Recently, we shared an overview of Bank of America’s corporate card offer, which comes with some pretty robust benefits. And, while putting that together, we realized that we hadn’t covered their small business credit cards yet. Currently, BoA is promoting seven business credit cards, each with its own set of pros and cons. This might leave you scratching your head, wondering which card is best for your situation.
Well, I’m going to break each BoA business credit card offer down for you. At the end of each section, you’ll find a quick overview of who that card would be best for.
Here’s what’s in store:
- Bank of America Company Overview
- Bank of America Business Credit Card Requirements
- The Business Credit Card Offers
- 1. Business Advantage Customized Cash Rewards Credit Card
- 2. Business Advantage Unlimited Cash Rewards Credit Card
- 3. Business Advantage Travel Rewards Credit Card
- 4. Alaska Airlines Visa® Business Credit Card
- 5. Platinum Plus® Business Credit Card
- 6. Business Advantage Unlimited Cash Rewards Secured Card
- 7. Bank of America Executive Explorer Card
- Final Thoughts
Let’s get moving.
Bank of America Company Overview
Bank of America was founded in 1998 in San Francisco, California. Since then, they’ve grown to become one of the largest and most well-known banks in the country, if not the world. In fact, they’re a household name.
The bank has a traditional offer, providing almost every financial service under the Sun, from personal banking to business finance management (and beyond). The company is a publicly traded, for-profit investment bank. With these credentials, it’s safe to label them as trustworthy.
Bank of America’s current CEO, Brian Moynihan, was promoted to this position in 2009 and still leads a team of nearly 200K staff members.
Bank of America Business Credit Card Requirements
Nearly any business structure can apply for a Bank of America business card, including corporations, LLCs, sole proprietors, and freelancers.
To apply for a business credit card with them, you’ll need to have the usual information handy:
- Legal and preferred business names
- Type of business
- Business address
- EIN or SSN (for sole proprietors & freelancers)
- Articles of organization
- Business contact information
- Years in business
- Annual revenue and expenses
A good FICO credit score can be important for new business owners, since Bank of America may elect to look at applicants’ personal credit history when making a decision. For cases in which an applicant’s credit isn’t great, though, they do offer secured cards.
The Business Credit Card Offers
6 out of 7 of the Bank of America cards below are Mastercard,™ which means that cardholders can take advantage of the perks that come along with that. Mastercard standard benefits include zero-liability protection, theft protection, and emergency assistance.
Note: Visa™ cards also come with some advantages of their own, such as discounts on partner offers.
These cards are designed for businesses and report on-time payments to Equifax Small Business, so they can have an impact on your business credit score.
Now, we’ll take a look at Bank of America’s business credit cards, one-by-one.
1. Business Advantage Customized Cash Rewards Credit Card
The first card we’ll look at is the Bank of America Business Cash Advantage Customized Cash Rewards Card. In this case, “customized” means that you can earn 3% cash back on the category with the highest spending. For example, you might choose to use your card primarily for fuel purchases, in which case you could earn 3¢ for every dollar spent at a gas station.
To take advantage of the 3% cash back, cardholders must select their own “choice” category, which is managed in the app or cardholder dashboard.
This card also comes with 2% cash back on dining and 1% on everything else. No matter what, you’re earning at least 1¢ per dollar spent. You can redeem cash rewards as statement credit, a paper check, or have it deposited directly into a Bank of America checking or savings account.
There is no annual fee with the Customized Cash Rewards card, and you can increase the amount of interest earned if you bank with Bank of America.
Currently, there’s an introductory offer with this card, which promises a $300 statement credit if you use your card to spend at least $3K in the first 90 days and 0% interest for the first 9 billing cycles (after that, it’s ≤25.99%).
Who is this card good for?
The Business Advantage Customized Cash Rewards Mastercard™ from Bank of America is best for business owners who like to take advantage of cash rewards and are pretty organized with their spending. While you can earn 1% cash back on all spending, you would want to use this card if you plan to spend primarily in one category to maximize your rewards.
You should also have a good business and personal credit score since it’s an unsecured card with a competitive interest rate from a traditional lender.
2. Business Advantage Unlimited Cash Rewards Credit Card
Next, let’s take a peek at the Business Advantage Unlimited Cash rewards card. “Unlimited” implies that you will earn on all spending. The standard cashback rate for this card is 1.5%. So, you will earn at least 1.5¢ with every dollar you spend — it’s a pretty simple offer.
Like the Customized Cash Back card above, you can earn more if you’re a Bank of America business banking member (if you qualify for the Preferred Rewards Business Tier). And, there is no annual fee.
The Unlimited Cash Back card also has an intro offer of $300 statement credit with $3K spending in the first 90 days and 0% interest for the first 9 billing cycles ( and ≤25.99% thereafter).
Who is this card good for?
The Business Advantage Unlimited Cash Rewards Mastercard™ from Bank of America is structured for someone who is looking for a simple rewards card. You can earn on all spending without prioritizing a specific category. Bank of America banking members may see even more benefits.
You should have a good credit score. Again, we’re looking at a traditional lender’s unsecured credit card with competitive rates, so they need to see proof that you will pay as agreed.
3. Business Advantage Travel Rewards Credit Card
Now, let’s explore the Business Advantage Travel Rewards credit card. Instead of cashback, with this card, you will earn points (though the math usually comes out about the same with points as it does cash) at a rate of 1.5 points per dollar spent.
Points can be redeemed as statement credit, gift cards, or toward offsetting travel or dining purchases. And, cardholders who make travel purchases through the Bank of America Travel Center can book hotels (from 200K+ brands) and flights (from 200+ airlines) with no blackout dates.
The current online introductory offer can get you 30K bonus points with $3K in spending in the first 90 days. As with the other Business Advantage credit cards’ intro offers, this can also be redeemed as a $300 statement credit but is limited to use toward travel or dining purchases. As of now, you can also take advantage of 0% APR for the first 9 billing cycles (≤25.99% after that).
Who is this card good for?
The Business Advantage Travel Rewards Mastercard™ is designed for business owners who want to earn travel or dining rewards with their credit card spending. This might be the right card for you if you would find benefit in redeeming
Not to sound like a broken record, but you should have a good credit score — Bank of America tends to follow conventional standards with their underwriting for unsecured credit cards.
You Might Also Like: Marriott Bonvoy Business Credit Card Review & Comparison
4. Alaska Airlines Visa® Business Credit Card
Now, we have the Alaska Airlines Business Credit Card. Unlike other credit cards from Bank of America, this is a Visa. And, you can earn “miles” rather than cash back or points. The benefits of this card come at a cost of $50 per year, but you can earn 3 miles per dollar with spending at Alaska Airlines and 1 mile per dollar on all other spending.
Since miles usually convert the same as points, this card has triple the rewards potential of the Business Advantage Travel card (if you use it solely for purchases with the airline).
Miles can be redeemed with oneworld™ Alliance and Bank of America’s Global Partners. Some airlines include:
- Alaska Airlines
- American Airlines
- British Airways
- Cathay Pacific
- Finnair +more
In addition, if you get this card, you will get Alaska’s famous companion fare every year on your account birthday. This will enable you to purchase one round-trip, coach ticket for a traveling companion for just $121 — companion tickets must be purchased at the same time as the base ticket and on the same itinerary.
Furthermore, you will get one free checked bag for yourself and up to six guests traveling with you; the value is $60 per bag. Plus, while traveling, you can enjoy 20% off in-flight purchases when you pay with your card.
The latest introductory offer is 40K bonus miles with $2K in spending in the first 90 days.
Note that the APR is ≤27.74% variable.
Who is this card good for?
The BoA Alaska Airlines Business Visa is suited, first, for any business owner who will take advantage of the companion fare yearly. With redemption, the $50 annual fee will pay for itself instantly. And, the high miles rewards offer makes this a natural choice for business travelers who frequent Alaska airlines will reap the most rewards.
All others will earn only 1 mile per dollar and would probably be better off applying for one of the Business Advantage cards instead.
Finally, you will almost certainly need a high FICO score of 700 or better to qualify.
5. Platinum Plus® Business Credit Card
While there are no rewards offered, the interest rates with the Platinum Plus Business Credit Card are lower than with other unsecured business credit cards from Bank of America (≤24.99%).
This card has no annual fee — it’s comparable to the Business Advantage cards in that way. And, you can take advantage of many of Bank of America’s free financial tools such as unlimited employee cards and automatic bill pay.
There is an ongoing intro offer, right now, for 0% APR for the first 7 billing cycles and $300 statement credit with $3K spending in the first 90 days.
Who is this card good for?
The Bank of America Platinum Plus Business Mastercard™ is great for a business owner who wants a simple business credit card with a lower interest rate. If you’re not interested in rewards, and you just want to be able to leverage the buy now, pay later features of a revolving card, this could be your best bet.
Once more, you’ll need good credit to qualify.
6. Business Advantage Unlimited Cash Rewards Secured Card
The Business Advantage Unlimited Cash Rewards Secured Credit Card is very similar to the unsecured Unlimited card (see above).
Here’s how the two cards are the same:
- ≤25.99% standard APR
- $0 annual fee
- 1.5% cash back rewards
- Rewards redemption options:
- Statement credit
- BoA checking or savings deposit
- Paper check
What’s different about the secured card is that it’s intended to help you build business credit. So, if your credit scores are lower, this card provides a solution.
A $1K minimum deposit is required to open an account, and payments are reported to credit bureaus.
Who is this card good for?
The Bank of America Business Advantage Unlimited Cash Rewards Secured Mastercard™ is designed for business owners who might want to apply for the unsecured Unlimted Cash Rewards card.
With a secured card, there’s no need for excellent credit, because you will use your own funds to build credit.
7. Bank of America Executive Explorer Card
Finally, the Executive Explorer card is another offer you might want to consider. With this card, there is a $375 annual fee. While that’s a bit steep, if you take advantage of everything the card offers, it more than makes up for the fee.
For example, you can get a $600 Lounge Access credit every year and $100 Airport Fast Track credit every four years, just for having the card. Then, you can access the Benefits on Us and Dinova Rewards programs, which are covered in our Bank of America corporate card review
The catch is that this isn’t a revolving credit line. Instead, it’s essentially a charge card that you must pay in full. You must be an executive or owner of your company to join the program.
Who is this card good for?
The Bank of America Executive Explorer Mastercard™ is great for business owners and executives who want discounts on the occasional airport lounge experience and Airport Fast Track. Anyone who might like to leverage dining and culture rewards (and thinks they’ll make the $375 annual fee worthwhile) should contact the sales team at Bank of America to discuss details in full.
Recommended: Bank of America Corporate Cards: A Complete, Uncut Review
Final Thoughts
Bank of America seems to have a credit card for every type of business owner. Whether you’re a corporate executive spending hundreds on Lounge Access for business travel, or you simply need to build your business credit, one of the above cards could be right for you.
Keep in mind, though, they’re not the only cards out there. Explore some of our previous business credit card reviews to make sure you’re applying for the right card.
Bank of America does require a personal guarantee, so their business credit cards can affect your personal credit score.
If you want to learn how to obtain up to $100K in business credit (that won’t affect your personal credit) in as few as 30 days, join Business Credit Workshop today.