Business Advantage Unlimited Cash Rewards Mastercard® Secured credit card

Reports to Equifax Business

This secured business credit card allows a business owner to start establishing business credit easily. This is a great starter card and puts you on the path to obtain an unsecured business credit card with Bank of America.

With this card, you receive 1.5% cash back on all purchases.

Issued by Bank of America

Overview/Requirements

  • Credit check and personal guarantee required (min 660+ credit score)
  • Minimum $1,000 security deposit (credit line will be equal to deposit amount)
  • Earn 1.5% unlimited cash back on all purchases
  • 26.49% variable APR
  • No annual fee
  • Seamless transition opportunity to an unsecured card
  • Security deposit does not earn interest

Business Credit:

  • Reports monthly to Equifax Small Business

To apply go to => https://www.bankofamerica.com/smallbusiness/

  • 1

    No Personal Guarantor

    What is a personal guarantee? A personal guarantee is a written promise from a business owner guaranteeing that payment will be made in the event that the business fails to pay.
    Whether the business enters into a lease, applies for a business loan or line of credit, you’ll find that many creditors will require a personal guarantee to secure financing especially if you’re a small business.
    Corporate charge cards have certain revenue requirements that is large enough and profitable enough that no personal guarantor is required.

  • 2

    Obtaining a Corporate Card

    Obtaining a corporate credit card account for your business will often require a conversation with a corporate account manager. Be prepared to provide data and documents about your company's financials, including revenue statements and bank account information prior to applying.

  • 3

    Waivable Personal Guarantee Requirements

    In some cases, you don't need to meet million dollar+ revenue requirements to obtain a corporate charge card. A small number of charge cards such as the Smart Corporate Card, Brex & Ramp (listed here) have much lower dollar amounts.
    There are also retail co-branded business credit cards that offer the option to waive the pg requirement such as the Sam Club Business Credit Card.