Bank of America Consumer Payments Prepaid Card review

Bank of America® Consumer Payments Prepaid Card

Rewards rate

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Annual fee

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Intro offer

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Intro offer is not available to this Bank of America credit card

Regular APR

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Recommended Credit Score

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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.

The Consumer Payments Prepaid Card from Bank of America Overview

The Consumer Payments Prepaid Card from Bank of America is a prepaid card instead of a credit card, meaning it does not offer a line of credit you can borrow against. Instead, this particular type of prepaid card is loaded ahead of time with cash by a “sponsor” who may be your employer.

With the Consumer Payments Prepaid Card from Bank of America, you may be given a card for personal use, in which case you can spend money in your account however you want. In certain situations, however, you may be awarded a prepaid card for business that is only to be used to purchase goods or services specified by your sponsor.

Either way, the Consumer Payments Prepaid Card can be used to make purchases in-person or online and potentially even to access cash using an ATM. Your spending limit is also set by your sponsor, so you can use your prepaid card until the funds are depleted.

What are the advantages and disadvantages?

A deeper look at the current card offer

Quick highlights

• Rewards rate: None
• Welcome offer: None
• Annual fee: None
• Purchase intro APR: None
• Balance transfer intro APR: None
• Regular APR: None

Rewards

The Bank of America Consumer Payments Prepaid Card doesn’t offer any rewards on your spending.

Key cardholder perks

Since it’s not a credit card, the Bank of America Consumer Payments Prepaid Card doesn’t have many consumer protections or perks. However, there are plenty of benefits to be aware of, including the following:

Worldwide ATM access

If your sponsor selects this option, the Bank of America Consumer Payments Prepaid Card is preloaded with cash you can access at ATMs around the globe. According to Bank of America, you can use your card to get cash at ATMs with the Visa or Cirrus logo. Also be aware that, when you use your card for purchases at merchants with a Maestro logo, you can request to receive cash back at the point of sale.

Use anywhere Visa cards are accepted

In addition to getting cash back, you can use your card for purchases in-person or online. Your prepaid debit card can be used anywhere Visa cards are accepted.

Email and text alerts

You can sign up for email or text notifications that can alert you when a deposit is made to your account or your account balance is running low. These alerts can help you stay informed in terms of how much money you have left in your prepaid account.

Rates and fees

While the Consumer Payments Prepaid Card from Bank of America doesn’t charge an interest rate since it’s not a credit card, your account may be subject to an annual fee or transaction fees. The fine print also suggests that an account closure fee could apply when an account is shut down.

How the Consumer Payments Prepaid Card compares to other prepaid debit cards

The Bank of America Consumer Payments Prepaid Card is unique because this card is given to you by a sponsor, whereas you can sign up for other types of prepaid debit cards yourself. If you decide to select your own prepaid card, you should compare the best prepaid cards on the market today before you do. Prepaid cards vary widely in terms of their benefits as well as the costs you’ll pay each month or for each transaction.

The Brinks Money Prepaid Mastercard is a slightly more complex product due to its fee structure and the benefits it offers. First off, this card lets you earn cash back when you use your card to pay for purchases with select merchants, and you’ll get $10 in cushion if you accidentally spend more than the amount in your account.

Other benefits of the Brinks Money Prepaid Mastercard include access to a related savings account that pays up to 5.0 percent APY, smart budgeting tools, a mobile app and more. You can even get $20 for each friend you refer.

If you’re willing to (temporarily) tie up some money in a refundable security deposit, a secured card like the Capital One Quicksilver Secured Cash Rewards Credit Card could be a great alternative to a prepaid card. Not only is the Quicksilver Secured available at no cost as long as you pay your balance off in full each month, but you won’t have to worry about constantly topping off your available funds and the card can also help you build your credit score with responsible use. Best of all, you’ll earn rewards on your everyday spending—a flat 1.5% back on all eligible purchases. This makes the card a smart choice if you’re looking for a more convenient way to pay but also want to earn a bit back on the things you buy every day without worrying about annual or monthly fees.

With that being said, this prepaid debit card’s fees can be high. You can pay up to $9.95 per month for a plan that lets you use your card for transactions without an added charge, or you can pay as you go and fork over $1.50 per transaction instead. Either way, you’ll pay a 4 percent foreign transaction fee on purchases made abroad, $2.50 per ATM withdrawal and $3.00 for over-the-counter cash withdrawals.

Bankrate’s Take—Is the Consumer Payments Prepaid Card worth it?

If an employer or another sponsor gives you a Bank of America Consumer Payments Prepaid Card for your personal or business expenses, you might as well use it. After all, these prepaid cards are loaded with cash by your sponsor, and you can use them for approved purchases and expenses online, in a store or even to get cash at an ATM if that option is selected.

If you have the chance to pick any prepaid card you want, on the other hand, you should compare all the best prepaid cards on the market before you decide. You may find that one prepaid card has a better fee structure or more ATM access points close to where you live, but you’ll never know unless you check.