What You Need To Know About Prepaid Bank Of America Credit Card

Here is another detailed article on the Bank Of America Prepaid card. In this article, I’ll be covering everything you need to know about the prepaid card and how you can use it.

This card is also referred to as a consumer payment prepaid card which is being offered by the Bank Of America. The card is far different from a credit card because it is a reloadable card and does not offer a line of credit you can borrow against.

Whenever you have some shopping to do online or offline, all you need to do is to load or fund the card with the amount you need to spend. This allows you to manage your finance properly and create a spending limit by making sure that only what you need is on the card.

One great thing about this prepaid card, it is very beneficial to students’ schooling. As a parent or guardian, you can always fund the card for your children who are schooling. This will allow you to teach them the act of financial discipline because you only fund the card with what they need for their upkeep.

With the prepaid card from the Bank Of America, you can spend as much as you wish with the card. One of the downsides of using the card, a sponsor can restrict certain things you can use the card to buy or pay for goods and services.

The card can be used either online or offline for in-person purchases or use on an ATM. The spending limit can be set by a sponsor, so you can use your prepaid card until the funds are depleted.

What is the Advantage and Disadvantage of Using the Bank Of America Prepaid Card?

Pros Of BOA prepaid Card

• As a user of the card, you don’t need to carry cash around.
• You can create the habit of proper spending
• You can access cash at Visa and Cirrus ATMs if your sponsor selects those options.
• You can use the consumer Payments prepaid card for Purchases in-person or online

Cons of using BOA prepaid card

There are a few disadvantages of using the Bank Of America prepaid card. Below are some of the disadvantages

• You don’t get to earn a reward when you spend just like a credit card.
• The fees can vary and in most cases, it is only disclosed to the sponsor ahead of time. 

Also Read: 3 Dangers Of Using a Credit Card

Also Read: Why most Nigerians will not get a credit card

A Quick Hightlite Of What You Need To Know About The Prepaid Card

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

Frequently Asked Question On Bank Of America Prepaid Card

Below are some commonly asked questions about the Bank of America prepaid card by customners.

Are the funds unlimited on the prepaid card?

NO. The card is been funded by a sponsor with a specific amount your sponsor wishes to load. For any reason, if you’re not sure of how much is on the card or available balance, you can ask your sponsor to help you confirm that. What your sponsor does is reload the card with some specific amount of money. Once you spend everything on the card, you’ll not be able to make any purchase as it will be showing insufficient funds unless your sponsor reloads the card again.

What to do if you need to get a cash-off prepaid card?

For this option to work, your sponsor needs to activate access to cash from your prepaid card. Once that option is active, you can walk to any ATM with a Visa and 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.

Does the Bank Of America prepaid card work like the traditional credit card?

No. The prepaid card is more like a debit card that allows you to spend only what you have in the account. Your sponsor needs to load or fund 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. 

How Can I Check Balance On My Bank Of America Prepaid Card?

Checking your balance on the prepaid card is easy and straightforward. All you need to do is to visit any close by ATM machine with the Visa or Cirrus logo to check your balance. Another way to do this is by calling Bank of America’s customer service desk directly.

If you’re using the ATM method to check your balance, have it in the back of your mind that you may be charged for this service if you don’t visit a Bank of America ATM.

What Are The Transaction Charges When Reloading The Bank Of America Prepaid Card?

The limit of the card is determined by the program your sponsor has with the bank. This means that your sponsor decides your limit and may impose daily limits on transactions with your card and these will be spelled out in any accompanying card documents.

Conclusion

The prepaid card is another great tool for proper budgeting and spending. you can use the card to create a monthly or weekly allowance allocation for your kids in higher institutions. One great thing with the card is the fact that you can restrict what they can do with the card such as paying for drinks in clubs or subscriptions on adult websites.

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We’ve also written an article on Loan Companies That Offer Monthly Repayment Plans to their customers in Nigeria. You can check it out