What is the Prepaid Card?
The Card is a Visa®-branded debit card (not a credit card) provided to you by your sponsor as either a ‘business funds’ card or a ‘personal funds’ card.
A business funds Card must be used solely for business purposes and can only be used to purchase goods and services specified by your sponsor and not for personal, family or household purposes. Your sponsor has a right to cancel the Card at any time. Ask your sponsor if there are any additional restrictions
Your sponsor may also choose to issue you a personal funds Card. A personal funds Card can be used for any lawful purpose you choose. For example, your sponsor may issue you a Card instead of a check for reimbursing you for travel expenses, paying sales commissions, an award or an incentive. The money on the Card belongs to you and you can spend it anywhere that Visa Debit cards are accepted.
With both fund types, you have access to the funds 24 hours a day, seven days a week. You can use the Card anywhere Visa Debit Cards are accepted: in stores, online, by mail and by phone. You may also get cash with the Card at Cirrus® or Visa ATMs (Automated Teller Machines) worldwide.
Is the Prepaid Card a credit card?
The Card is not a credit card. The Card has funds loaded on it by your sponsor. You are not able to load value to the Card yourself. Use the Card until all funds on the Card are depleted. Your sponsor may elect to add additional value to the Card if it is a reloadable Card. If no additional value can l be loaded on the Card, the Card will say “Non Reloadable” and after the Card is depleted, you can throw it away.
What are the benefits of having a Prepaid Card?
Saves time – easy access to the funds on the Card.
Improved convenience – use for purchases everywhere Visa debit Cards are accepted and at virtually any ATM 24 hours a day.
Improved security – no need to carry large amounts of cash with you.
Better control over managing the money on the Card – take only the money you need, when you need it, depending upon the Card program designed by your sponsor.
Account information and customer service available 24 hours a day
Bank of America ”Zero Liability” Policy – you may incur no liability for unauthorized use of the Card up to the amount of the unauthorized transaction, provided we are notified within a reasonable period of time of the loss or theft (subject to certain conditions).
Account information is available around the clock via a website – www.bankofamerica.com/commercialprepaidcard
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