Bank of America Business Credit Cards Review

(April 2024)

Bank of America Business Credit Cards Review

In This Article

Our Verdict

Bank of America offers business credit cards that cater to the specific needs of businesses. With a range of business credit cards to choose from, Bank of America has been in the business credit card industry for many years, establishing itself as a trusted provider. It operates across all 50 states and has its headquarters located in Charlotte, North Carolina.

To access Bank of America’s business credit cards services, you can either visit any of its branches or use its user-friendly website(www.bankofamerica.com) that allows you to apply for business credit cards. For Bank of America’s business credit cards, you can contact its customer service at 1-800-732-9194.

Pros

  • Large national bank with a strong nationwide presence
  • Offers a variety of business credit cards with rewards and benefits
  • Provides online tools and resources for expense management
  • Provides 24/7 customer service and support
  • Offers an introductory 0% APR on eligible cards
  • Provides an opportunity to earn cashback, points, or miles on eligible purchases

Cons

  • High annual fees on some business credit cards
  • Additional fees may apply for balance transfers, cash advances, foreign transactions, and late payments
  • Strict eligibility requirements and credit score standards
  • High-interest rates after the introductory 0% APR period ends
  • Poor customer service and support

Who This Product Is Best For

BOA credit cards

Bank of America’s business credit cards may be suitable for you if you:

  • Want a variety of business credit cards with different rewards and benefits to choose from
  • Require online tools and resources for managing and tracking expenses
  • Need 24/7 customer service and support
  • Want to earn cashback, points, or miles on eligible purchases
  • Need an introductory 0% APR on purchases and balance transfers for eligible cards

Who This Product Isn't Right For

Consider other options if your business needs a credit card but:

  • Prefers earning rewards in specific categories not offered by Bank of America
  • Requires a card with a lower interest rate after the introductory period
  • Operates outside the United States or in one of the territories where Bank of America operates
  • Has a lower credit score, as Bank of America may have stricter credit score requirements.
  • Requires a card with a lower interest rate after the introductory period

What This Product Offers

Bank of America app

Bank of America offers several types of business credit cards with different rewards and benefits, including:

Business Advantage Cash Rewards Mastercard: Earn cashback on eligible purchases and get additional employee cards at no extra cost.

Business Advantage Travel Rewards World Mastercard: Earn points on travel-related expenses and enjoy no foreign transaction fees.

Business Advantage Customized Cash Rewards Mastercard: Customize your rewards categories and earn cashback on eligible purchases.

Platinum Plus for Business Mastercard: Enjoy a low introductory APR on purchases and balance transfers, as well as no annual fee.

Alaska Airlines Visa Business Credit Card: Earn miles on Alaska Airlines purchases and other eligible purchases, as well as receive companion fares and other travel perks.

Business Advantage Travel Rewards Secured Mastercard: Rebuild your credit while earning points on eligible travel purchases and enjoying no foreign transaction fees.

Product Details

Business Advantage Cash Rewards Mastercard:

  • Sign-up bonus: Earn a $300 statement credit after spending $3,000 within the first 90 days of account opening.
  • Rewards: Earn 3% cash back on purchases at gas stations and office supply stores (up to $250,000 in combined purchases each calendar year), 2% cash back on purchases at restaurants, and 1% cash back on all other purchases.
  • Introductory offer: Enjoy 0% introductory APR for 9 billing cycles on purchases and balance transfers made within the first 60 days of account opening.
  • No annual fee: There is no annual fee for this card.
  • Cashback redemption options: Redeem cash back for statement credits, deposits into eligible Bank of America or Merrill accounts, or purchases made through the Bank of America Travel Center.
  • Fraud protection: With this card, you can enjoy chip technology, online and mobile banking security—and zero liability fraud protection for unauthorized transactions.
  • Credit score requirements: Maintain a good to excellent credit scores to qualify for this card.
  • Foreign transaction fee: A 3% foreign transaction fee applies to all transactions made outside of the United States.

Business Advantage Travel Rewards World Mastercard:

  • Sign-up bonus: Earn 30,000 bonus points when you spend $3,000 on purchases within the first 90 days of opening your account.
  • Rewards: Earn unlimited 1.5 points for every dollar spent on purchases.
  • No foreign transaction fees: Use your card while traveling abroad without incurring additional fees.
  • Travel benefits: Redeem points for travel rewards such as flights, hotels, vacation packages, and car rentals.
  • Introductory offer: Enjoy 0% introductory APR for the first 9 billing cycles on purchases.
  • Annual fee: $0
  • Credit score requirement: Good to excellent
  • Mastercard benefits: Receive additional benefits such as extended warranty, purchase protection, and travel assistance services.

Business Advantage Customized Cash Rewards Mastercard:

  • Earn cash back: Get 3% cash back in the category of your choice, 2% cash back on dining, and 1% cash back on all other purchases.
  • Choose your category: Select a category from a list that best fits your business needs, such as gas stations, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services.
  • No annual fee: You won’t have to pay an annual fee to use this card.
  • Sign-up bonus: Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.
  • Employee cards: Add employee cards to your account at no additional cost and earn rewards on their purchases.
  • Online banking tools: Manage your account, track spending, and pay bills online.
  • Travel and emergency assistance: Get emergency travel and medical assistance, as well as legal and financial assistance when you’re traveling on business.
  • Foreign transaction fees: You won’t receive any charges for foreign transactions made with this card.
  • Variable APR: The annual percentage rate (APR) for purchases and balance transfers depends on your creditworthiness and can vary over time.

Platinum Plus for Business Mastercard:

  • Annual Fee: No annual fee.
  • Introductory APR: Enjoy a 0% introductory APR for the first 7 billing cycles from the account opening date on purchases and balance transfers made within 60 days of opening your account.
  • Ongoing APR: After the introductory period ends, the APR will be a variable rate of 14.99% – 25.99%, based on your creditworthiness.
  • Balance Transfer Fee: Either $10 or 4% of the amount of each transaction, whichever is greater.
  • Late Payment Fee: Up to $49.
  • Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction made in a foreign currency.

Alaska Airlines Visa Business Credit Card:

  • Sign-up bonus: Earn 50,000 bonus miles after you spend $2,000 on purchases in the first 90 days of account opening.
  • Annual fee: Pay an annual fee of $75.
  • Rewards program: Earn 3 miles for every $1 spent directly on Alaska Airlines purchases, and 1 mile for every $1 spent on all other purchases.
  • Companion fare: Receive an Alaska Airlines companion fare each year on your account anniversary, starting from $121 ($99 plus taxes and fees from $22).
  • Free checked bag: Get a free checked bag for you and up to six other passengers on the same reservation.
  • Travel benefits: Enjoy travel benefits, such as priority boarding and 20% back on Alaska Airlines inflight purchases.
  • Employee cards: Add employee cards at no additional cost and set individual spending limits.
  • Foreign transaction fee: Pay no foreign transaction fees on international purchases.

Business Advantage Travel Rewards Secured Mastercard:

  • No Annual Fee: Enjoy the benefits of a rewards credit card without any annual fees.
  • Rewards Program: Earn unlimited 1.5 points for every dollar you spend on purchases. Accumulate points to redeem for a variety of travel rewards, including flights, hotels, vacation packages, and car rentals.
  • Sign-up Bonus: Earn a generous sign-up bonus of 30,000 bonus points when you spend $3,000 on purchases within the first 90 days of opening your account.
  • No Foreign Transaction Fees: Use your card while traveling internationally without worrying about incurring extra fees for foreign transactions.
  • Introductory Offer: Take advantage of a 0% introductory APR for the first 9 billing cycles on purchases. This gives you an opportunity to make purchases without incurring any interest charges.
  • Mastercard Benefits: Benefit from additional perks offered by Mastercard, including extended warranty coverage, purchase protection, and access to travel assistance services.

Where This Product Stands Out

Flexible Rewards Program

Explore Bank of America’s variety of business credit cards with customized rewards options that align with your business needs. Choose from cashback rewards, travel rewards, and more.

Multiple Credit Card Options

Find the best fit for your business from Bank of America’s suite of credit cards, including the Business Advantage Cash Rewards Mastercard, Business Advantage Travel Rewards World Mastercard, and Platinum Plus for Business Mastercard.

Online Management Tools

Take advantage of Bank of America’s online tools to manage your account, monitor transactions, and track employee spending.

Fraud Protection

Bank of America’s business credit cards come with a suite of security features, including zero liability protection for unauthorized purchases and alerts for suspicious activity.

Access to Mobile Payment Options

Pay on-the-go with Bank of America’s mobile payment options, including Apple Pay, Google Pay, and Samsung Pay.

Competitive Introductory APR

Take advantage of Bank of America’s business credit cards with a competitive introductory 0% APR. Make purchases or transfer balances without worrying about incurring interest charges during the specified introductory period.

Travel Benefits and No Foreign Transaction Fees

Explore Bank of America’s business credit cards that offer travel benefits, including redeemable points for flights, hotels, and car rentals. Take advantage of these cards’ added perk of no foreign transaction fees, making them convenient for businesses that frequently conduct international transactions.

Where This Product Falls Short

Limited Rewards Categories

Unfortunately, Bank of America business credit cards only offer rewards and benefits for certain spending categories or business needs, which may not meet the needs of all businesses.

Strict Eligibility Requirements

Be aware that Bank of America may have stricter eligibility requirements and credit score standards compared to other lenders, making it more difficult for some businesses to qualify for a credit card.

Additional Fees

Keep in mind that Bank of America business credit cards may come with additional fees, such as annual fees, balance transfer fees, cash advance fees, foreign transaction fees, and late payment fees, which can add up and impact your business’s finances.

Higher Interest Rates

After the introductory 0% APR period ends, Bank of America business credit cards may have higher interest rates, which can be costly if your business carries a balance.

Customer Service Quality

Make an informed decision by taking into account the importance of reliable customer service and support for your business.

Limited Business-specific Features

Consider whether Bank of America’s business credit cards provide the necessary specialized features and benefits that align with your business requirements.

How to Qualify for This Product

To qualify for a Bank of America business credit card, you need to:

  • Have a legal business entity, such as a corporation, LLC, or sole proprietorship.
  • Maintain a good to excellent personal credit score.
  • Meet the income and credit history requirements set by the bank.
  • Provide financial statements, tax returns, and other documents to demonstrate the financial health of your business.
  • Review the specific eligibility criteria for each Bank of America business credit card before applying.

How to Apply for This Product

While a Bank of America representative may not provide detailed information about the requirements for a business credit card application, BoA recommend consulting with a Bank of America banker for personalized guidance. Typically, you must provide standard documents commonly required for business credit card applications, along with any additional requirements specified by the bank. Ensure you review and meet these requirements when applying.

To apply for a Bank of America business credit card:

  • Visit the Bank of America website or a local branch to apply online or in person.
  • Provide your business information, including legal name, tax ID number, business address, and phone number.
  • Provide your personal information, including name, Social Security number, and date of birth.
  • Choose the business credit card that best fits your needs and submit the application.
  • You may also need to provide financial information, such as revenue and expenses, and the purpose for the credit card.

Alternatives to This Product

Consider the following banks as alternatives to Bank of America for your business credit card needs:

Wells Fargo: Check out Wells Fargo if you want a bank that offers a variety of business credit card options with flexible rewards programs.

Chase: If you’re looking for a bank with competitive rewards programs, choose Chase. They offer a range of business credit cards with cash back and points rewards, as well as travel benefits.

Capital One: If you need a bank with flexible credit requirements, consider Capital One. Capital One offer a range of business credit cards with cash back and travel rewards, and they’re known for their easy-to-use online tools and resources.

Customer Reviews

Based on the opinions of 535 customers, Bank of America has an overall rating of 3.9 out of 5 stars on ConsumerAffairs. The majority of reviews indicate that customers are dissatisfied with the bank’s customer service, unexpected fees, and instances of fraud. Although a few positive reviews can be found, the consensus is that Bank of America needs to prioritize enhancing transparency and customer service.

Methodology

We reviewed *this product* based on 20 data points in the categories of credit card details, credit card rewards, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

Credit card details: 35%

Credit card rewards: 25%

Customer experience: 20%

Eligibility and accessibility: 10%

Application process: 10%

Within each major category, we also considered several characteristics, including available credit cards, rewards and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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