Bank of America Business Advantage Unlimited Cash Rewards Secured business credit card review: Full details
Bank of America Business Advantage Unlimited Cash Rewards Secured business credit card overview
The Bank of America® Business Advantage Unlimited Cash Secured Business credit card is a decent option for small business owners with limited credit history. You will earn 1.5% of unlimited cash back rewards on purchases without an annual break on your returns. Aside from the annual fee and the $1,000 security deposit (which will be your line of credit), it’s not a bad deal if you need a secured business card. Card rating*: ⭐⭐½
*Card rating is based on the opinion of TPG editors and is not influenced by the card issuer.
The Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card is a secured version of the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card. Secured business credit cards are a better option for those with bad or moderate business credit, as they allow you to provide a cash deposit that will equal your credit limit.
This card offers a way to upgrade to an unsecured version after consistently paying on time, which can unlock a higher credit limit without a security deposit requirement. Not all customers will qualify.
This card is perfect for business owners who want to rebuild or establish their credit. Here’s what you need to know about the Bank of America Business Advantage Unlimited Cash Secured Business credit card.
Related: The best secured business credit cards
Bank of America Business Advantage Unlimited Cash Secured Business credit card information has been independently collected by The Points Guy. The card information on this page has not been updated or provided by the card issuer.
Bank of America Business Advantage Unlimited Cash Rewards Secured business credit card
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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 Secured Business credit card does not offer a welcome bonus.
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It is not uncommon for secured credit cards to include an acceptance 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 Secured Rewards Business credit card benefits
For a secured cash card with no annual fee, the Bank of America Business Advantage Unlimited Cash Secured Business credit card offers a decent list of benefits for business owners.
The card offers up to $100,000 in travel accident insurance, rental car insurance, emergency ticket replacement, lost luggage assistance and legal and medical referrals while traveling. These benefits are also available on the non-secured version of this card, so they’re great additions to the secured version.
Along those lines, Bank of America says it will “periodically review your account” with the Bank of America Business Advantage Unlimited Cash Secured Business Secured Business credit card, and if the bank finds that your credit history is improving, you’ll have a chance to switch. on an unsecured card. Not all customers will qualify.
For those working to build credit with this secured business card, you’ll get free access to business credit scores, cash flow management tools, fraud monitoring, overdraft protection and bad debt protection. These benefits are useful for business owners with limited or poor credit.
This is not a card you can take abroad, however, as it charges a 3% foreign transaction fee on purchases made outside the US.
Related: The best cards for trip cancellation and interruption insurance — and what it actually covers
Cash back with the Bank of America Business Advantage Unlimited Cash Secured Business credit card
One of the benefits 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 will earn 1.5% cash back on all purchases with no break on your annual earnings.
While you won’t be able to take advantage of the higher cash-back rates in all bonus categories with this card, this is a solid, easy cash-back rate for those without good credit scores. You’ll average more than 1% cash back on all purchases with no annual fee — all while building your credit.
Related: Why you should get a fixed-rate rewards credit card
Cash back on the Bank of America Business Advantage Unlimited Cash Secured Business credit card
Those with the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card can cash in on the card’s earnings in a number of ways:
- Deposited into your Bank of America checking or savings account
- Used as a statement credit
- Sent to you as a check
These are convenient and flexible options for easy cashback benefits, as you can choose to have the money sent to you, deposited or applied to your statement as a credit. Also, your rewards will not expire as long as your account remains open.
Related: Pros and cons of cash back credit cards
What cards compete with the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card?
While the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card can be a solid choice for business owners looking to improve their credit, there are other secured credit card options that may suit those needs.
Related: The best secured credit cards
Is the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card right for you?
If you’re a business owner looking to improve your credit score, the Bank of America Business Advantage Unlimited Cash Secured Business credit card can be a great option, especially since it offers a way to get an unsecured version of the card.
You’ll earn rewards with a low cashback rate of 1.5%, but you won’t have bonus tiers to grow, so it’s good if your business has a variety of ways to spend money on a daily basis.
Bottom line
The Bank of America Business Advantage Unlimited Cash Secured Business credit card is designed to help those with poor or limited credit build their credit and earn rewards while doing so.
If you want to keep things simple and don’t mind a card that charges an external fee, this could be a good choice.
Related: The 6 best credit cards for building your credit
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