Bank of America has a new secured business credit card. The new Business Advantage Unlimited Cash Rewards Secured Card provides small businesses with the platform to build credit while offering 1.5% cash back on all eligible purchases and no annual fee.
Bank of America Business Advantage Unlimited Cash Rewards Secured Card Details
Bank of America hopes to help businesses build credit while earning versatile cash back rewards. The new Business Advantage Unlimited Cash Rewards Secured credit card is the bank’s latest offering, hoping to help small business owners continue to navigate a challenging business environment. The card provides a new tool to help them establish, strengthen, or rebuild their business credit while giving cardholders the benefits that matter most to their business.
The new credit card is available now and has no annual fee. Benefits include:
- Credit lines from $1,000 to $10,000 (held by a security deposit)
- Earn unlimited 1.5% cash back on all purchases, with no annual rewards earning cap
- Preferred Rewards access
- No annual fee
“Establish Long Term Financial Wellness”
“Bank of America is committed to providing small business owners with innovative solutions and advice that can help them grow their business and establish long term financial wellness,” said Sharon Miller, president of small business and head of specialty banking and lending at Bank of America, in a press release accompanying the news. “These latest offerings are designed to empower entrepreneurs by providing them with access to resources that will help them to start or strengthen their businesses.”
Secured business credit cards are something of a unicorn. There are very few secured options for small businesses – and this is especially true for major, national banks. Beyond the new Business Advantage Unlimited Cash Rewards Secured Card, Wells Fargo offers a secured option (the Wells Fargo Business Secured Credit Card), while Divvy, a fintech, offers the Divvy Credit Builder.
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