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.
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Snapshot
2.5
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.
Regular APR
N/A
Annual fee
N/A
2.5
Bankrate score
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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.
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Rewards
- This card does not offer rewards, which is typical for a prepaid card.
Expert Appraisal: Weak
See our expert analysis -
Rates and fees
- Annual fee: None
- Regular APR: None
- Transaction fees: varies
Expert Appraisal: Typical
See our expert analysis -
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.

Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
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
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:
* 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.