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Bank of America Business Credit Card Options
March 09, 2018
Review-Bank of America- Credit cards

Bank of America Business Credit Card Options

Bank of America (BofA) is the second largest bank in the United States, with more than $2.2 trillion in assets and over 4,500 retail centers. Given the company’s huge presence and global brand, it should come as no surprise that many small businesses turn to BofA for financing. Credit cards are a popular way to secure financing, and in 2017 Bank of America ranked as the 4th largest credit card issuer in the United States.

The plethora of Bank of America credit cards can be overwhelming. There are several types of credit cards, including secured and unsecured options, as well as variable and fixed interest rates. There are other considerations as well, such as miles, cash back rewards, overdraft fees, and transfer fees.

Selecting the right credit card can be daunting. If you’ve decided of Bank of America as your credit card provider, you should ensure that you’re aware of all their options. Below, we’ve listed several of their best credit cards for small business owners, so that you can easily decide!

Best Bank of America Card for Cashback Rewards

The Bank of America Business Advantage Cash Rewards Mastercard is a great option for small businesses that will be using their credit cards regularly, owing to its high caps. Other credit cards feature higher percent cash back, but have smaller caps. Since most businesses make a large number of purchases, the cash back bonuses can quickly add up.

Cash Back Benefits Include:

  • 3 percent on purchases at gas stations and supply stores (up to $250,000).
  • 2 percent cashback on all restaurant spending (unlimited).
  • 1 percent on all purchases outside of the above categories.
  • $200 statement credit bonus after spending $500 in first 60 days.

A high $250,000 cap on office supply stores makes the Business Advantage Cash Rewards card especially great for businesses that purchase a lot of supplies. However, you’ll need an excellent credit score to qualify for this card.

Other Features:

  • No annual fee.
  • Introductory 0 percent APR for first nine billing cycles.
  • APR of between 12.49 percent and 22.49 percent.

Best BofA Credit Card for Frequent Travelers

Business Advantage Travel Rewards World Mastercard is a fantastic choice for anyone looking to accumulate miles. If your employees are going to be spending a lot of time on the road, miles could go a long way. This is especially true if you use Bank of America’s travel center, which is quite affordable. When using the travel center, you can double your points earned per dollar to 3 points.

Travel Benefits Include:

  • No blackout dates for travel.
  • Earn unlimited 1.5 points for every $1 spent anywhere.
  • Earn 25,000 bonus points if you make $1,000 in net purchases within 60 days of opening your account.
  • No foreign transaction fees.

You will need excellent credit to apply for this credit card. In addition, redeeming your points for cash back will greatly reduce reward levels. Any business that is unlikely to use the points to travel through BofA’s Travel Center should consider a credit card with cash back features.

Other Features:

  • $150 statement credit after your first $500 in purchases within 60 days of opening your account.
  • No annual fee.
  • APR between 12.49 percent and 22.49 percent.
  • 0 percent APR for first 9 billing cycles.

Best BofA Card for Businesses with Low Credit Scores

Many of Bank of America’s best credit cards require excellent credit scores. Unfortunately, some business owners struggle with poor credit. Given how competitive marketplaces are, setbacks aren’t uncommon. Fortunately, the BankAmericard Secured credit card is designed specifically for people who need to rebuild their credit scores.

Secured Credit Card Features:

  • Identity theft protection and account alerts.
  • Access to credit education.
  • Deposit returns based upon credit history.
  • $39 annual fee.

Secured credit cards use deposits as collateral in case you can’t repay the amount you’ve spent. This lowers the risk for lenders and allows them to work with individuals who have low credit scores.

Other Features:

  • 21.49 percent APR.
  • 3 percent balance transfer fee.
  • Mobile banking options.

Conclusion: Choose the BofA Card That’s Right for You

Bank of America offers a variety of credit cards, each with their own benefits and drawbacks. The above options are some of the better choices; however, you might find a credit card that more closely suits your needs. Consider your situation, including your credit score, and the benefits that are most advantageous to your business. Then, examine BofA’s many offerings to find the card that best matches your needs.

Fora Financial

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 of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].
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