Bank of America Business Advantage Unlimited Cash Rewards Secured Credit Card Review – Forbes Advisor

Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* vs. Wells Fargo Business Secured Credit Card*

The Wells Fargo Business Secured charges no annual fee and also offers convenience features such as autopay, online account management, fraud monitoring, overdraft protection and $0 fraud liability, but its rewards structure is slightly more complex than that of the Bank of America Business Advantage Unlimited Cash Rewards Secured card.

With a similar 1.5% cash back option, the Wells Fargo Business Secured card earns 1.5% cash back per dollar spent on qualifying purchases or earn 1 point per dollar and receive 1,000 bonus points when the company spend is $1,000 or more in any monthly billing period .

A narrow group of businesses might benefit from an improved reward on points over cash back, so the Wells Fargo Business Secured card may slightly edge out the Bank of America card when it comes to rewards. Consider which card’s benefits are more in line with what you need. The Wells Fargo Business Secured offers secured (backed by your deposit) credit lines between $500 and $25,000.

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 card and likely requires better business credit or stronger personal credit from a business owner to receive approval for.

The card is similar in terms of extra benefits and offers the same rewards structure, but several key features stand out from the unsecured card. It comes with a 0% intro APR for 9 billing cycles on purchases, followed by a 14.49% – 24.49% variable APR on purchases and balance transfers. A balance transfer fee of either $10 or 4% of the amount of each transaction, whichever is greater, applies. It also offers a welcome bonus of $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your 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 those businesses deciding between a secured or unsecured card, these two cards provide an excellent example of the additional incentives available with unsecured cards beyond just the lack of a required deposit.

Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* vs. Brex 30 Card

The Brex 30 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, but for those businesses 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 charges 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.

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