Bank of America has launched a new secured business credit card called ‘Business Advantage Unlimited Cash Rewards Secured credit card‘. Business owners can make a security deposit of $1,000 to $10,000 and this sets the credit limit for the card (e.g if you make a security deposit of $1,000 then the credit limit of the card will be $1,000). The card has the following features:
- No annual fee
- Earns 1.5% on all purchases
- Eligible for Preferred Rewards for Business
It’s unclear if it’s possible to add to this security deposit over time and if the card eventually graduates to an unsecured card.
I thought they already have the secured version of every cards which they offer it to everyone who are not qualified for the unsecured version
There’s a big discussion about how some people were turned down for a business credit card with a juicy bonus but were allowed to open it as a secured card. When I did so, I was told it would become unsecured after a year.
https://www.doctorofcredit.com/bank-of-america-business-cash-rewards-750-signup-bonus/
I did that, and when I wanted to close the CD, which was used as collateral, they said the business card had to be closed. I’m totally fine cuz I didn’t wanna keep the card anyway. Just a DP.