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Bank of America Consumer Payments Prepaid Card review: Not a credit card, but a cashless option nonetheless

This prepaid card gets the job done when you need a card, but aren’t eligible or don’t want to delve into credit just yet.

 /  4 min
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Snapshot

2.5

Bankrate rating
Rating: 2.5 stars out of 5

Bottom line

This prepaid card allows sponsors to add funds, set spending limits and specify the type of purchases you can make, so it could be a good alternative to traditional business or secured credit cards.

Bank of America® Consumer Payments Prepaid Card

Bank of America® Consumer Payments Prepaid Card

See Terms

Regular APR

N/A

Annual fee

N/A

2.5

Bankrate score

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Bankrate's insight

As of June 30, 2023, the Bank of America® Consumer Payments Prepaid Card has been retired, following the conclusion of the Bank of America prepaid card program and the prepaid administration tool (PAT) serviced by the issuer. If you're still interested in a prepaid card, consider our top prepaid card options.

The Consumer Payments Prepaid Card from Bank of America Overview

A credit card isn’t always the perfect cashless solution. The risk of fees and interest charges means a credit card may not make sense in your financial situation. If a credit card feels like a burden, but you still want an alternative to carrying cash, a prepaid card may be exactly what you need.

The Consumer Payments Prepaid Card from Bank of America is a prepaid card that allows a sponsor to add funds and set spending limits, so you won’t have to worry about racking up debt. You can use the Consumer Payments Prepaid Card to make purchases in-person or online and access cash using an ATM, so it should offer plenty of flexibility if you’re looking for an alternative to credit cards. 

  • Credit Card Cash Back Icon

    Rewards

    • This card does not offer rewards, which is typical for a prepaid card.

    Expert Appraisal: Weak
    See our expert analysis

  • Credit Card Search Icon

    Rates and fees

    • Annual fee: None
    • Regular APR: None
    • Transaction fees: varies

    Expert Appraisal: Typical
    See our expert analysis

  • Congrats Icon

    Other cardholder perks

    • ATM access
    • Account alerts
    • Zero liability for fraud purchases

    Expert Appraisal: Weak
    See our expert analysis

How the Consumer Payments Prepaid Card from Bank of America works

The Consumer Payments Prepaid Card from Bank of America is a prepaid card, not a credit card. Instead of offering a line of credit you can borrow against, the card is preloaded with cash by a “sponsor,” such as your employer. Depending on how the card is set up, you may be able to use funds for personal use or be limited to purchases specified by your sponsor. You’ll have access to the funds on the card similar to how a debit card works, but you won’t be able to add more money to this prepaid card. Only your sponsor is permitted to do that.

Alternatives to the Consumer Payments Prepaid Card

The Bank of America Consumer Payments Prepaid Card is unique because it allows sponsors to add funds and set spending limits, while most prepaid cards require you to manage the account yourself. But you should consider these alternatives if you’re looking for a more traditional prepaid card.

Image of Bank of America® Consumer Payments Prepaid Card

Annual fee

N/A

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

See Terms
Image of Brink's Money Prepaid Mastercard®

Annual fee

Variable Monthly Fees

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

See Terms
Image of Netspend® Visa® Prepaid Card
Bankrate Score
Rating: 3 stars out of 5
3.0
Apply now Lock Icon
on Netspend's secure site

Annual fee

Variable Monthly Fee

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

See Terms

Bankrate’s take — The Consumer Payments Prepaid Card had its perks, but it wasn't the most reputable

The Bank of America Consumer Payments Prepaid Card had its advantages in providing convenient payment solutions. If an employer or another sponsor provided you with a Bank of America Consumer Payments Prepaid Card for your personal or business expenses, using it when it was available was well worth it. After all, these prepaid cards were funded by a sponsor and could be used for approved purchases and expenses online, in a store or to withdraw at an ATM (if it was available at your nearest location).

However, the card's reputation was marred by numerous issues in the Bank of America Prepaid Card program, which resulted in significant lawsuits and fines that eventually led to its discontinuation. While the card offered certain benefits, it would have been wiser to consider other prepaid cards on the market, as there are options with a better fee structure and more ATM access points than what this card offered.

How we rated this card

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perks evaluated

Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.

We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category. 

Here are some of the key factors that gave this card its score: 

Written by
India Davis
Editor, Credit Cards
India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has lived and worked in three different countries and hopes to explore more of the world post-pandemic.
Co-written by
Seychelle Thomas, CFEI®
Writer, Credit Cards
Edited by Editor, Credit cards

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.