Review: Bank of America Business Credit Card Options
One of BofA’s financing options is business credit cards, which is popular way to secure financing. 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, especially if you aren’t sure how you’ll use the card most. 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. Or, if you aren’t sure if you want to apply for a BofA card, you can compare them to other bank’s options. Below, we’ve listed several of Bank of America’s best credit cards for small business owners, so that you can easily decide!
Which Bank of America Credit Card is Right for Your Business?
Best Bank of America Card for Cashback Rewards:
The Bank of America Business Advantage Cash Rewards Mastercard is a great option for small business owners that plan to use their credit cards regularly, owing to its high caps. Other credit cards feature higher percent cash back but have smaller caps. Since most business owners make numerous purchases to maintain their operations, the cash back bonuses can quickly add up.
Currently, there’s a $300 statement credit bonus offer when you submit your application online.
BofA Cash Back Benefits:
- 3 percent cash on purchases at gas stations and supply stores (up to $250,000).
- 3 and 2 percent cash back on the first $50,000 in combined choice category and dining purchases each calendar year.
- 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 of your account opening.
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. To ensure you’ll qualify, we recommend checking your credit score prior to applying.
Other Credit Card Features:
- No annual fee.
- Introductory 0 percent APR for first nine billing cycles.
- APR of between 12.49 percent and 22.49 percent.
Best Bank of America 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.
In order to qualify for this business credit card, you’ll need excellent credit history. In addition, redeeming your points for cash back will greatly reduce reward levels. Therefore, if your business is unlikely to use the points to travel through Bank of America’s Travel Center, you should consider a credit card with cash back features.
Other Features of this Credit Card:
- $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 charged to the card. This lowers the risk for lenders and allows them to work with individuals who have poor credit scores.
Other Credit Card Features:
- 49 percent APR.
- 3 percent balance transfer fee.
- Mobile banking options.
Conclusion: Choose the BofA Card That’s Best for Your Business
Bank of America offers a variety of credit cards, each with their own benefits and drawbacks. The options mentioned in this post are some of the better choices However, you might find a credit card that more closely suits your needs through a different bank.
When selecting a credit card, consider your financial situation and goals, including your credit score, potential cash back rewards, and how you’ll use the card. Then, examine BofA and other banks’ offerings to find the card that best matches your needs. Of course, before you apply, make sure to examine the terms and conditions.
Have you used a Bank of America business credit card? Perhaps you’re a current Bank of America customer? If so, share your experience with us in the comment section.
Editor’s Note: This post was updated for accuracy and comprehensiveness in September 2019.
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.