Our Verdict
The Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* has no annual fee but does require a deposit for business customers looking to build business credit. With 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.
Pros
- No annual fee
- Solid rewards for a secured card
- Potential to graduate to an unsecured version
Cons
- Deposit required
- Foreign transaction fee: 3% of the U.S. dollar amount of each transaction
- Balance transfer fee: 4% of each transaction
Highlights
- Earn unlimited 1.5% cash back on all purchases
- Rewards have no annual cap and 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* might not initially appeal to smaller companies trying to build business credit, 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 customers as you can opt into overdraft protection by linking to your business checking account.
Although the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* comes with $100,000 in travel accident insurance, auto rental insurance, 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 credit 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.
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Quick Facts
- $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 credit 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 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% or 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.
- Travel accident insurance. Up to $100,000 in coverage for covered accidents that happen while traveling.
- Auto rental insurance. 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: 28.49% variable APR
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
Fees
- Annual fee: $0
- Balance transfer fee: 4% of each transaction
- Foreign transaction fee: 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. Capital One® Spark® Classic for Business*
If your business doesn’t have perfect credit but may still qualify for an unsecured card, consider the Capital One® Spark® Classic for Business*. The card earns 1% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel. Though that’s less than the Business Unlimited Cash Rewards offers, that might be made up for by the lack of security deposit required and a chance for a higher credit line.
Both cards have no annual fee and the Spark Classic has an added advantage that there’s no foreign transaction fee. For companies that make numerous international purchases, whether travel, services or merchandise, those savings can add up.
As a basic card, you won’t find a lot of fancy benefits or welcome offers with the Spark Classic but it delivers the convenience of paying with credit without the limitation of a deposit.
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 credit card* and likely requires better business credit or stronger personal credit to receive approval.
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% introductory APR on purchases for the first 9 billing cycles, followed by a 18.49% - 28.49% variable APR on purchases and balance transfers. Balance transfer fee of 4% of the amount of each transaction applies. It also offers a welcome bonus of $300 online statement credit after making at least $3,000 in purchases in the first 90 days of account opening. Those who qualify for Bank of America’s Preferred Rewards for Businesses program can potentially earn higher rates of cash back with this card.
For business owners deciding between a secured or unsecured card, these two cards provide an excellent example of the additional incentives available with unsecured cards beyond the lack of a required deposit.
Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* vs. Brex Card*
The Brex 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 credit card*, but for business owners 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 has 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.
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 credit 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.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
*The information for the following card(s) has been collected independently by Forbes Advisor: Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card, Capital One® Spark® Classic for Business, Brex Card. The card details on this page have not been reviewed or provided by the card issuer.
