Free Dun & Bradstreet business credit score: Having access to this score helps business owners monitor their business credit progress over time.Potential to upgrade to an unsecured card: Bank of America will periodically review accounts to see if you qualify for an upgrade to an unsecured card.Build business credit: The Bank of America Business Advantage Unlimited Cash Rewards Mastercard Secured card reports to Equifax’s Small Business reporting division and can help build up business credit through responsible use.It’s rare to find rewards on a secured card, even more so for a business secured card. Simple, yet generous cash-back rate: This card offers a flat 1.5% cash back on purchases.Available to borrowers with bad credit: It’s unusual to find a business card designed for those with less-than-stellar someone credit.This makes it a poor choice for making purchases abroad. dollar amount of each transaction in foreign transaction fees when you use it for purchases abroad. This Bank of America business card also charges 3% of the U.S. A balance transfer fee of 4% of each transaction applies. First, the Bank of America Business Advantage Unlimited Cash Rewards Secured card does not offer a welcome bonus of any kind, and it comes with a sky-high variable interest rate of 28.24% variable APR on purchases and balance transfers. There are some downsides to this card and they become especially apparent when you compare it to the best business credit cards available today. For example, the card offers $100,000 in travel accident insurance, auto rental insurance, lost luggage assistance and legal and medical referrals when away from home. Other card benefits include cash flow management tools and a range of travel insurance benefits. This means this business card will not help your personal credit, but using the card irresponsibly can still harm your personal credit in the long run. Also be aware that any negative information on an account, such as late payments, can be reported to personal credit reports. Ultimately, this means the Bank of America Business Advantage Unlimited Cash Rewards Secured card builds business credit but not personal credit, even though it does require cardholders to personally guarantee repayment. This card will report balances and payments to your business credit report with Equifax, which can help you boost your business credit through responsible use. This card is geared to small-business owners and entrepreneurs who have limited business credit history or negative information in their personal credit reports. As a secured card, there is a minimum cash deposit requirement of $1,000 to open the card. The Business Advantage Unlimited Cash Rewards Secured card comes with no annual fee and cardholders earn a flat 1.5% cash back on purchases. Recommended credit score: Bad credit is accepted.Ībout the Bank of America Business Advantage Unlimited Cash Rewards Secured card.Does the issuer offer a preapproval tool? No.Does it report to all three credit bureaus? Only reports to Equifax if the account is not in good-standing.Other perks and benefits: Cash flow management tools, travel accident insurance, plus auto rental insurance, lost luggage assistance and legal and medical referrals.APR: 28.24% variable APR on purchases and balance transfers.is an oxymoron when it comes to business credit cards: You can get approved with bad credit and earn rewards, too.īank of America Business Advantage Unlimited Cash Rewards Secured card basics The card details on this page have not been reviewed or provided by the card issuer. The Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card * The information for the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card has been collected independently by Blueprint.
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