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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 convenient features such as automatic payment, online account management, fraud monitoring, overdraft protection and $0 fraud liability, but its rewards structure is slightly more complex than that of Bank of America Business Advantage Unlimited. Cash Rewards secure 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 earns 1 point per dollar and receives 1,000 bonus points when business spends $1,000 or more in a monthly billing period. .

A select group of businesses could benefit from an enhanced reward on points versus cash back, so the Wells Fargo Business Secured Card may slightly outpace the Bank of America card in rewards. Consider which card benefits best suit your needs. Wells Fargo Business Secured offers secured lines of credit (backed by your deposit) 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 more personal credit from a business owner. company to receive approval.

The card is similar in terms of added benefits and offers the same rewards structure, but several key features differ from the unsecured card. It comes with an introductory APR of 0% for 9 billing cycles on purchases, followed by a variable APR of 14.49% to 24.49% on purchases and balance transfers. A balance transfer fee of $10 or 4% of each transaction amount, whichever is greater, applies. It also offers a welcome bonus of $300 in statement credit after making at least $3,000 in net purchases within the first 90 days of opening your account. Those who qualify for Bank of America’s Preferred Rewards for Businesses program can potentially earn higher cash back rates with this card.

For businesses choosing between a secure or unsecured card, these two cards are a great example of the additional incentives available with unsecured cards beyond just the lack of required deposit.

Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card* against the Brex 30 card

The Brex 30 card requires no personal guarantee but offers dynamic credit limits designed to grow with your business cash flow. It’s an entirely different beast to the Bank of America Business Advantage Unlimited Cash Rewards Secured, but for businesses looking to avoid a personal credit check but have sufficient funding, the Brex Card can be a solid alternative to a secure card.

Brex is also a payment card, so balances must be paid 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 reward of 1 Brex point per dollar as an alternative to its proprietary Brex rewards system, a complex but potentially lucrative rewards program.