Bank of America offers a variety of business credit cards tailored to meet the diverse needs of small businesses. These cards are designed to help business owners maximize rewards, manage expenses, and streamline their business operations. This article will review some of the top Bank of America business credit cards available in June 2023, highlighting their features, benefits, and potential drawbacks.
The selection of Bank of America business credit cards includes options for cashback rewards, travel rewards, and customized earning structures. Whether you’re a business owner looking to earn points on travel, simplify your rewards structure, or utilize an introductory APR on purchases, there is a card to suit your needs. It’s essential to compare these options and understand how each one can serve your business’s unique requirements.
As you consider the various Bank of America business credit cards, keep in mind factors such as annual fees, interest rates, welcome bonuses, and reward structures. Evaluating these elements will help you determine the best card for your business and ensure that you make the most informed decision possible.
Bank of America Business Credit Card Overview
Bank of America offers a variety of business credit cards designed to meet the unique spending needs and preferences of business owners. These cards come with different rewards structures, such as cash back, airline, and travel rewards points—allowing you to choose the card that best aligns with your business expenses.
For businesses with excellent credit scores, the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card is an attractive option. This card offers a credit limit ranging from $1,000 to $10,000, providing ample spending flexibility for small businesses. Additionally, the card comes with no annual fee, making it a cost-effective choice for business owners who want to keep their expenses low while maximizing their rewards.
Another popular option is the Bank of America Business Advantage Travel Rewards World Mastercard credit card. This card offers unlimited 3X points on travel booked through the Bank of America Travel Center and 1.5X points on all other purchases. This reward structure makes the card ideal for businesses that frequently travel or have significant travel-related expenses.
Bank of America also provides helpful financial management tools for business owners, such as their Business Advantage platform. This platform enables businesses to open a bank account, apply for loans, and access cash management tools—all while receiving valuable small business banking tips.
In summary, Bank of America‘s business credit card offerings cater to a wide range of business needs, making them an excellent choice for business owners with varying credit scores. Their cards come with competitive reward structures and no annual fees, providing a valuable, cost-effective solution to manage and grow your business.
Key Features and Benefits
Reward Categories and Earning Rates
Bank of America offers business credit cards that provide cash back and travel rewards. Cardholders can earn between 1.5% to 3% cash back on selected categories, including office supplies, travel, and dining. Different cards have specific bonus categories where a higher cash back rate is possible.
Welcome Offers and Bonuses
Many Bank of America business credit cards offer welcome bonuses, typically in the form of online statement credits or bonus points. For example, a $300 online statement credit can be earned after spending a certain amount within a specified period, or a sign-up bonus can provide extra rewards points or miles.
Introductory and Ongoing APR Offers
Bank of America business credit cards often have 0% intro APR offers on purchases for a limited amount of billing cycles. After the introductory period, the ongoing variable APR is based on the cardholder’s creditworthiness.
Fees and Charges
While most Bank of America business credit cards have no annual fee, some cards might have foreign transaction fees or balance transfer fees. It’s essential to be aware of these fees when considering a card.
Additional Perks and Protections
Business credit cards from Bank of America may offer additional perks, such as employee cards, travel accident insurance, travel protections like lost-luggage assistance, and auto rental insurance. Some cards also have access to the Bank of America Preferred Rewards for Business program, which can provide added benefits.
Notable Business Credit Cards
Some popular Bank of America business credit cards include the Bank of America® Business Advantage Customized Cash Rewards Mastercard® and the Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card. These cards cater to different needs, like cash back for everyday expenses or travel miles for frequent travelers.
Rewards Program and Redemption Options
Bank of America business credit cards come with various rewards programs, including cash back, travel rewards, or miles. Cardholders can redeem their rewards as online statement credits or use them for travel bookings, purchases, or even transfer to partners, such as Alaska Airlines.
Business Expenses and Rewards Flexibility
These credit cards are designed to cater to different business expenses and offer flexibility in earning and redeeming rewards. Business owners can tailor their spending and rewards to their company’s specific needs.
Building and Managing Business Credit
By choosing a suitable Bank of America business credit card and using it responsibly, small business owners can build business credit and improve their credit standing, which can help with future financial decisions.
Bank of America Online and Mobile Services
Bank of America offers online banking and mobile apps to manage credit card accounts, monitor transactions, and make payments conveniently.
Comparing with Other Business Credit Card Offers
When looking for a business credit card, it’s essential to compare features, interest rates, fees, and rewards programs from different issuers to find the best fit for your business needs.
Making an Informed Decision
Understanding and considering the available information on Bank of America business credit cards can help small business owners make informed choices based on their specific business needs, preferences, and creditworthiness.
Frequently Asked Questions
What credit score is needed?
When applying for a Bank of America business credit card, the ideal credit score ranges from good to excellent, typically 670 or higher. However, the specific credit score requirement varies depending on the particular card you choose. Remember, the higher your credit score, the better the chances are for approval and securing favorable terms.
How long for approval?
The approval process for a Bank of America business credit card can vary. In some cases, applicants receive instant approval, while others may take a few business days. For certain individuals, the process could take up to 10 business days, particularly if the bank requires additional documentation or verification.
Do they report to personal credit?
Bank of America business credit cards generally report to business credit bureaus and not to personal credit bureaus. However, it’s important to keep in mind that, in certain situations, your personal credit history might be impacted if you fail to meet your payment obligations or default on the credit card.
Which card is best?
The best Bank of America business credit card depends on your specific needs and preferences. The Bank of America® Business Advantage Customized Cash Rewards Mastercard® offers a choice of cashback categories, making it a flexible option for various businesses. Consider factors like rewards, APR, and fees when selecting the ideal card for your business.
Difference from personal card?
A business credit card typically has features and rewards specifically tailored to business-related expenses. It helps business owners manage cash flow, track expenses, and separate personal finances from business finances. On the other hand, personal credit cards focus on individual consumption and may offer rewards and perks for everyday spending, such as dining, travel, or entertainment.
How to check application status?
You can check the status of your Bank of America business credit card application by calling the Application Status Center at 1-800-481-8277. Be ready to provide your personal information, including Social Security number and business details for verification purposes.