Data Point: You Can Double Dip Bank Of America Secured Business Cards
Yes, Virginia, there is a Santa Claus–and in this case it means you can double dip Bank of America secured business credit cards. Here’s what I learned from my own recent experience (obviously hoping it would work out this way). This is obviously just one data point, but it’s a quality data point to share for those wondering about this.
My Previous Bank of America Business Card Application
Back in October 2020, I applied for the Bank of America Alaska Airlines Visa Business Credit Card (card details are here). I wrote in this article about the experience of applying for it, being instantly rejected, and then getting the card. Here are the ‘need to know’ elements:
1 – Denial
Bank of America denied my application for the card but said I could get a secured credit card. At first, I wasn’t sure if this would be the same card I applied for (earning Alaska miles, the welcome offer). I called and spoke with a business representative at the number in the email. He assured me I could still get the SAME card with the SAME welcome offer from my original application. I just needed to secure the card.
2 – Offered me the card as a secured card
The minimum, as shown in the email, to secure a card is a $1,000 CD. You must leave the CD in tact for a minimum of 12 months. If you close the CD or take out money, they’ll close your secured credit card that’s backed by the CD. You can’t use the CD to pay the balance on the card, either.
I saw the future opportunity that perhaps my wife could get instantly approved for this card in the future, so I did the CD route. Given that my wife isn’t very happy when making recon or retention calls, I saw the silver lining as getting ‘2 for 1’ if it worked out.
3 – Got a Bank of America secured business card
It took a few weeks to set up everything, resolve my questions, and then submit the application. I was approved for the card 4 days after submitting the finished Bank of America secured business card application through their online platform. Though the email shows the verbiage below, it was the exact Alaska Airlines card I originally applied for.
Wife Gets The Same Thing
As I said, the reason I was willing to do this is because I thought parking $1,000 in a Bank of America CD was worth it if it could turn into “2 for 1”. But, could I use the same CD to secure 2 cards at the same time?
It turns out that you can!
My wife applied for the very same Bank of America Alaska Airlines Visa Business Credit Card last month. That is an interval of 6 months from when I got the card. It could be possible with less waiting time, this was just what worked for us on timing with other things going on.
She received the very same denial email / email offering a secured card application.
And she received the same form to fill out via their online platform.
Best part: she was approved! To be clear: we didn’t add any money to the CD from the time I did my application until now. We didn’t open another CD or do anything special. Her approval time was 5 days from submitting the secured application documents.
We used the same CD with the same minimum amount required, and we were able to open 2 separate Bank of America secured business credit cards with it.
Now that I’ve seen this is possible for myself, I may keep the CD open. It could help for the future, possibly with more business credit cards from Bank of America. We know BOA’s credit card application rules give preference to those with an existing relationship already. The fact we can do this online and use the same pool of money to secure more than one card makes keeping the CD open for “double dip” purposes worth it.