The Perfect Gift Prepaid Mastercard- Unwrapping The Benefits

May 29, 2020
Blog
" class="img-responsive wp-image-731235 wp-post-image" alt="" />
At Yore Oyster, we strive to help you make wise financial decisions. We're committed to giving you the most relevant, actionable advice anywhere.

The Perfect Gift Prepaid Mastercard is a decent investment if you are a loyal shopper for a partner retailer with the Peoples Trust Company because the more you shop at a partner retailer, the more cash back you earn. The cash back of 5% easily covers the activation fee for this card plus no expiration date on the card makes this card easy to use, convenient and extends your purchasing power.

What Is The Perfect Gift Prepaid Mastercard? 

The Perfect Gift Prepaid card, is a stored-value, prepaid card that can be purchased in Visa or Mastercard. Anywhere you see the Visa or Mastercard logo whether in-store or online, that’s where you get to spend it. As long as you have sufficient funds on your card, you can purchase anything to that limit. The Perfect Gift Prepaid Mastercard is not a charge card, credit, or debit card so you don’t need to worry about this card affecting your credit rating. 

The Perfect Gift Prepaid Mastercard

The Perfect Gift Prepaid card makes shopping and earning easy and straightforward especially for brand loyalists. Like other prepaid cards we’ve featured before at Yore Oyster, this card is also not reloadable and cannot be used to make cash withdrawals.

However, apart from the 5% cash back given by the Peoples Trust Company, the other feature that sets this card apart is that it does not have an expiration date.

You can purchase this card at over 11,000 retail locations throughout Canada such as Loblaws, Brunet, Safeway, Sobeys, Staples, and Thrifty Foods, starting at the minimum denomination of $25 and to a maximum at $200. 

What Are The Card’s Features And Benefits?

The main benefit of this card is the 5% cashback given by Peoples Trust Company. This is a bonus back on your card balance for all signature-based purchases made at any of Canada’s leading merchants such as:

  • American Eagle
  • Canyon Creek
  • Banana Republic
  • The Children’s Place
  • Sally Beauty
  • Sephora
  • Panera Bread
  • Under Armor
  • The Royal Caribbean
  • GAP
  • Cabela’s
  • Build-A-Bear Workshop

The 5% cashback is automatically applied to your card within 48 hours, however, it may sometimes take up to 10 days from the date of the purchase for you to see this bonus reflected on your card. Take note that if you use this card together with a supplemental payment method, the cashback only applies to the transaction made on the Perfect Gift Card and not on the supplemental payment method portion. 

Unlike other prepaid cards, the Perfect Gift Prepaid Mastercard does not expire

While the card is not reloadable, the cash back you earn helps to extend the longevity of the card. The more often you use the card to shop at participating merchants, you earn cash back which enables you to shop and use the card as often as possible. 

You can still continue earning money back on your card until the balance reaches 10  cents, after which the cash back ends. However, since you’ve earned cash back from previous purchases you can continue using the card until you finish up your earned money too. 

How Do I Use My Perfect Gift Prepaid Mastercard?

When you first purchase your card, you need to activate it. Activation can be done by:

  • Signing the back of your card
  • At the cashier when you make a purchase

There is a one-time activation fee on your card (described below in this article) which you will be charged for. 

Once your card is activated, you’re good to go! As long as you see a Mastercard logo, you can buy anything online and in-store using this card. Each time you swipe your card at a point-of-sale terminal, the purchase amount, as well as any other charges and taxes, are deducted from your available balance. You can use this card as many times until your balance is zero. Once it reaches zero, you can no longer use this card as a payment method.

Where Can I Purchase A Perfect Gift Prepaid Mastercard?

This card can be purchased at over 11,000 retail locations throughout Canada such as:

  • Brunet
  • Canadian Tire
  • Co.Op
  • Country Grocer
  • Loblaws
  • Metro
  • Pharmaprix
  • Rexall
  • Safeway
  • Save-On-Foods
  • Shoppers Drug Mart
  • Sobeys
  • Staples
  • TGP
  • The Home Depot
  • Thrifty Foods

What’s The Difference Between The Perfect Gift Prepaid Mastercard & Visa Options?

The only difference between these two cards is the payment options- gateway. Do you prefer a Visa or Mastercard? If you want to know more, you can check out our post on the best visa cards in Canada, where we explain the differences between a Visa and Mastercard payment option.

Both options can be used to make shopping online easier. However, there are a few disadvantages to either of these Perfect Gift Prepaid cards: 

  • You cannot reload the card
  • These cards cannot be used to pay recurring bills
  • You cannot use them to withdraw cash from ATMs
  • They cannot be refunded for cash back
  • If your card is lost or stolen, you can only get a replacement if you have your card number written down or memorized. It is recommended that you write down the Card number and the customer service number and keep it separately. 
  • The card has low maximum balances. You will need to use this card with a combination of other payment methods if the purchase you are making exceeds the balance on your card. 

What Are The Fees For Using This Card?

This card has a different activation fee depending on the denomination you choose. There is also a maintenance fee for the card. Here are the fees explained in detail: 

Gift card amountActivation fees
$25 Card$3.95
$50 Card$4.95
$100 Card$5.95
$200 Card$6.95
Monthly Maintenance Fee (Begins 12 months after activation date of the card) $3.00

How Do I Check The Balance On The Perfect Gift Prepaid MasterCard?

You can easily check your balance online at theperfectgift.ca or by calling 1-855-288-0926. The best practice is to check the balance on your card before you go on a shopping spree.

Are There Any Transaction Limits On The Perfect Gift Prepaid Mastercard?

Like all other prepaid cards, The Perfect Gift Prepaid has its transaction limits. Here are the cards’ limits for each transaction:

Limits
Maximum card balance$200.00
Maximum daily spend at point-of-sale$200.00
Maximum single spend at point-of-sale$200.00

Who Does This Card Benefit?

This card’s major benefit would be its 5% cashback. Every time you swipe your card at any partner merchants, you get this 5% cashback. For instance:

If you purchased The Perfect Gift Prepaid Mastercard in $50 denomination. 

$50 – $4.95 (activation fee): $45.05

The following is how to calculate cashback from your card. 

Cash Back = Purchase Amount * Cash Back Percentage

For example, the cashback percentage for The Perfect Gift Card is 5%.

You shop at Staples and you spend $20 on your card. This means you will get:

Cash Back Reward = 20 x 0.05 = $1.00

This means you can easily cover half of the activation fee cost by making a minimum of 2 purchases of $20 each with your card, since, in this case, you earn a total of $2 on cashback. 

The cashback also extends the card longevity especially since this card does not have an expiry date.

$45.05- $40= $5.05

  • $2.00 earned cash

The total balance on your card: $7.05

This card benefits users who shop regularly at partner merchants. For instance, if you often shop exclusively at Sephora for all your makeup needs, using this card brings more financial value for you through the cashback with every makeup item you buy. 

Alternatives To The Perfect Gift Prepaid Mastercard

As we mentioned before, we at Yore Oyster have written a few reviews on prepaid cards. Even though the Perfect Gift Card has the word ‘Perfect’ in it, it is far from perfect. You’re time and money is better invested in the cards presented here:

The Vanilla Prepaid Card

Alternative to The Perfect Gift Prepaid Mastercard

The Vanilla Prepaid is a stored-value, prepaid card available in Mastercard or Visa options. It can be used anywhere Mastercard and Visa are accepted. With this card, you can purchase via mail order, point of sale retail, and online stores. 

Here’s a quick look on this card:

  • This card can be purchased at most grocery stores and gas stations in Canada.
  • The Vanilla Prepaid Card cannot be used at ATMs
  • There is no cash back from your purchases
  • This card is available in $25, $50, $100, $200 for the Mastercard option and $50, $75, $100, $150, $250 for the Visa. 
  • The funds you have on your card will never expire but the card does.
  • This card does not have a maintenance fee. 
  • ts maximum transaction limits as well as the minimum purchase denomination differs based on which option you chose. The Mastercard option is available at a minimum of $25 and the Visa is available at $50
  • The activation fees for the card start at $3.95 to $7.95 depending on the denomination. 

The Canada Post Prepaid Visa

The Canada Post Visa Prepaid Card is a prepaid card which you can use globally in any country that accepts VISA cards as electronic payments for online and offline transactions. You can also use ATM facilities anywhere in the world. This card is ideal if you are traveling and don’t want to carry cash. 

With this card, you:

  • Don’t need a credit check
  • Don’t need a bank account
  • Can reload it at any time, as often as you’d like
  • It comes with purchase security insurance and an extended manufacturer’s warranty 
  • You’ll also be able to send money easily to family and friends with the FREE card-to-card transfer feature
  • The Canada Post Prepaid card also has purchase security insurance and an extended manufacturer’s warranty which makes it easier and safer to use this card to shop. You also get a 90-day window to repair, replace, rebuild or reimburse specific items purchased with the Canada Post Prepaid Visa 

The main downside to this card is its maintenance fee at $3.00 and reload Fee at $3.00. 

The SPC Student Card

The SPC Card is not a debit, prepaid, or credit card. However, we’re including this card into this list as it is a fee-based annual loyalty card designed especially for students to help them save money. The card offers discounts and deals in Canada for items such as food, fashion, shoes, tech, and more!

Students who have this card stand to gain student discounts at hundreds of retail stores and restaurants throughout Canada. The card is a fee-based annual loyalty program that begins from August 1 to July 31 the following year. All you have to do to get your students’ discounts at participating stores is to show your SPC card or your app to the cashier. It works the same way for online purchases at checkout. There are also credit card options that come with the SPC benefit which you can apply for such as the BMO SPC Card (which is a cashback credit card) or CIBC SPC Credit Card. 

Final Thoughts

No expiry on the card plus a 5% cashback makes this card a decent deal especially for loyalists for a specific brand. If you often find yourself eating at Panera Bread or shopping at Sephora or getting your workout clothes at Under Armor, then this card may be worth the purchase as the cashback slightly increases your purchasing power and increases the longevity of this card.

The Perfect Gift card is not available for purchase online. If you are looking for a prepaid card that you can apply online, the Vanilla Prepaid Card is your best choice

Get More Of Our Best

The Essentials

We send you under-the-radar money-saving strategies in travel, credit cards, and personal finance. Never more than 2x a month.