Introduction
Bank of America’s got quite the lineup when it comes to business credit cards. You’re exploring cards that earn you cash back rewards, help you boost your credit, and everything in between. In this article, you’re diving into the nitty-gritty of the best Bank of America business credit cards out there.
The article gives you the lowdown on each card’s features, what’s great about them, and what you might want to consider before swiping. From cards perfect for building up your business credit to ones that help you rake in the rewards, Bank of America has you covered.
Plus, you’ll read about cards that are super easy to use, ones with no annual fees for those who love to travel, ones that come with sweet airline perks, and even those with competitive APRs. Find the perfect match for your business or businesses!
SUMMARY
1. Bank of America Business Advantage Unlimited Cash Rewards Secured Credit Card
2. Bank of America Business Advantage Customized Cash Rewards Mastercard
3. Bank of America Business Advantage Unlimited Cash Rewards Mastercard
4. Bank of America Business Advantage Travel Rewards World Mastercard
5. Alaska Airlines Visa Business Credit Card
Overview of Choosing the Best BOA Business Card
How to Choose the Best Bank of America Business Card
Pros & Cons of BOA Business Cards
What to Watch Out For
Pro Tips
Recap
1. Bank of America Business Advantage Unlimited Cash Rewards Secured Credit Card
If your credit isn’t exactly top-notch, this secured card could be just what you need. It lets you earn 1.5% cash back on all your purchases, and the best part? No annual fee to worry about.
Pros
- Earn cash back rewards
- Offers potential to graduate to unsecured card
- Charges no annual fee
Cons
- Mandates a security deposit
- Imposes foreign transaction fee
You can earn 1.5% unlimited cash back on all your purchases. To open an account, you’ll need to deposit $1,000 or more for security. Your credit line will match the amount of your deposit. Plus, there’s no annual fee to worry about.
2. Bank of America Business Advantage Customized Cash Rewards Mastercard
It offers substantial rewards for no annual fee card, especially if you’re a preferred rewards member who gets 25-75% bonus.
Pros
- Offers an intro APR on purchases
- Provides a 3% cash back category
- Includes rewards bonus
Cons
- Imposes spending caps on bonus categories
- Charges a foreign transaction fee
This offer includes a $300 welcome bonus, a 3% cash back category, 2% cash back on dining, and 1% cash back on other purchases, with a combined annual cap of $50,000 on the 3% and 2% categories.
You can change your choice category each month through the mobile banking app or business advantage 360. Enjoy a 0% introductory APR on purchases for the first 9 billing cycles, followed by a variable APR of 18.49% to 28.49%. The contactless cards provide chip card security and tap-to-pay functionality for added convenience.
3. Bank of America Business Advantage Unlimited Cash Rewards Mastercard
Enhance your cash back rewards with our simple flat-rate system, which can be boosted by 25-75% through preferred rewards.
Pros
- Offers a welcome bonus
- Provides an intro APR
- Boosts rewards
Cons
- Lacks an intro balance transfer APR
- Charges a foreign transaction fee
Experience the allure of a $300 welcome bonus upon opening your account. There are no annual caps, and your cash rewards retain their value as long as your account remains active.
Enjoy the convenience of earning unlimited 1.5% cash back on every purchase. Plus, elevate your rewards potential with the rewards boost feature when you become a preferred rewards member.
4. Bank of America Business Advantage Travel Rewards World Mastercard
Gain solid earnings and intro APR for your small business or businesses and enhanced rewards.
Pros
- Offers no annual fee
- Waives no foreign transaction fees
- Provides travel protections
Cons
- Requires a high credit score
- Offers a short intro APR period
- Provides limited extra benefits
Receive a 30,000-point welcome bonus when you spend at least $3000 on purchases within the first 3 months. Earn 1.5x points on purchases, with the option to amplify rewards through Preferred Rewards.
Benefit from an introductory purchase APR, with no cap on points accumulation and no expiry as long as your account is active and redeem points for statement credits to offset travel and dining expenses, book travel without blackout dates via the Bank of America Travel Center, or opt for cash back or gift cards.
>>>PRO TIPS: Best Credit Cards For Easy Approval
5. Alaska Airlines Visa Business Credit Card
Great if you’re an Alaska loyalist, especially with “Companion Fare” and high-value redemptions
Pros
- Enjoy no foreign transaction fee
- Get 20% back on all Alaska Airlines inflight purchases when you pay with your card
- Acquire annual companion fare with $6k+ spend
Cons
- Earn only 1x miles on non-Alaska purchases
- Incurs card fee per employee
- Lacks intro APR offer
Receive a welcome bonus of 50,000 miles accompanied by a “Companion Fare”. Earn 3x miles on all Alaska purchases.
Qualify for an Annual Alaska’s Famous “Companion Fare” valued at $122 ($99 fare plus taxes and fees starting from $23) after spending $6,000 or more on purchases within the anniversary year. Enjoy the benefit of a complimentary checked bag.
Overview of Choosing the Best BOA Business Card
When it comes to business credit cards, Bank of America provides a diverse set of offerings to meet a wide range of needs for business owners and operators. While its lineup may not be as extensive as mega-issuers like Chase or Capital One, Bank of America nonetheless brings competitive products covering categories like cash back, travel, introductory APRs, and co-branded airline partnerships.
If you’re a business owner already banking with Bank of America, its cards provide the convenience of consolidated spending and accounting. Even if you’re without existing accounts, you may find its cards’ earnings rates and bonuses compelling. Additional perks like enhanced rewards for preferred rewards members sweeten the proposition for qualifying businesses.
Across consumer surveys and expert reviews, a few Bank of America cards consistently rise to the top for their combination of value and features. The Bank of America Business Advantage Unlimited Cash Rewards Secured Credit Card stands above other secured cards for its rewards on all purchases and pathway to an unsecured line. For maximizing category bonuses, the Customized Cash Rewards Mastercard allows you to align bigger rewards with top spending types each billing cycle.
The Alaska Airlines co-branded Visa Business Card delivers heavily for Alaska loyalists with its annual Companion Fare and elite-like mile redemption options. Those floating big purchases over time will appreciate the 0% intro APR period offered on the Platinum Plus Business Card. Reviewing spending habits and priorities before applying is key to determining which one of Bank of America’s lineup deserves a spot in your wallet.
>>>GET SMARTER: Best Bank of America Credit Cards
How to Choose the Best Bank of America Business Card
With a variety of business card products to consider from Bank of America, narrowing down to the right option for your company involves some due diligence across a few key areas:
Evaluate Your Spending Categories
Analyzing the last 6-12 months of your business spending can determine which bonus reward categories align with your top expenses. Matching bigger bonuses to bigger outlays is a smart strategy. If certain categories like travel, dining, or supplies dominate, target cards provide an earnings lift in those areas.
Factor in Qualifications for Enhanced Rewards
Some Bank of America cards offer 25-75% rewards bonuses if you qualify for its Preferred Rewards program. To unlock those enhancements requires having a Bank of America business checking account plus sufficient deposits/investments. If you meet those standards, the extra lift on flat-rate and category-based rewards can be significant.
Compare Introductory APR Offers
If making a major upfront business investment that needs financing over time, identifying cards with 0% intro APR periods like the Platinum Plus Business Card can minimize interest charges. This benefit is less critical for those who pay balances off each month.
Evaluate Annual Fees
Most Bank of America business cards forego an annual fee, but the Alaska Airlines co-branded Visa does charge this annually. Unless you maximize its airline perks, cards with no annual fee likely provide better everyday value.
Assess Your Travel Expectations
For businesses with significant employee travel and existing loyalty to Alaska Airlines, the Alaska co-branded card offers unique benefits that likely outweigh its annual fee. For those hitting the road less often, a no annual fee cash back or general travel card could suffice.
Pros & Cons of BOA Business Cards
- Pros
- Access Preferred Rewards bonuses which allows business or businesses to earn 25-75% extra rewards on several cards.
- Enjoy business banking integration provides a consolidated spending overview if using Bank of America accounts.
- Benefit from 0% intro APR offers available on some cards for large purchases.
- Unlock co-branded airline perks such as “Companion Fare” and free bags with the Alaska Airlines card.
- Cons
- Experience limited flexibility with less variety in bonus categories compared to other issuers.
- Encounter foreign transaction fees, as most Bank of America cards charge this fee.
- Face low intro period limits with 0% APR periods on the shorter side (7-9 months).
- Navigate daily spend caps on some category bonuses with capped annual earning limits.
What to Watch Out For…
- Imposes vendor surcharges for card payment
- Needs a Bank of America checking account and sufficient deposit/investment balances to qualify
- Incurs employee card fees
- Experience inflexible rewards programs
- Encounter short 0% APR Timeframe
Pro Tips
- Monitor spending in real-time to avoid hitting earnings caps before the end of billing cycles
- Maintain sufficient account balances to retain the extra rewards boost
- Make the most of interest-free financing for big, planned purchases
- Use a flat-rate card for miscellaneous expenses outside of bonus categories
- Compare redemption values before using rewards
Recap
Bank of America offers a diverse range of business credit cards catering to various needs, from cash back rewards to travel perks. The article explores the top Bank of America business credit cards, highlighting features, benefits, and considerations for each card.
It covers cards ideal for building credit, maximizing rewards, simplifying expenses, and accessing travel benefits, including airline partnerships. It further outlines the process of choosing the best card based on spending categories and what to watch out for.
Additionally, it provides insights into the pros and cons of Bank of America business cards, along with tips for maximizing rewards and managing spending.
No Comment! Be the first one.