Bank of America Consumer Payments Prepaid Card review
Why you can trust Bankrate
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to:
- Meet you wherever you are in your credit card journey to guide your information search and help you understand your options.
- Consistently provide up-to-date, reliable market information so you\'re well-equipped to make confident decisions.
- Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you.
At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How We Make Money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states were it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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?
- No rewards on your purchases
- Fees can vary and are only disclosed to the sponsor ahead of time
A deeper look at the current card offer
- Rewards rate: None
- Welcome offer: None
- Annual fee: None
- Purchase intro APR: None
- Balance transfer intro APR: None
- Regular APR: None
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.