Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card review

Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card overview

The Bank of America® Business Advantage Unlimited Cash Rewards Secured Business credit card is a decent choice for small-business owners with limited credit history. You'll earn cash-back rewards without an annual cap on what you get back. For no annual fee and a minimum $1,000 security deposit (which will become your credit line), 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's 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 limited business credit, as they allow you to provide a cash deposit that will equal your credit limit.

This card offers a pathway to transition into the unsecured version after making on-time payments consistently, which can unlock a higher credit limit without the security deposit requirement. Not all customers will qualify.

This card is ideal for business owners seeking to rebuild or even establish their credit. Here's what to know about the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card.

The information for the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card pros and cons

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.

It's not necessarily common for secured credit cards to include a welcome offer, as their primary purpose is to build credit history.

Related: What is a secured business credit card?

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Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card benefits

For a no-annual-fee secured card, the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card provides a decent list of benefits for business owners.

The card offers up to $100,000 in travel accident insurance. Additional protections include auto rental insurance, emergency ticket replacement, lost luggage assistance and legal and medical referrals while traveling. These perks are also available with the unsecured version of this card, so they're nice pluses for the secured one.

Along those lines, Bank of America states it will "periodically review your account." If the bank finds that your credit history is improving, you will have the opportunity to transition to an unsecured card. Not all customers will qualify.

For those working to build up credit with this secured business card, you'll get free access to your business credit scores, cash flow management tools, fraud monitoring, balance connect for overdraft protection and zero liability protection. These are helpful perks for business owners with limited or recovering credit.

This isn't the card to take abroad, however, since it charges a 3% foreign transaction fee on purchases you make outside of the U.S.

Related: The best cards for trip cancellation and interruption insurance — and what it actually covers

Earning cash back on the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card

One of the perks that comes with the Bank of America Business Advantage Unlimited Cash Rewards Secured Business card is that you can earn rewards as you build your credit history. You'll earn 1.5% cash back on every purchase with no cap on what you earn annually.

While you won't be able to leverage elevated earning rates across bonus categories with this card, this is a solid, simple cash-back rate for those without a good credit score. You'll be above our target 1% cash-back earning rate on every purchase for no annual fee — all while building up your credit.

Most secured cards don't earn any rewards, so this feature helps the Bank of America Business Advantage Unlimited Cash Rewards Secured Business stand out.

Related: Why you should get a fixed-rate rewards credit card

Redeeming cash back on the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card

Those with the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card can cash in on their cash-back earnings with the card in multiple ways:

• Deposited into your Bank of America checking or savings account
• Applied as a statement credit
• Mailed to you as a check

These are decently flexible options for simple cash-back earnings. Plus, your rewards won't expire as long as your account remains open.

Related: The pros and cons of cash-back credit cards

Which 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 could be a solid choice for business owners looking to improve their credit, there are some other secured credit card options out there that may also suit those needs.

• If you don't want to pay foreign transaction fees: The Capital One Platinum Secured Credit Card could be a good option for those looking to rebuild their credit with a no-annual-fee card that doesn't charge foreign transaction fees. However, the Capital One Platinum Secured does not offer rewards. To learn more, read our full review of the Capital One Platinum Secured.
• If you want to earn rewards with no foreign transaction fees: The Capital One Quicksilver Secured Cash Rewards Credit Card also earns 1.5% cash back on every purchase and doesn't charge any foreign transaction fees. You could potentially earn back your deposit and upgrade to an unsecured Capital One Quicksilver Cash Rewards Credit Card with responsible use. To learn more, read our full review of the Capital One Quicksilver Secured.
• If you don't mind paying an annual fee: The opensky® Secured Visa® Credit Card is a good candidate for those with limited credit histories since you can apply without a credit check. However, it does come with a $35 annual fee. To learn more, read our full review of the opensky Secured Visa.

For more details, check out our full list of the best secured credit cards and best secured business credit cards.

Is the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card worth it?

If you're a business owner who wants to improve your credit score, the Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card could be a good option, especially since it offers a pathway to getting the unsecured version of the card.

You'll earn rewards at a flat 1.5% cash-back rate, but you won't have any bonus categories to maximize, so it's good if your business has varied everyday spending tendencies.

Bottom line

The Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card is meant to help those with poor or limited credit history build up their credit and earn rewards while doing so.

If you're looking for simplicity and don't mind a card that charges a foreign transaction fee, this could be a decent choice.

Related: The 6 best starter cards for building your credit