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.
Written by
India Davis
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.
Edited by
Nouri Zarrugh
Nouri Zarrugh is a writer and editor for CreditCards.com and Bankrate, focusing on product news, guides and reviews. His areas of expertise include credit card strategy, rewards programs, point valuation and credit scores, and his stories on building credit have been cited by Mic.com, LifeHacker, People.com and more. Through his thorough card reviews and product comparisons, Nouri strives to demystify personal finance topics and credit card terms and conditions to help readers save money and protect their credit score.
Nov 27, 2023 / 9 min Share on social mediaAt Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money .
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Rating: 2.5 stars out of 5This prepaid card allows sponsors to add funds, set spending limits and specify the type of purchases cardholders can make, so it could be a good alternative to traditional business or secured credit cards.
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On This Page Jump toA credit card isn’t always the perfect cashless solution. For some, the risk of fees and interest charges means a credit card may not make sense in their financial situation. If a credit card feels like a burden but you still want an alternative to carrying cash, a prepaid card may be just 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 potentially even to 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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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.
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 a few benefits to be aware of.
If your sponsor allows ATM access, you can withdraw cash loaded on the Bank of America Consumer Payments Prepaid Card from Visa or Cirrus ATMs around the globe. You can also request cash back at the point of sale when you use your card for purchases with merchants that accept Maestro.
While the Consumer Payments Prepaid card lacks many of the protections you’ll find on traditional credit cards, you’re still protected from unauthorized charges. Simply inform Bank of America of your stolen card, card number or PIN within a reasonable time frame. Though the card’s terms don’t specify how quickly you need to report stolen account information, it's always better to report fraudulent charges as soon as you see them.
Your prepaid debit card can be used anywhere Visa cards are accepted (which is virtually everywhere). This makes it perfect for using in stores, ATMS, and online. You can also 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 Payment Prepaid card may make sense if all you need is a simple way to make purchases, it doesn’t have many benefits beyond that. If you’re wary of credit card debt but still want a card with a few benefits, it may be better to look at a secured card or a standard debit card.
While the Bank of America Consumer Payment Prepaid Card won’t put you at risk of racking up debt, it doesn’t offer many incentives for using it as your primary payment method.
Unlike the best credit cards (and even some debit cards), this card won’t earn any rewards on purchases. It’s also missing perks like travel and purchase protection, which are common on traditional credit cards. This could make it hard to justify long-term use of the card.
One of the biggest benefits of a credit card is that it can help you build your credit history. If you build a positive credit history, you could have an easier time getting approved for or getting better terms on loans for future large purchases, like a car or a home.
Since the card is not a credit card, payments are not reported to major credit bureaus. This means you can’t use the card to build a positive payment history or show low credit utilization, and it won’t help you improve your credit score.
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.
The Bank of America Consumer Payments Prepaid Card is unique because it allows sponsors to add funds and control spending limits, whereas most prepaid cards require you to manage the account yourself. Consider these alternatives if you’re looking for a more traditional prepaid card.
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.
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.
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.
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 percent APY, smart budgeting tools, a mobile app and more. You can even get $20 for each friend you refer. However, it’s worth noting that the Brink’s Money prepaid card is riddled with fees, from a 90-day inactivity fee to a fee for reloading money onto your card. The Consumer Payments Prepaid takes a step back from most of these nickel-and-dime tactics, but you’re at the will of your sponsor for what extra perks and benefits are available on your card. For a more low-maintenance and cost effective prepaid card option, you may consider the Consumer Payments Prepaid card over the Brinks Money Prepaid card, as long as you have a sponsor (like an employer).
Similar to the Brink’s Money prepaid card, you can also earn cash back on qualifying purchases and skip any kind of credit check when applying for the Netspend® Visa® Prepaid Card. As with all prepaid cards (since they aren’t credit cards) you won’t have to worry about accruing interest. Again, the primary differences between the Netspend Visa and the Consumer Payments prepaid come to fees and the need for a sponsor. As is customary with prepaid cards, you’ll have to watch for transaction fees or monthly fees depending on your card plan with the Netspend Visa, whereas you have a bit more room to avoid these fees on the Consumer Payments Prepaid card and the backing of your sponsor to lean on in terms of plan options. If you’re after a card that’s more cost effective, the Consumer Payments Prepaid may win out here. Your sponsor will also be able to place limits on your spending with the Consumer Payments Prepaid card, so if you want to be able to set your own spending limits, the Netspend Visa could be a better fit.
Since the Consumer Payments Prepaid card depends on a sponsor to fund and set spending limits on your account, you may want to consider pairing this card with a product that gives you a bit more say on your own spending abilities or that sets you on a positive trajectory in your financial future.
The Self — Credit Builder Account with Secured Visa® Credit Card is an interesting pairing that lets you build credit quickly and want to skip putting down a security deposit. Instead, a credit-builder loan is deposited into a locked savings account, and as you make payments toward that loan, you’ll improve your credit score. After three on-time payments equalling at least $100, you’re automatically eligible for the Self Secured Visa credit card. This credit mix will help improve your financial profile and credit without a hard pull affecting your score.
If you want a credit card that lets you play it safe, the Capital One Platinum Secured Credit Card is a good bet. With this card, you can learn the ins-and-outs of handling a credit card without all of the pressure. It has useful credit-building features without rewards or a welcome bonus to tempt unnecessary spending. It’s also a secured card, meaning that those with no credit or bad credit can be approved. There’s also the perk of a minimum security deposit starting at $49 while many other secured cards require at least $200.
Due to it being a prepaid card, The Consumer Payment Prepaid Card from Bank of America may seem limiting to many. However, there are people that can benefit from the card’s unique structure.
It’s true that a credit card can be a useful long-term financial tool. However, carrying one or several comes with a lot of responsibility. You have to be aware of interest rates, fees, and your balance. Sometimes, even a card with great benefits won’t be worth having if used purposefully to maximize its value. If you don’t want to worry about that or just need more time to find the right one for you, the Consumer Payments Prepaid Card can be a better alternative.
Sometimes, things don’t go as planned and you have to take a step back. If your venture into credit cards left you in debt or with a bad score, the Consumer Payment Prepaid card can be useful while you recover. With it, you don’t have to worry about additional interest or a credit card balance. Instead, the money on the card is yours to use as needed until the balance is depleted. This way, you can focus on getting your credit under control and take steps to improve your finances.
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.
No. Your sponsor will load a set amount of money onto your card and once that money is spent, you will no longer be able to make purchases with this card unless your sponsor reloads the funds.
If your sponsor selects the option to allow you access to cash from your prepaid card, you’ll be able to get cash by visiting any ATM with a Visa or Cirrus logo. Keep in mind that you or your sponsor may have to cover ATM withdrawal fees if you don’t use a Bank of America ATM.
No. A prepaid card works similarly to a debit card. Your sponsor will preload funds onto the card for either personal or business-related expenses. You won’t earn rewards on purchases or accrue interest since the card doesn’t function like a traditional credit card. You only have access to the amount preloaded onto the card by your sponsor and once those funds are spent you will not be able to use the card unless your sponsor adds more funds.
You can check your balance by either calling or texting Bank of America’s customer service or by visiting an ATM with a Visa or Cirrus logo. Keep in mind you may be charged for this service if you don’t visit a Bank of America ATM.
According to this card’s terms and conditions, limits on your card are based on your sponsor’s program with Bank of America. Your sponsor may impose daily limits on transactions with your card and these will be spelled out in any accompanying card documents.
