BoA Launches Secured Credit Card for Entrepreneurs

Bank of America has rolled out a new Business Advantage Unlimited Cash Rewards Secured credit card aimed at entrepreneurs looking to launch a new business or build a credit history for their business, the bank announced Wednesday (March 23).

According to the release, with small business owners still working through a challenging business environment marred by the pandemic and other factors, the card will add new options for credit while providing cardholder benefits.

Some of those benefits include a client-determined credit line from $1,000 to $10,000, 1.5% cash back on all purchases, preferred rewards for business eligibility — which will give access to new rewards and benefits — and a secured business advantage credit line.

“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,” said Sharon Miller, president of small business and head of specialty banking and lending at Bank of America . “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.”

The bank also plans to offer a new credit line for small business owners which will roll out later in the year. That credit line will come with a client-determined credit line from $1,000 to $50,000, convenient access to funds, convenience checks and a linked Visa card. It will also have an annual renewal fee of $150.

PTMNTS wrote that JD Power, the data analytics and consumer intelligence firm, has debuted a financial health certification program in which Bank of America has been named as a member.

Read more: Bank of America First Recipient of JD Power Financial Health Support Certification

This program recognizes institutions “that deliver a high level of satisfaction” through personalized products and services for their customers.

Holly O’Neill, president of retail banking with Bank of America, cited the critical role the bank plays for clients, so it’s “imperative that we honor that position by providing the resources to help them achieve financial wellness in their everyday lives.”

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