BOA Secured Business Card

[jmight]

Has anyone had a BOA secured business credit card?

 

They sent me a letter offering a secured business card, I cannot however find any information about it on their site or elsewhere - and the paper they sent me doesn't talk about the card at all other then they want a security deposit.

 

Debating opening a CD early next week and taking them up on their offer.

[BRBiz]

I believe they had one years back.. They must be offering them again to certain business customers.. I figured we would see the return of the secured business cards and looks that way.

[GR8WhiTE]

What is the main reason for the secured business account?

[stroked89coupe]

Secured accounts are MAINLY used for people wanting to establish a relationship with a financial institution and prove to them that they can manage such a financial responsibility. Usually the goal when doing such a thing is for one of the following....

 

 

1. The card to unsecure at some point in time

2. To build a credit history.

[BRBiz]

As mentioned it gives you a jump start in building biz credit and also is good to have for employee use.

[GR8WhiTE]

Secured accounts are MAINLY used for people wanting to establish a relationship with a financial institution and prove to them that they can manage such a financial responsibility. Usually the goal when doing such a thing is for one of the following....

 

 

1. The card to unsecure at some point in time

2. To build a credit history.

I figured that's what it was. It would be nice to have them become unsecure over time. I just thought some people do it for loan purposes. But why do loans when you can just get loc's I was thinking.

[GR8WhiTE]

As mentioned it gives you a jump start in building biz credit and also is good to have for employee use.

I see that. Also for the rewards of course.

[BRBiz]

Only time will tell if they will un secure but they still require a PG so still a issue getting one one if your personal credit isn't so great.

[GR8WhiTE]

I had gotten a secured card on the personal side about a year ago and my credit wasn't that great. If I would've went for a secured biz card then do you think I would've been approved since I was approved on the personal side?

[BRBiz]

I would think so but I'm not even sure they had it a year ago... I'm guessing you may have to apply for a business card and if not approved may be offered this secured card since its not advertised any where.

[GR8WhiTE]

I would think so but I'm not even sure they had it a year ago... I'm guessing you may have to apply for a business card and if not approved may be offered this secured card since its not advertised any where.

That wells fargo one does look nice.

[jmight]

My personal scores are horrible at the moment, which is why I'm sure I got the secure offer instead of just being told flat out no.

 

The only downside is the min deposit is $1500 ! Compared to WellsFargo which starts at $500... but 2 bank cards reporting should be nice, right?

 

Paperwork basically says that after 12 months they'll review and decide whether to keep or remove the security interest.We'll see how that goes I guess.

[GR8WhiTE]

My personal scores are horrible at the moment, which is why I'm sure I got the secure offer instead of just being told flat out no.

 

The only downside is the min deposit is $1500 ! Compared to WellsFargo which starts at $500... but 2 bank cards reporting should be nice, right?

 

Paperwork basically says that after 12 months they'll review and decide whether to keep or remove the security interest.We'll see how that goes I guess.

Yea this summer is my 12 month mark. I want to see if they unsecure me as well. (Wells Fargo and US bank)

[tmcgill]

The Wells Fargo biz secured looks good. It has the option to add cards for employees, and track and limit their purchases online.

 

https://www.wellsfargo.com/biz/creditcards/secured/

 

I have a small business, but my FICO is low and I'm unable to PG a regular card.

 

Checked out Chase Ink and American Express, but they don't offer a secured business card.

Edited May 14, 2013 by tmcgill

[jmight]

Wells Fargo requires on their secured card that for any additional cards you have $500 worth of credit to assign them... they don't say this on the application, the person at the bank had no idea, but every CSR on the phone told me I can't add anyone to the account because I opened it with the minimum.... and to raise the limit I have to apply for a new card.

 

So might want to keep that in mind if you go after the wellsfargo secured card.. ymmv

[tmcgill]

I had a bad experience with WF in 2001, and was hesitant to consider the card. However, it looked like a good option.

Wouldn't you know they haven't changed their sneaky tactics. That should be detailed in the card FAQ.

 

So if I had 2000 on the card, that means I could only add four employees, or would have to add more on the card?

Edited May 14, 2013 by tmcgill

[GR8WhiTE]

Good to know. But that Wells Fargo secured card does look great!

[tmcgill]

It does look like a good option, even with the $500 per employee stipulation.

I will call and try to get more specific details. I'll post any new info I get about card usage.

[jmight]

Good luck.. Every time I call I get the run around... or "Its such a new product that we just don't know anything yet"... I do not understand why they'd release a product without training their employees.. but other then that the card does what its suppose to.. reports and all.

[GR8WhiTE]

That's all that matters! If that card is reporting, that's great!

[ralphnatlga]

Who does wells fargo secured business report to? I thought, I read that they DO NOT report to DnB, Experian or Equifax? I hope I am wrong!

[GR8WhiTE]

where did you read that? There is no way a big bank like Wells Fargo doesn't report anywhere.

[Jp81323]

I have had the Wells Fargo Business Secured for about 2 months now and they Def. report to Equifax, i dont kno about any others

[lukegotswag]

I have had the Wells Fargo Business Secured for about 2 months now and they Def. report to Equifax, i dont kno about any others

 

was there a personal guarantee required as well at that time.. If so.. does it also report to personal?

[GR8WhiTE]

I have had the Wells Fargo Business Secured for about 2 months now and they Def. report to Equifax, i dont kno about any others

Did you get any info JP to see if it unsecures itself after a certain amount of time? I've been really thinking about that one for my new corp.