Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card Review: Full Details
Overview of the Bank of America Business Advantage Secured Business Credit Card Unlimited Cash
The Bank of America® Business Advantage Unlimited Cash Rewards Secured Business Credit Card is a good choice for small business owner with Limited credit history. You will earn 1.5% unlimited Cashback rewards When making a purchase there is no annual limit on how much you get back. Because no annual fee and a minimum $1,000 security deposit (which becomes your credit line), it’s not a bad deal if you need a secured business card. Card Rating*: ⭐⭐½
*Card review based on the opinions of the TPG editorial board and not influenced by the card issuer.
The Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card is one security version belong to Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® Credit Card. Secured business credit card are a better option for those with bad or limited business credit, as they allow you to deposit cash to equal to your credit limit.
This card offers a path to move to the unsecured version after making consistent on-time payments, which can unlock a higher credit limit without requiring a deposit. Not all customers will qualify.
This card is ideal for business owners looking to rebuild or even establish their credit. Here’s what to know about the Bank of America Business Advantage Unlimited Cash Rewards Guaranteed Business credit card.
Related: Best secured business credit cards
Information about the Bank of America Business Advantage Unlimited Cash Secured Business credit card has been independently collected by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Bank of America Business Advantage Unlimited Cash Rewards Pros and Cons of Secured Business Credit Cards
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Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card Welcome Offer
The Bank of America Business Advantage Unlimited Cash Rewards Guaranteed Business Credit Card does not offer a welcome bonus.
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Secured credit cards do not necessarily include a welcome offer as their primary purpose is to Build credit history.
Related: What is a secured business credit card?
Bank of America Business Advantage Unlimited Cash Rewards Guaranteed business credit card benefits
For one There is no annual fee security cardThe Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card offers a comprehensive list of benefits for business owners.
The card offers up to $100,000 Travel accident insurance, Car rental insuranceEmergency ticket replacement, lost luggage support and Legal and medical referrals while traveling. These perks are also available with unsecured version of this card, so they are great pluses for security people.
Along those lines, Bank of America states that it will “periodically review your account” with the Bank of America Business Advantage Unlimited Cash Secured Business credit card and if the bank receives see that your credit history is improving, you will have the opportunity to convert to one Unsecured card. Not all customers will qualify.
For those working on building credit with this guaranteed business card, you’ll get free access to business credit scoretools for cash flow management, fraud monitoring, overdraft protection and zero liability protection. These are helpful perks for business owners with limited or recovering credit.
However, this is not a card to take abroad as it charges a 3% fee. foreign transaction fees for purchases you make outside the United States
Related: The best cards for trip cancellation and trip interruption insurance — and what it actually covers
Earn cash back from Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card
One of the perks that comes with the Bank of America Business Advantage Unlimited Cash Secured Business credit card is that you can earn rewards as you build your credit history. You’ll earn 1.5% cash back on every purchase with no limit on how much you earn annually.
While you won’t be able to take advantage of the high earning rates on the bonus categories with this card, this is a surefire, simple way Refund rate for those who don’t have good things credit score. You’ll earn over 1% cash back on every purchase with no annual fee — and Build your credit.
Related: Why you should get a fixed-rate rewards credit card
Redeem cash back on Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card
Bank of America Business Advantage Unlimited Cash Back Secured Business credit card holders can cash out their cash back earnings with the card in several ways:
- Deposit to your Bank of America checking or savings account
- Apply as a statement credit
- Send it to you as a check
These are quite flexible options for simple cash back income, as you can choose to have the money mailed to you, deposited, or redeemed on your statement as a credit. Additionally, your rewards will not expire as long as your account remains open.
Related: Pros and cons of cash back credit cards
Which cards compete with the Bank of America Unlimited Cash Rewards Guaranteed Business credit card?
While the Bank of America Business Advantage Unlimited Cash Secured Business credit card can be a solid choice for business owners looking to improve their credit, there are several card options available. Other secured credit may also suit those needs.
Related: Best secured credit cards
Is the Bank of America Unlimited Cash Rewards Secured Business Credit Card worth it?
If you’re a business owner looking to improve your credit score, the Bank of America Business Advantage Unlimited Cash Secured Business credit card may be a good choice, especially since it offers a Roadmap to unsecured version of card.
You’ll earn rewards at a flat 1.5% cashback rate, but you won’t have any bonus categories to maximize, so it’s good if your business tends to spend different everyday.
Bottom line
The Bank of America Business Advantage Unlimited Cash Secured Business Credit Card is intended to help people with poor or limited credit histories build their credit and earn rewards for doing so.
If you’re looking for simplicity and don’t mind a card charging foreign transaction fees, this could be a reasonable choice.
