Bank of America Business Credit Card Offers
Bank of America is offering promotions for new business credit card applicants. Read the latest reviews and score the best deals with this guide.
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Bank of America offers several cards for small businesses. Whether you want cash back, travel miles, or low interest, Bank of America has a card that could work for your business.
Read on to see which card is best for you.
- Business Advantage Cash Rewards Mastercard (for Cash Back)
- Business Advantage Travel Rewards Mastercard (for Travel Miles)
- Platinum Visa Business (for Low Interest)
For Cash Back: Bank of America Business Cash Rewards
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Who this card is best for: Businesses that spend a lot at office supply stores, gas stations, or restaurants.
There is a foreign transaction fee, so this card isn't best for businesses that travel abroad.
And the APR is high, so make sure you can pay the balance in full each month.
For Travel Miles: Bank of America Business Travel Rewards
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Who this card is best for: Businesses with travel needs; businesses with varied spending.
This card offers an effective reward rate of at least 1.5%. If none of the bonus categories for the Business Advantage Cash Rewards fit your business, then you might get a better overall reward rate with this card. You can redeem your miles towards any travel purchase. Simply redeem your miles towards travel purchases made within the past 12 months at the rate of 100 miles = $1.
For Low Interest: Bank of America Platinum Visa Business
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Who this card is best for: If you may need to carry a balance.
The Platinum Visa Business doesn't have a reward program, but it offers lower interest. This card is good for businesses with unsteady cash flow (such as a seasonal business) and that can't always pay the bill in full each month.
What You Get with Bank of America Business Cards
- No annual fee. These BofA business cards have no annual fee, so they'll make good cards for new small businesses.
- Free employee cards. Track each card's spending and earn rewards from their purchases.
- Management tools. Get online services like automatic payments, transfers, downloading transactions into QuickBooks, and tracking in the MyReport Center.
- Travel and Emergency Services. Get travel protections, including: travel accident insurance, auto rental insurance, emergency ticket replacement, and lost luggage assistance.
Things to Know About Bank of America Business Credit Cards
- They do not show up on your personal credit report. Bank of America does not report your business card activities to consumer credit bureaus.
- You will need to provide business information. On the application, you will need to provide your business' annual revenue and Tax ID Number or Employer ID Number. Don't worry, even if you're a new business with no revenue, you can still apply. Read: How to Get a Business Credit Card.
- You will have to sign a personal guarantee. This is a clause that states that you, personally, will repay any business debt. If you stop making payments on the card, Bank of America can come after you personally to recover the balance owed.
- Generally, you need excellent credit. The Bank of America business cards require excellent credit. Typically, this means a credit score of around 700+.
Which Small Business Card?
Bank of America® Business Advantage Cash Rewards Mastercard® credit card | Bank of America® Business Advantage Travel Rewards World Mastercard® credit card | |
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Interest Rates and Fees | ||
| Introductory APR for Purchases | 0% introductory APR on purchases for 9 billing cycles | 0% introductory APR on purchases for 9 billing cycles |
| Purchase APR | 14.24% to 24.24% Variable APR based on your creditworthiness and other factors | 13.24% to 23.24% Variable APR based on your creditworthiness and other factors |
| Balance Transfers APR | 14.24% to 24.24% Variable APR based on your creditworthiness and other factors | 13.24% to 23.24% Variable APR based on your creditworthiness and other factors |
| Foreign Transaction Fee | 3% of the amount of each transaction. | No foreign transaction fee |
| Annual Fee | ||
Benefits and Features | ||
| Introductory Bonus Cash Back | Introductory Bonus Cash Back: Earn $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening | |
| Introductory Bonus Offer | Introductory Bonus Offer: Earn 25,000 bonus points when you make at least $1,000 in net purchases within 60 days of your account opening | |
| Cash Back Rewards | Cash Back Rewards: Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. Earn unlimited 1% cash back on all other purchases. You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter. | |
| Travel Rewards | Travel Rewards: Earn 1.5 points for every $1 spent on purchases | |
| Gas Rewards | Gas Rewards: Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. Earn unlimited 1% cash back on all other purchases. You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter. | |
| Dining Rewards | Dining Rewards: Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. Earn unlimited 1% cash back on all other purchases. You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter. | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Bank of America Business Cash Rewards: Pricing information including interest rates, rewards, benefits and fees was obtained on September 3, 2019 from published websites and is believed to be accurate, but not guaranteed. Bank of America Business Travel Rewards: Pricing information including interest rates, rewards, benefits and fees was obtained on September 3, 2019 from published websites and is believed to be accurate, but not guaranteed. Disclaimer: The information for the Bank of America® Business Advantage Cash Rewards Mastercard® credit card and Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer. | ||
The right one for you depends on your business' needs and spending habits. Since these Bank of America business cards don't have an annual fee, they are all good for small businesses. You can earn rewards no matter how few expenses you have. All three cards have an intro APR period on purchases, which is another advantage to new businesses.
Remember as with all credit card and bank offers, terms and limitations apply.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.
Editorial Note: This content is not provided by Bank of America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America.
Disclaimer: The information for the Bank of America® Business Advantage Cash Rewards Mastercard® credit card, Bank of America® Business Advantage Travel Rewards World Mastercard® credit card, and Bank of America® Platinum Visa® Business credit card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.
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