
Bank of America® Consumer Payments Prepaid Card
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See TermsThe 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.
The Bank of America Consumer Payments Prepaid Card doesn’t offer any rewards on your spending.
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:
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.
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.
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.
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.
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See Termson Netspend's secure site
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See Termson Capital One's secure site
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1.5%–5%Recommended credit
No Credit HistoryThe 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.
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.
* 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.
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