Choosing the right business credit card can be a game-changer for entrepreneurs and companies of all sizes!
Bank of America, a trusted name in the financial services, offers a variety of business credit cards, each tailored to specific financial needs.
Every business has its unique spending requirements, and using a credit card with flexible credit lines, lucrative rewards and integration with expense management solutions offers a sound financial strategy.
If you’re a business owner, there’s a range of appealing credit cards to choose from within the Bank of America credit card portfolio.
In this comprehensive guide, we’ll explore Bank of America’s business card offerings, highlight their benefits, and provide insights on navigating the application process.
Guide to Bank of America Business Credit Cards
Business owners must define their goals and priorities before applying for a Bank of America business credit card.
Understanding exactly what you want will help you identify the most fitted business credit card.
The Bank of America comes with exceptional customer service, cash-back rewards, travel perks, and numerous business management benefits.
Business credit cards emerge as valuable tools, enabling you to gain rewards or cash back for necessary purchases.
After submitting your application, the approval process may take as little as 60 seconds, although some applications may require more time for evaluation.
What is a Business Credit Card?
A business credit card serves as a vital financial tool designed explicitly for business use. It offers distinctive advantages such as expense management, credit-building opportunities, and access to rewards like cashback and travel benefits.
Keeping personal and business expenses separate becomes a breeze with these cards. Using a business credit card simplifies your financial record-keeping, which proves beneficial for tax purposes.
Regardless of your business’s scale, having a dedicated credit card for corporate expenditures presents a valuable avenue to streamline cash flow and accumulate rewarding points.
What is Preferred Rewards for Bank of America Business Credit Cards?
Bank of America offers Preferred Rewards, as a distinguished loyalty program, to incentivize clients who spend substantially and maintain significant combined balances across their Bank of America accounts.
This showers customers with perks and bonuses tied to their banking and promotes enhanced customer loyalty. Numerous Bank of America credit cards are eligible for enrollment in this program.
To become eligible for Preferred Rewards for Business, you must hold a Bank of America business or personal deposit account, alongside maintaining a 3-month average combined balance of at least $20,000 across qualifying Bank of America, Merrill Edge, or Merrill Lynch accounts.
Your rewards bonus percentage ranges from 25% to 75%, depending on your average combined balances:
- Gold (25% rewards bonus) applies to balances between $20,000 and $49,999
- Platinum (50% rewards bonus) pertains to balances within $50,000 to $99,999
- Platinum Honors (75% rewards bonus) extends to balances of $100,000 or more
Participation in this program also brings additional benefits, such as interest rate reductions on specific loans, fee-free ATM transactions, and higher interest rates on deposit accounts.
Best Bank of America Business Credit Cards
Bank of America presents an array of business credit cards, each catering to diverse financial needs.
Cardholders can increase their rewards by up to 75% if they have a qualifying business account and enroll in the Preferred Rewards for Business program.
Whether you’re a frequent traveler, cashback enthusiast, or low-interest seeker, Bank of America has a card for you! Below are the five best Bank of America Business credit cards.
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Bank of America Business Advantage Travel Rewards World Mastercard Credit Card: Ideal for Frequent Travelers
It caters to both business travelers and those seeking a versatile rewards card, with unlimited 1.5 points for $1 spent on all purchases.
With the Bank of America Business Advantage Travel Rewards World MasterCard, you earn a welcome bonus of 30,000 points, which translates to a $300 statement credit towards travel or dining expenses.
Annual Fee Rewards Rate Sign- Up Bonus $0
Unlimited 1.5x points for every dollar you spend on all purchases
Earn 30,000 bonus points after you spend $3,000 on purchases in the first three months.
The card also boasts benefits such as no annual fee, 0% Introductory APR for the first 9 billing cycles, no foreign transaction fees, cash flow management tools, free access to business credit scores, and valuable travel services and insurance.
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Bank of America Business Advantage Customized Cash Rewards Credit Card: Tailored Cash Back Rewards
This no-annual-fee card offers many appealing benefits for business owners. To begin, you get an impressive welcome offer of $300 statement credit.
One of the standout features is the flexibility to choose your 3% cash back category, with options such as gas stations, office supply stores, travel, and more.
Annual Fee Rewards Rate Sign- Up Bonus $0
- 3% cashback in the category of your choice, including gas stations & EV charging stations, office supply stores, travel, etc.
- 2% cash back on dining
- Unlimited 1% cash back on all other purchases
Get a $300 statement credit after spending $3,000 in purchases within the first three months of your account opening.
Bank of America Business Advantage Customized Cash Rewards Mastercard provides access to travel & emergency services, 24/7 online access, 0% Introductory APR for the first 9 billing cycles, etc.
You can conveniently redeem your cash rewards as a deposit into your account, a statement credit, or a mailed check.
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Bank of America Business Advantage Unlimited Cash Rewards Mastercard Credit Card: Effortless Cash Back
It is a practical choice for businesses looking to earn cash back on their spending.
Apart from the intro offer of a $300 statement credit, the card simplifies your rewards with unlimited 1.5% cash back on all purchases.
There’s no annual cap on rewards and they won’t expire.
Annual Fee Rewards Rate Sign- Up Bonus $0
Unlimited 1.5% cash back on all purchases
Receive a $300 statement credit once you spend $3,000 in purchases within three months.
With no annual fee and a 0% Intro APR on purchases, the Bank of America Business Advantage Unlimited Cash Rewards Mastercard is a well-rounded option for business owners with free access to business credit scores, travel and emergency services. etc.
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Bank of America Platinum Plus Mastercard Business Credit Card: Low-Interest Solution
The card provides a $300 statement credit as a welcome bonus with no annual fee.
Its appealing aspect is the ability to obtain employee cards at no additional cost, each with credit limits you set.
While it doesn’t offer rewards, this card is useful for small business owners looking to manage their finances efficiently.
Annual Fee Rewards Rate Sign- Up Bonus $0
None
Get a $300 statement credit after spending $3,000 on purchases in the first three months.
The Bank of America Platinum Plus Mastercard with an introductory 0% APR on purchases for the first 7 billing cycles participates in the Mastercard Easy Saving Program, offering automatic rebates at tens of thousands of locations across the U.S. without the hassle of coupons or codes.
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Alaska Airlines Visa Business Card: Co-branded Airline Perks
It is a travel enthusiast’s dream, offering many enticing benefits with the ability to travel to over 1,000 destinations and excellent rewards.
You get 50,000 bonus miles & Alaska’s Famous Companion Fare and then receive another Companion Fare each account anniversary after spending $6,000 in the prior year.
Annual Fee Rewards Rate Sign- Up Bonus $75 for the Company
$25 per Card
- 3 miles for every $1 spent on eligible Alaska Airlines purchases
- 2 miles for every $1 spent on eligible gas, EV charging station, shipping and local transit (including rideshare) purchases
- 1 mile on all other purchases
Earn 50,000 bonus miles and Alaska’s Famous Companion Fare ($99 fare plus taxes and fees from $23) after spending $3,000 on purchases within the first three months.
Cardholders can enjoy priority boarding, free checked bags for themselves, and up to 6 guests on the same reservation when paying with their card.
The Alaska Airlines Visa Business Card provides 20% back on Alaska Airlines inflight purchases and saves $100 on an annual Alaska Lounge+ Membership.
Other Best Business Credit Cards
| Credit card |
Uthrive rating
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Intro offer | Rewards rate | Annual fee | Learn more |
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Terms Apply |
Rating
4.8/5
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Intro Offer bonus_miles |
Reward Rates 1% - 5% Cash Back |
Annual Fees annual_fees |
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Terms Apply |
Rating
4.7/5
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Intro Offer bonus_miles |
Reward Rates 1 - 3 points per 1$ |
Annual Fees annual_fees |
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Terms Apply |
Rating
4.7/5
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Intro Offer bonus_miles |
Reward Rates 1% - 2% Cash Back |
Annual Fees annual_fees |
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Terms Apply |
Rating
4.7/5
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Intro Offer bonus_miles |
Reward Rates 2x - 5x miles per dollar |
Annual Fees annual_fees |
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Terms Apply |
Rating
4.8/5
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Intro Offer bonus_miles |
Reward Rates 1x - 5x Points |
Annual Fees annual_fees |
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Terms Apply |
Rating
4.7/5
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Intro Offer bonus_miles |
Reward Rates 2 - 5 Miles |
Annual Fees annual_fees |
Bank of America Business Credit Card Benefits
The perks of Bank of America’s business credit cards extend beyond cash-back rewards, allowing businesses to earn a percentage of their expenditures back in cash.
They provide an array of valuable benefits tailored to meet the unique financial needs of businesses, offering business owners peace of mind.
These advantages cater to various spending patterns and support businesses in achieving their objectives while ensuring financial security and transparency. Some of them include:
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Expense ManagementBusiness owners can streamline their bookkeeping process by conveniently differentiating between personal and business expenditures.
The credit cards offer Cash Flow Management Tools and Free access to business credit scores, to efficiently manage your business expenses.
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Shopping Benefits and ProtectionsBank of America ensures its customers enjoy a secure and hassle-free shopping experience by providing many essential benefits.
You get zero liability for unauthorized transactions, the convenience of contactless payments, optional overdraft protection for added financial security, vigilant fraud monitoring, and more.
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Competitive APRsThe Bank of America business cards often offer 0% Introductory Annual Percentage Rates (APRs) for 7 to 9 billing cycles, which translates into substantial interest savings for businesses that carry balances.
This cost-efficiency can be a significant asset for managing cash flow.
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Travel and Emergency ServicesFor business travelers, Bank of America business credit cards offer many perks to make their trips more enjoyable.
These include features like- no foreign transaction fees, travel accident insurance, lost luggage reimbursement, rental car insurance, trip cancellation/delay coverage, and access to emergency and travel assistance services.
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Preferred Rewards BonusesCustomers who actively participate in Bank of America’s Preferred Rewards Business Program can enjoy additional bonuses of 25%-75% tied to their membership.
This is a distinct advantage for loyal customers who qualify.
We recommend you contact Bank of America or visit their website to get the most up-to-date information on the specific requirements for the card you’re interested in.
Bank of America Business Credit Card Application Status
Post application, monitoring the status of your Bank of America business credit card application is pretty straightforward.
You can either use Bank of America’s online portal and provide your unique reference number or access code or reach out to their customer service to receive updates on your application’s progress.
Keep in mind that approval time can vary based on the specific credit card and your creditworthiness.
Before making a decision, the bank may need to review your application, financials, and credit history.
What is the Bank of America Business Credit Card Credit Score Requirement?
The credit score requirements for Bank of America business credit cards can vary, contingent on the specific card you’re applying for.
However, Bank of America business credit cards typically demand applicants to possess excellent personal credit scores, generally requiring a minimum FICO score of 720 or higher for approval.
How to choose the Best Bank of America Business Card?
Selecting the best credit card for your business can be a daunting task. It’s important to remember that each credit card has its own distinctive reward benefits and fee structures.
Every business owner and entrepreneur must carefully assess their company’s spending patterns before choosing a business credit card.
Finding the card that is likely to yield the most rewards is a pivotal factor in the decision-making process.
Assess your priorities and select the card that aligns best with your business needs. Here are the key factors you should consider.
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Types of RewardsThe first step in choosing the right Bank of America business card is to consider the types of rewards offered.
Whether you prioritize cashback, travel rewards, or co-branded benefits, select a card that meets your financial requirements.
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Rewards Rates
Evaluate the rewards rates for different spending categories.
This analysis will help you choose a card that maximizes rewards in areas your business frequently spends- flat-rate or bonus category rewards.
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Annual FeeMake sure the card’s annual fee aligns with your budget and anticipated card usage.
Bank of America business credit cards have low or no annual fees to aid in cutting some of the extra costs.
Carefully weigh the fee against the card’s potential benefits.
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Welcome BonusMany Bank of America credit cards offer enticing welcome bonuses to offset some business expenses.
Take advantage of these intro offers to kickstart your card usage and gain initial rewards.
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Foreign Transaction FeeIf your business involves international spending, opt for a card with no foreign transaction fees.
This feature can result in substantial savings for international business travelers.
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Earning FlexibilityAssess the card’s flexibility in earning rewards.
Ensure it matches your business’s financial flow and spending patterns, providing a seamless way to accumulate rewards as you conduct day-to-day operations.
Why track your Bank of America Business Rewards with Uthrive?
Tracking your Bank of America Business rewards with Uthrive is an intelligent decision.
Uthrive App acts as your personal credit card manager, helping you choose the right card for your every day business-related purchases without any complications or hassle.
With this app, you can effortlessly track your rewards and cashback, ensuring you’re always aware of your savings!
On average, users can expect to enjoy between $200 and $800 in additional savings or cashback, maximizing the value of their credit cards.
FAQs
Which Bank of America business credit card is best?
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card is the best choice.
It offers a straightforward and unlimited 1.5% cash back on all purchases, making it suitable for businesses with diverse spending habits.
How difficult is it to get a Bank of America business credit card?
Getting a Bank of America business credit card can be moderately difficult as it typically requires a good to excellent personal credit score, often around 720 or higher.
Does Bank of America business card report to personal credit?
Yes, Bank of America business credit cards may report to your personal credit report, affecting your personal credit score.
Does Bank of America have a secured business credit card?
Yes! One of Bank of America’s Secured business credit cards includes the Business Advantage Unlimited Cash Rewards Mastercard Secured credit card.
What credit score do you need for a Bank of America business card?
Bank of America business credit cards typically demand applicants to possess excellent personal credit scores, generally requiring a minimum FICO score of 720 or higher for approval.
How do I check my Bank of America credit card application status?
You can either use Bank of America’s online portal and provide your unique reference number or access code or reach out to their customer service to receive updates on your application’s progress.
How long does it take for my Bank of America business credit card application to be approved?
The approval process for a Bank of America credit card can be as quick as one minute or as long as 30 days in certain situations. Usually, you get an instant approval or in a few days.
Who does Bank of America pull from for business credit cards?
Usually, Bank of America pulls their credit card reports for business from TransUnion.
What are the Bank of America business credit card approval odds?
The approval odds for a Bank of America business credit card depend on various factors, including your credit history, business financials, and the specific card you’re applying for.
You need a good to excellent personal credit score, around 720 or higher.
How do I verify if a Bank of America business credit card has been approved?
You can verify the status of your Bank of America business credit card application by checking your email, logging into your online account on their website, or contacting customer service at 800-432-1000, as the duration of the approval process varies.
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