Bank of America offers debit cards, credit cards, and prepaid cards — each one works differently and solves a different problem
Bank of America issues three main types of cards. A debit card pulls money directly from your checking account when you use it. A credit card borrows money on your behalf that you pay back later, usually with interest. A prepaid card works like a debit card but holds only the money you load onto it yourself — Bank of America doesn't need to approve you for a prepaid card the way it does for credit.
Which one you get depends on what you're trying to do and what Bank of America will approve you for. If you have a checking account with them, you already have access to a debit card. If you want to borrow money and build credit history, you'd look at their credit cards. If you want a card without a bank account or a credit check, their prepaid card is the route.
Key Takeaways
- Bank of America debit cards work with a checking account and spend your own money when ready.
- Bank of America credit cards let you borrow money to spend now and pay it back over time, usually with interest charges.
- Bank of America prepaid cards don't require a bank account or credit approval and only hold money you load yourself.
- Each card type has different fees, protections, and purposes — the right choice depends on whether you want to spend your own money, borrow, or avoid a credit check.
Debit cards: spending money you already have
A debit card is the simplest type. When you swipe or insert it, the money comes out of your checking account right away. Bank of America gives you a debit card automatically when you open a checking account with them. You don't have to ask for one or meet any credit requirements.
Debit cards come with a PIN (a four-digit code you enter at an ATM or store) and a signature option (you sign a receipt instead). You can use them to withdraw cash at ATMs, pay for things in stores, and pay bills online. Bank of America's debit cards also come with fraud protection — if someone uses your card without permission, you can report it and they'll investigate.
The main limit of a debit card is that you can only spend what's in your account. You also don't build credit history with a debit card, because you're not borrowing money. If you're new to banking or want to avoid debt, a debit card is usually the safest starting point.
Credit cards: borrowing money to build credit
A credit card is a loan in card form. When you use it, Bank of America lends you the money. At the end of the month, you get a bill showing everything you spent. You can pay the full amount, pay part of it, or pay nothing — but if you don't pay in full, interest charges start adding up.
Bank of America offers many credit cards aimed at different situations. Some have no annual fee. Some offer cash back on purchases (you get a small percentage of what you spend back as money). Some offer rewards points you can redeem for travel or merchandise. To get a credit card, Bank of America checks your credit history — they want to see that you've borrowed money before and paid it back on time.
Credit cards build your credit score when you use them responsibly. Your credit score is a number that lenders use to decide whether to lend you money for a car, a house, or other big purchases. The higher your score, the better interest rates you get. But if you miss payments or carry a high balance, your score drops and interest charges grow quickly.
Prepaid cards: no bank account or credit check needed
Bank of America's prepaid card is called the NetSpend Prepaid Card (though Bank of America partners with NetSpend to offer it rather than issuing it directly). You load money onto it yourself, and you can only spend what you've loaded. There's no credit check, no bank account required, and no overdraft fees because you can't spend more than you have.
Prepaid cards work like debit cards at the point of sale — you swipe or insert them in stores, online, or at ATMs. The difference is that the money comes from the prepaid account, not a bank checking account. You can reload the card by transferring money from a bank account, getting a direct deposit sent to it, or adding cash at certain retailers.
Prepaid cards do charge fees — usually a monthly fee, a fee to load money, or a fee to check your balance. These fees vary depending on which prepaid card you choose. Prepaid cards also don't build credit history the way credit cards do, because you're not borrowing money. They're useful if you don't have a bank account yet, want to avoid debt, or need a way to receive paychecks without a traditional bank.
How to choose between them
Start with a debit card if you have a checking account with Bank of America. It's the simplest option and costs nothing. Use it for everyday spending and ATM withdrawals.
Add a credit card if you want to build credit history or earn rewards on your spending. Only do this if you can pay your bill in full most months — carrying a balance costs money in interest. If you're new to credit, start with a card that has a lower credit limit so you're not tempted to overspend.
Choose a prepaid card if you don't have a bank account yet or if you want to avoid credit altogether. Compare the fees across different prepaid cards before you pick one — some charge more than others, and those fees add up over time.
Fees and protections for each card type
Debit cards usually have no monthly fee from Bank of America. You may pay a fee if you use an ATM that's not part of Bank of America's network, but Bank of America ATMs are free. Debit cards come with fraud protection — if your card is stolen or used without permission, you can report it within a certain time frame and Bank of America will refund the unauthorized charges.
Credit cards have different fee structures depending on which card you choose. Some have no annual fee. Others charge $95 or more per year. You'll also pay interest on any balance you carry — the interest rate (called the APR, or annual percentage rate) varies by card and by your credit score. Credit cards offer fraud protection too, and the protections are often stronger than debit cards.
Prepaid cards charge monthly fees (often $5 to $10), fees to load money, and sometimes fees to check your balance or make ATM withdrawals. These fees vary widely, so read the fee schedule before you choose one. Prepaid cards also come with fraud protection, though the process for disputing unauthorized charges can be slower than with bank cards.
Frequently Asked Questions
Can I have a debit card and a credit card at the same time?
Yes. Many people have both. You use the debit card for everyday spending from your checking account and the credit card for purchases where you want to build credit or earn rewards. Just make sure you can pay your credit card bill on time each month.
What happens if I lose my Bank of America card?
Call Bank of America when ready — the number is on the back of your card or on your statement. They'll freeze the card so no one else can use it and send you a replacement. For debit and credit cards, you're protected against fraud if you report it quickly. For prepaid cards, the process depends on the card issuer.
Do I need good credit to get a Bank of America debit card?
No. Debit cards come with a checking account and don't require a credit check. You just need to open an account with Bank of America. Credit cards do require a credit check, but prepaid cards do not.
Can I use a prepaid card to build credit?
No. Prepaid cards don't report to credit bureaus, so they don't build your credit score. If building credit is your goal, you need a credit card or a secured credit card (a credit card backed by money you deposit with the bank).
What's the difference between a credit card and a debit card at the store?
At checkout, they work the same way — you swipe, insert, or tap. The difference is what happens after: a debit card takes money from your account when ready, while a credit card sends you a bill later. Credit cards also offer fraud protection and the ability to dispute charges, which debit cards have but in a different way.