Bank of America Consumer Payments Prepaid Card review: Not a credit card, but a cashless option nonetheless

The Brink’s Armored™ Account 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 it to make purchases with select merchants. You’ll get a $10  cushion if you accidentally spend more than the amount in your account.

Other benefits of the Brink’s Armored Account include access to a related savings account that pays up to 5 percent APY, smart budgeting tools, a mobile app and more. However, it’s worth noting that the Brink’s Armored Account 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 Brink’s Armored Account, as long as you have a sponsor, such as an employer.

Similar to the Brink’s Money prepaid card, you can  earn cash back on qualifying purchases and skip any credit checks when applying for the Netspend® Visa® Prepaid Card. Like all prepaid cards (since they aren’t credit cards), you won’t have to worry about accruing interest.

The primary differences between the Netspend Visa and the Consumer Payments prepaid are the 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  more room to avoid these fees on the Consumer Payments Prepaid card and have 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 .

Your sponsor can also place limits on your spending with the Consumer Payments Prepaid card, so if you prefer to set your own spending limits, the Netspend Visa could be a better fit.

The Secured Self Visa® Credit Card is an interesting pairing that lets you build credit quickly without the need to put 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 making three on-time payments totaling at least $100, you’re automatically eligible for the Self Secured Visa credit card. This diverse credit mix will help improve your financial profile and credit without a hard pull affecting your score.

Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval

$25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.69% APR; $48/mo, 24 mos, 15.51% APR; $150/mo, 24 mos, 15.82% APR. See self.inc/pricing

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 managing a credit card without 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 you can be approved if you have no credit or bad credit. There’s also the perk of a minimum security deposit, which starts at $49 (minimum will be either $49, $99 or $200), while many other secured cards require at least $200. 

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 must be aware of interest rates, fees, and your overall balance. Sometimes, even a card with great benefits may not be worth having if it’s not used purposefully to maximize its value. If you want to avoid that or  need more time to find the right card, the Consumer Payments Prepaid Card may 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 has resulted in debt or  a bad score, the Consumer Payment Prepaid card can be useful while you recover. You don’t have to worry about additional interest or managing a credit card balance. Instead, the funds on the card are 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.

No. Your sponsor will load a set amount of money onto your card and once that money is spent, you can no longer 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 withdraw 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.