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.