Bank of America Introduces New Secured Credit Offerings

“Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.”

Just like many Americans, small business owners may find that their credit could use some improvement. Unfortunately, establishing positive credit can be a bit of a Catch 22. Additionally, by not using credit cards, entrepreneurs could be missing out on rewards that could then be used to reinvest in their businesses. With that in mind, Bank of America has announced new secured credit offerings, including the launch of a secured small business rewards credit card.

With the new Business Advantage Unlimited Cash Rewards Mastercard Secured credit card, business owners can determine their own credit line with a security deposit. Currently, this can be between $1,000 to $10,000, with the deposit then corresponding to the customer’s credit limit. Then, Bank of America will periodically review the account with the possibility of secured customers being transitioned to unsecured products in the future. As for rewards, small business owners will earn 1.5% cashback on all purchases. The card carries no annual fee.

In addition to the new secured credit card, Bank of America will also be launching the Secured Business Advantage Credit Line later this year. Like with the card, customers will be able to set their credit limit with a deposit of at least $1,000 — but, in this case, limits can go as high as $50,000. The secured line of credit will also have an annual renewal fee of $150.

Best Business Credit Cards

For the complete list of business credit cards with all of the latest offers click below.

Get Rewards

Along with these two offerings, the bank has also introduced a new resource site for entrepreneurs. The Start a Business Center offers tips and guides to help aspiring business owners. Plus, using the platform, Bank of America customers can take advantage of a special discount for Incfile, making it easier for them to file their business formation paperwork.

Announcing the new offerings, Bank of America’s president of Small Business and head of Specialty Banking and Lending Sharon Miller said, “Bank of America is committed to providing small business owners with innovative solutions and advice that can help them grow their business and establish long term financial wellness. These latest offerings are designed to empower entrepreneurs by providing them with access to resources that will help them to start or strengthen their businesses.”

Overall, small business owners looking to build credit may find the Business Advantage Unlimited Cash Rewards Mastercard Secured credit card to be a good option. While the $10,000 top limit isn’t huge, the positive payment history could certainly help establish or repair their business credit — and the 1.5% cashback isn’t bad either. Elsewhere, the line of credit could also prove to be an interesting prospect and the Start a Business Center could certainly be of use. Yet, more than anything, it’s nice to see a huge corporation like Bank of America thinking about the needs of much smaller businesses and crafting new products that just might help them out.

DyerNews has partnered with CardRatings for our coverage of credit card products. and CardRatings may receive a commission from card issuers.” (Note: advertising relationships do not have any influence on editorial content. Advertising compensation allows to provide quality content for free. All editorial opinions are those of the individual author and/or Dyer News.)

Also published on Medium.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

U.S. Economy Added 263,000 Jobs in November 2022

Over the past several months, the United States economy has repeatedly offered mixed signals. Although gross domestic product results would suggest we're headed for a recession, the Federal Reserve has been forced to hike interest rates in a bid to slow inflation. Now, the latest figures also show that the economy continues to create jobs at a decent clip. According to the latest Bureau of Labor Statistics report, the U.S....

Amex Launches Digital B2B Payments Platform Business Link

For consumers, these days, there's no shortage of peer-to-peer apps they can use to move money, with some popular examples including Cash App, Venmo, and Zelle. As for businesses, the list of options for sending money to vendors may be more limited. Now, a well-known credit card company and small business supporter is introducing a new platform for this purpose. This week, American Express announced the launch of Amex Business...

Carbon Credit API Cloverly Joins Visa's FinTech Partner Connect 

Last year, Visa introduced the FinTech Partner Connect program to the United States, with the goal of introducing institutions to vetted startups that could help them expand their product offerings. Now, the latest company to join the program is Cloverly. Founded in 2019, Cloverly is an API for carbon credits, allowing businesses and consumers to help fight climate change. As the company points out, with the Visa partnership, Visa clients...