Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card Review for 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card is designed for business owners needing to build or improve their business credit while earning unlimited 1.5% cash back on all purchases. It has no annual fee and requires a security deposit of at least $1,000. The amount of the security deposit will determine your credit limit.
If you wish to compare one card over another, select a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
Business Advantage Unlimited Cash Rewards Secured Credit Card
BEST FOR:
Those who cannot qualify for unsecured business credit cards
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
How We Evaluate Secured Business Credit Cards
When grading secured business credit cards like Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card, we first consider the annual fee and ongoing annual percentage rate (APR). We also rate the card’s rewards, security deposit requirements, introductory APR, additional features, and other fees.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Ongoing Rewards | 20 | 30 |
Introductory Rewards | 15 | 20 |
Annual Fee | 15 | 15 |
Additional Features | 6 | 15 |
Introductory APR | 8 | 10 |
Ongoing APR | 7 | 10 |
Total Score | 71 | 100 |
Who the Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card Is Best For
- Those with low credit scores: Since this is a secured business card, its primary requirement is a security deposit—meaning you may still qualify if you can make a security deposit of at least $1,000. It can also help you build your credit with consistent on-time payments.
- Those who cannot qualify for unsecured business credit cards: The card serves the same purpose as any regular unsecured business card. When used responsibly, you can build your credit history and eventually qualify for regular unsecured business credit cards.
Check out our recommended alternatives below if this card doesn’t quite fit the bill.
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card Fees
APRs
- Introductory: None
- Ongoing and balance transfers: 26.49% variable, adjusts with the prime rate
- Cash advance: 28.49% variable, adjusts with the prime rate
- Penalty: None
Specific Fees
- Annual: None
- Security deposit: Minimum of $1,000
- Balance transfer and cash advance: 4% of the amount of each transaction
- Foreign transaction: 3% of the U.S. dollar amount of each transaction
- Late payment:
- $0 if balance less than or equal to $100
- $29 for balances ranging from $100.01 to $1,000
- $39 for balances ranging from $1,000.01 to $5,000
- $49 for balances over $5,000
- Return payment: None indicated
Your due date is at least 25 days after the close of each billing cycle.
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card Rewards
You can earn unlimited 1.5% cash back on all purchases, regardless of spending categories, and you can redeem your rewards as a deposit into your Bank of America checking account or savings account, a card statement credit, or a check mailed to you. There’s no annual cap on the rewards you can earn, and your cash rewards don’t expire.
How To Make Payments on the Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card
- Bank of America® mobile app: Log in to the iOS or Android app, select your business credit card, then click “Make a payment.”
- Phone: Call (800) 236-6497 and follow the prompts. There’s no fee to make a payment by phone.
- Financial center or ATM: Drop off your payment at any Bank of America financial center or an ATM near you.
- Online: Log in to Bank of America’s Online Banking site, select the “Bill Pay” tab, then follow the prompts.
- Mail: Pay using the following address:
Business Card Payments
Bank of America Business Card
PO Box 15710
Wilmington, DE 19850-5710
Bank of America Business Card
PO Box 15710
Wilmington, DE 19850-5710
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card Features
- Overdraft protection: This is an optional service available to cardholders who have a Bank of America business checking account. If you opt-in, you just have to link your credit card to your checking account (done through Balance Connect®, its overdraft protection service). Doing so will prevent declined purchases, returned checks, and other overdrafts.
- Cash flow management tools: Bank of America offers a suite of online services to help you manage your business. You can access online and mobile banking tools, set up automatic payments, make funds transfers, and download transactions into QuickBooks.
- Travel and emergency services: The card comes with travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services—such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Zero liability protection: This protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, plus you can enjoy extended warranty coverage. The bank will even block potential fraud if it detects abnormal patterns in your transactions and will notify you if it suspects any fraudulent activity.
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America’s Small Business Online Banking.
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card Alternatives
First National Bank of Omaha Business Edition® Secured® Mastercard®
First National Bank of Omaha Business Edition Secured Mastercard® Credit Card
BEST FOR:
Secured credit lines of as much as $100,000
Intro APR
None
Regular APR
23.99% Variable
Annual Fee
$39
Credit Needed
N/A
- Request your own credit limit between $2,000 and $100,000―multiples of $50―when you apply, subject to credit approval.
- Security deposit is 110% of the amount of your credit limit, between $2,200 and $110,000―multiples of $50―subject to credit approval.
- $39 annual fee
- Earn interest on your security deposit.
- Variable 19.99% APR on purchases and balance transfers based on the prime rate.
- Get automatic rebates with Visa SavingsEdge® on purchases that you make at qualified merchants.
- United States citizenship isn’t required but you must have a valid Social Security number or individual taxpayer identification number (TIN) and a valid US address.
- Online access to view transactions, pay your bill, view up to seven years of prior statements, and more.
Pros
- Accepts a wide range of credit scores
- You can set your own credit limit
- Offers user-friendly management reports
- You’ll earn 0.05% annual percentage yield (APY) on your security deposit account balance
Cons
- Requires an annual fee
- Charges a foreign transaction fee
- Doesn’t offer rewards
- Automatic discounts: Good on purchases you make at qualified merchants. Rebates will be applied as statement credits.
- Visa Zero Liability: It covers you when fraudulent charges are made with either your card or your account information.
- Free management reports: Be able to track your expenses and spending, identify tax deductions, prepare tax filings, and predict costs with ease
Intro APR
None
Regular APR
23.99% Variable
Annual Fee
$39
Credit Needed
N/A
- Request your own credit limit between $2,000 and $100,000―multiples of $50―when you apply, subject to credit approval.
- Security deposit is 110% of the amount of your credit limit, between $2,200 and $110,000―multiples of $50―subject to credit approval.
- $39 annual fee
- Earn interest on your security deposit.
- Variable 19.99% APR on purchases and balance transfers based on the prime rate.
- Get automatic rebates with Visa SavingsEdge® on purchases that you make at qualified merchants.
- United States citizenship isn’t required but you must have a valid Social Security number or individual taxpayer identification number (TIN) and a valid US address.
- Online access to view transactions, pay your bill, view up to seven years of prior statements, and more.
Pros
- Accepts a wide range of credit scores
- You can set your own credit limit
- Offers user-friendly management reports
- You’ll earn 0.05% annual percentage yield (APY) on your security deposit account balance
Cons
- Requires an annual fee
- Charges a foreign transaction fee
- Doesn’t offer rewards
- Automatic discounts: Good on purchases you make at qualified merchants. Rebates will be applied as statement credits.
- Visa Zero Liability: It covers you when fraudulent charges are made with either your card or your account information.
- Free management reports: Be able to track your expenses and spending, identify tax deductions, prepare tax filings, and predict costs with ease
- First National Bank of Omaha Business Edition® Secured® Mastercard® is best for those needing a credit limit of anywhere from $2,000 to $100,000
- Requires a security deposit of 110% of the amount of your credit limit
- Charges an annual fee of $39
- Doesn’t offer rewards for new and existing cardholders
- Is one of our recommended secured business credit cards, business credit cards with instant approval, and business credit cards for dad credit
Capital One® Spark® Classic for Business
Capital One® Spark® Classic for Business
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Those with fair credit
Intro APR
N/A
Regular APR
29.74% (Variable)
Annual Fee
$0
Credit Needed
Fair
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No sign-up bonus
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: if your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
Intro APR
N/A
Regular APR
29.74% (Variable)
Annual Fee
$0
Credit Needed
Fair
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No sign-up bonus
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: if your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
- Capital One® Spark® Classic for Business is best suited if you have fair credit
- Lacks 0% introductory APR for purchases and balance transfers
- Doesn’t charge annual, balance transfer, and foreign transaction fees
- Lets you earn unlimited 1% cash back on all purchases, with no minimum to redeem
- Is our leading business credit card for fair credit and one of our preferred business credit cards with instant approval
Emburse Spend Card
- Emburse Spend Card is a viable option for those wanting a business prepaid card with rewards
- Offers unlimited 1% cash back on all purchases
- Doesn’t charge fees for domestic transactions and adding virtual and physical cards
- Lets you deposit to a maximum of $100,000
- Is one of our top business prepaid cards
For additional options, see our guides on the best secured business credit cards and the best small business credit cards.
Bottom Line
If your current credit score cannot qualify you for a regular, unsecured business credit card, you may consider the Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card. You can enjoy earning unlimited cash back without having to pay annual fees. Plus, it can help you build your credit when you use it responsibly. Note that other cards can help improve your credit and don’t charge balance transfer and foreign transaction fees.
