Apply for bank of america secured business credit card

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The Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* charges no annual fee but does require a deposit for business customers looking to build business credit. With excellent benefits including rewards and the potential to upgrade to an unsecured card over time, the card stands tall among secured business cards, earning it a spot on our list of the best business secured credit cards.

Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card

Regular APR

25.24% variable APR

Pros

• No annual fee
• Solid rewards for a secured card
• Potential to graduate to an unsecured version

Cons

• Deposit required
• 3% of the U.S. dollar amount of each transaction. foreign transaction fee
• Balance transfer fee: Either $10 or 4% of the amount of each transaction, whichever is greater.

Highlights

• Earn unlimited 1.5% cash back on all purchases, everywhere, every time. No annual cap and cash rewards don’t expire.
• Open your account with a security deposit (minimum $1,000). Upon approval your credit line will be equal to your deposit account.
• No annual fee

Introduction

The Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card*’s usefulness to smaller companies trying to build business credit might not be appealing, since it requires a hefty $1,000 minimum deposit. Its convenience benefits, however, include automatic payments and the ability to download transactions right into Quickbooks, so it’s well built for proprietors looking for financial management tools. This is especially true for business owners who are already Bank of America banking customers as you can opt into overdraft protection by linking to your business checking account.

Although the Business Advantage Unlimited Cash Rewards Secured Card comes with $100,000 in travel accident insurance, auto rental collision damage waiver, emergency ticket replacement, lost-luggage assistance and legal and medical referrals when away from home the card’s benefits do not compete with those of unsecured travel cards. But considering the card also offers purchase and extended warranty protections and a $0 fraud liability, it’s easy to see how the card leaves most other business secured cards behind.

Like all secured cards, the Bank of America Business Advantage Unlimited Cash Rewards Secured card requires a deposit, starting at a minimum opening deposit of $1,000 but its benefits and rewards are top notch among this type of card.

At a Glance

• $0 annual fee
• The card does not offer a welcome bonus
• Earn 1.5% cash back on all purchases
• Comes with travel benefits and purchase protections
• $1,000 minimum opening deposit required

Bank of America Business Advantage Unlimited Cash Rewards Secured Card Rewards

Earning Rewards

The Bank of America Business Advantage Unlimited Cash Rewards Secured card earns 1.5% cash back on all purchases. Rewards do not expire as long as the account stays open and the cardholder maintains active spending privileges.

Redeeming Rewards

Rewards are unlimited and can be redeemed as a deposit into a Bank of America checking or savings account, as a credit to an eligible Merrill investment account, as a card statement or issued as a check. Rewards are redeemed through Bank of America’s online banking system.

Rewards Potential

The specific rewards potential this card offers fluctuates with how much the business spends on the card each month. For every $1,000 in reward-eligible purchases each month, the business will earn $15 in cash back for the month or $180 in annual cash back.

To estimate reward potential, you should determine your business’ anticipated eligible average monthly business spending and multiply by 1.5% ($0.015).

Other Bank of America Business Advantage Unlimited Cash Rewards Secured Card Benefits

• $0 Fraud Liability: No cardholder responsibility for unauthorized transactions.
• Mobile and Online Banking: Convenience of the click with alerts and account monitoring via phone or computer.
• Overdraft Protection: Optional overdraft protection by linking to your Bank of America business checking account.
• Paperless Statements: Go green viewing your account statements online.
• Tap to Pay: Cardholders can use chip-enabled cards to avoid inserting or swiping at the register.
• Travel Accident Insurance: Up to $100,000 in coverage for covered accidents that happen while traveling.
• Auto Collision Damage Waiver: Decline rental car insurance at the counter and receive coverage when you pay with your card.
• Other Travel Benefits: Lost luggage assistance, emergency ticket replacement and legal and medical referrals when away from home.
• Purchase Protections: Certain purchases are protected against loss, damage, theft or fire.
• Extended Warranty Protections: Extended protection on certain purchases beyond the manufacturer warranties.

Fine Print

Interest Rates

• Regular APR: 25.24% variable APR
• Purchase Intro APR Offer: 25.24% variable APR
• Balance Transfer Intro APR Offer: N/A

Fees

• Annual Fee: $0
• Balance Transfer Fees: Either $10 or 4% of the amount of each transaction, whichever is greater.
• Cash Advance Fees: Either $10 or 4% of the amount of each transaction, whichever is greater. Exception: Overdraft Protection Cash Advance (if enrolled): no fee will be assessed to your credit card account.
• Foreign Transaction Fees: 3% of the U.S. dollar amount of each transaction.

How the Bank of America Business Advantage Unlimited Cash Rewards Secured Card Stacks Up

Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* vs. Wells Fargo Business Secured Credit Card*

The Wells Fargo Business Secured charges no annual fee and also offers convenience features such as autopay, online account management, fraud monitoring, overdraft protection and $0 fraud liability, but its rewards structure is slightly more complex than that of the Bank of America Business Advantage Unlimited Cash Rewards Secured card.

With a similar 1.5% cash back option, the Wells Fargo Business Secured card earns 1.5% cash back per dollar spent on qualifying purchases or earn 1 point per dollar and receive 1,000 bonus points when the company spend is $1,000 or more in any monthly billing period.

A narrow group of businesses might benefit from an improved reward on points over cash back, so the Wells Fargo Business Secured card may slightly edge out the Bank of America card when it comes to rewards. Consider which card’s benefits are more in line with what you need. The Wells Fargo Business Secured offers secured (backed by your deposit) credit lines between $500 and $25,000.

Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* vs. Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card is the unsecured version of the Bank of America Business Advantage Unlimited Cash Rewards Secured card and likely requires better business credit or stronger personal credit from a business owner to receive approval for.

The card is similar in terms of extra benefits and offers the same rewards structure, but several key features stand out with the unsecured card. It comes with a 0% intro APR for 9 billing cycles on purchases, followed by a 15.24% - 25.24% variable APR on purchases and balance transfers. Balance transfer fee of either $10 or 4% of the amount of each transaction, whichever is greater, applies. It also offers a welcome bonus of $300 statement credit online bonus after making at least $3,000 in net purchases in the first 90 days of account opening. Those who qualify for Bank of America’s Preferred Rewards for Businesses program can potential earn higher rates of cash back with this card.

For those businesses deciding between a secured or unsecured card, these two cards provide an excellent example of the additional incentives available with unsecured cards beyond just the lack of a required deposit.

Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* vs. Brex 30 Card

The Brex 30 Card requires no personal guarantee but offers dynamic credit limits designed to shift with your company’s cash flow. This is an entirely different beast from the Bank of America Business Advantage Unlimited Cash Rewards Secured, but for those businesses looking to avoid a personal credit check but have plenty of funding, the Brex card may be a strong alternative to a secured card.

Brex is also a charge card, so balances must be paid off monthly or daily depending on which version of the card you have, but no interest is charged. The card charges no annual fees, no foreign transaction fees and offers a 1 Brex point per dollar reward as an alternative to its Brex exclusive rewards system—a complex but potentially lucrative reward program.

Compare Bank of America Business Advantage Unlimited Cash Rewards Secured Card with other Cards

Is the Bank of America Business Advantage Unlimited Cash Rewards Secured Card For You?

Among available secured business credit cards, the Bank of America Business Advantage Unlimited Cash Rewards Secured card shines—even if it may take an extra breath to finish naming aloud. For some, improving personal credit to provide a solid personal guarantee may make more sense than a business secured card, but for those who know this is the type of product they need, check out our list of the best secured business cards and the best business cards for bad credit to better understand the competition.

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