Bank of America Business Advantage Unlimited Cash Rewards Secured Business credit card review
Editor's Note
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
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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?
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.
TPG featured card
Rewards
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
Annual Fee
Recommended Credit
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro Offer
You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.