Last updated on September 19th, 2023
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Business Advantage Unlimited Cash Rewards Secured Credit Card
Business Advantage Unlimited Cash Rewards Secured Credit Card
Business Advantage Unlimited Cash Rewards Secured Credit Card
- 28.49% variable based on the Prime Rate Regular Purchase APR
- 28.49% variable based on the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The Business Advantage Unlimited Cash Rewards Secured Credit Card provides businesses with a credit lifeline for no annual fee. The card, which requires a $1,000 minimum security deposit, earns unlimited 1.5% cash back, with even more rewards through Bank of America Preferred Rewards for Business.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn unlimited 1.5% cash back rewards while establishing your business credit
- Flexible redemption options
- Seamless transition from secured credit to unsecured with financial responsibility
- Regular Purchase APR: 28.49% variable based on the Prime Rate
- Balance Transfer APR: 28.49% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transaction, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each transaction, whichever is greater
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transactio
- Late Payment Penalty Fee: Up to $49
- Minimum Deposit Required: $1,000
- You own a business but don’t want to impact your personal credit score
- You want a versatile cash back rewards card
- You have an existing BoA relationship and Preferred Rewards account
- You don’t want to pay an annual fee
Business Unlimited Cash Rewards Secured Credit Card Review
The Business Advantage Unlimited Cash Rewards Secured Credit Card is a no annual fee, cash back rewards card from Bank of America. The card offers businesses with limited credit history (or no credit history) the chance to build credit – and not rely on personal credit scores.
Earn Unlimited Cash Back on Purchases
The Business Advantage Unlimited Cash Rewards Secured credit card offers the same cash back rewards as the unsecured version. That means cardholders earn an unlimited 1.5% cash back on all purchases, with no caps.
Businesses can earn even more rewards with an eligible Bank of America Preferred Rewards for Business account. Preferred Rewards for Business accounts can earn up to 75% more back on purchases – with the highest tier companies earning up to 2.62% cash back on all purchases.
Even the base level of Bank of America Preferred Rewards for Business offers 25% more rewards, or 1.875% cash back on all purchases. These tiers make the Business Advantage Unlimited Cash Rewards Secured Card an ideal tool for companies with an existing relationship with the bank
How to Redeem Cash Back
The cash back rewards are straightforward to redeem. Bank of America lets businesses use cash rewards towards statement credits on the card account, as deposits into Bank of America checking or savings accounts. Accountholders can also receive their rewards as a physical check mailed to them.
$1,000 Minimum Security Deposit
Secured credit cards require a security deposit, which has the dual purpose of securing the credit line and acting as that credit limit. With the Business Advantage Unlimited Cash Rewards Secured Card, the security deposit can range from a minimum of $1,000 to a maximum of $10,000.
Transition to the Unsecured Business Advantage Card
One of the best features of secured credit cards from bigger banks is upgrading from secured to unsecured credit. This process, which involves ensuring all monthly payments are met, and balances are kept at a reasonable level, is the natural progression of credit growth.
Bank of America regularly monitors accounts. If the business’s overall credit history improves, it could transition to an unsecured card. However, not all customers will qualify for the upgrade, so the priority should be on building credit – and not earning rewards.
Other Card Features
Other notable features of the Bank of America Business Advantage Unlimited Cash Rewards Secured Card include:
- $100,000 in travel accident insurance
- Cash flow management tools, including automatic payments, transfers and downloading transactions into QuickBooks
- Manage accounts online 24/7 with secure Online and Mobile Banking
- EMV chip and contactless payment technology
- Balance Connect™ overdraft protection
- Zero Fraud Liability
- Mastercard business card protections
Should You Apply for the Business Advantage Unlimited Cash Rewards Secured Credit Card?
Overall, the Business Advantage Unlimited Cash Rewards Secured Credit Card is a lucrative cash back card for companies that lack a solid credit history but have deposit accounts with Bank of America. The card provides the most value for these companies – including up to 2.62% cash back on all purchases.
The card also provides a streamlined approach towards building credit – including the chance to advance and graduate to the unsecured Business Advantage Unlimited Cash Rewards. Building credit is a process, so having an end destination in mind is a great feature that gives companies a sense of growth and achievement. Oh, and the cash rewards don’t hurt, either.
