have obviously been thoughtful enough to gift you one instead of simply giving you cash. An easy way out would be to simply swipe the visa gift card whenever you make any purchases and be done with it. What is the value of the card? Either ways, I am sure the card has a validity period, and visa is widely accepted, so you should have no difficulty using the card. Go to the store, make your purchase, and instead of using your debit card, use this gift card. The money remaining can be used till the time it expires. I don’t think there are other conditions to this visa gift card. It is as easy as this!

Now, to your second question of why American Express card isn’t so popular, it is probably because it is not widely accepted outside of America. In countries like Europe, Amex will not be accepted and so you will either need Travelers Cheques or an alternative credit card to manage your expenses. Also, Amex comes with a hefty annual charge while the Visa or MasterCard is free [they don't charge the 3% International fee either]. I have also noticed that many vendors complain about how Amex charges them a exorbitant sum to process the payment, while others don’t and hence, they prefer the Visa or MasterCard. Hope this answers your query if you any more question write to us at support@financeninvestments.com