What is the Best Bank of America Business Credit Card for Your Needs? 

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Best Bank of America Business Credit Card

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: 

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

Bank of America Business Credit Card Application

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

Bank of America Credit Card: Customized Cash Rewards

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

Bank of America Business Account: Unlimited Cash Rewards 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

Bank of America Business Advantage Credit Card Reviews: Travel Rewards

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

Bank of America Credit Card: Alaska Airlines Business

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

Bank of America credit card limit: Platinum Plus Business Mastercard

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

Bank of America Business credit card application status: Cash Rewards Secured Mastercard

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

Bank of America Business credit card login: Executive Explorer Mastercard

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.

Bank of America Corporate Cards: A Complete, Uncut Review

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Bank of America Corporate Card

Bank of America is one of the largest banks in the United States, with robust financial offers for consumers and businesses. One popular business product from Bank of America is their corporate cards — here, we examine this offer in full (note: we’re not talking about the small business credit cards). 

We’ll look at the benefits and the downsides of BoA’s corporate cards, and, by the time you’re done reading, you’ll know whether it’s right for you (or if you should explore other offers). 

Here’s what’s covered: 

Now, let’s begin. 

What is a Corporate Card? 

Before we dig into Bank of America’s offer, how do corporate cards work? 

Typically, businesses with substantial revenue can obtain corporate cards to improve cash flow and track spending. With corporate cards, credit lines are issued to a corporation or business entity, not the business owner. 

Not just any business can get a corporate card, though. The requirements are typically strict, based on revenue (usually in the millions) and expenses (typically in the hundreds of thousands), creditworthiness (credit score), and sometimes require several cardholders to qualify. 

Recommended: Using 30-Day Net Vendors to Build Your Business Credit Score 

In many ways, corporate cards are like other credit cards. Businesses might need a corporate card in order to keep track of expenses and employee spending, and/or to get quick or easy access to funds to grow or maintain operations. 

Corporate cards vary from personal cards in the way that the business, not the individual is responsible to maintain the account and pay the balance. And, corporate card terms often require that the balance is paid in full each billing cycle, whereas most traditional personal credit cards have revolving terms. 

When corporate card payments are reported to credit bureaus, corporate credit cards can impact the business’ credit score, for better or worse. On-time payments on a corporate card typically help increase the company’s business credit score(s). 

Finally, corporate cards should typically not be used for personal expenses. While using a business card to pay a personal expense is not always illegal, there can be tax implications and it could be a violation of the cardholder’s fiduciary duty to the company. 

Now, let’s look specifically at Bank of America’s corporate card offer. 

What is the Bank of America Corporate Card? 

Bank of America services several business credit cards — a handful of small business credit cards and a commercial prepaid credit card. The commercial prepaid card is the most similar to a typical corporate card, but it is not really a line of credit. Cash must be deposited to the card before the funds can be accessed.  

You may have received a pre-approval offer from BoA for a business credit card, which is how you ended up here. In this case, note that we’re exploring an entirely different offer. 

Bank of America Business Credit Card Preapproval

The idea behind prepaid is that businesses can leverage digital payments for purchases anywhere Mastercard or Visa cards are accepted, withdraw cash at ATMs, and go about their day without carrying large amounts of cash while protected from fraudulent financial activity via BoA’s zero liability policy.  

Bank of America’s prepaid cards are widely used in government programs like unemployment and child support, and the fees are a little steep. The bank tends to charge $2-5 per transaction, which is determined on a case-by-case basis, depending on your account needs. 

Unlike some corporate card programs, prepaid card use is not reported to credit bureaus, so if you opt to join the BoA commercial prepaid program, there will be no impact on your business’ credit score. 

Recommended: Brex Card Review: Is This Corporate Card Too Good to be True? 

Benefits of BoA’s Commercial Prepaid Cards

If you have to pay in advance, and payments aren’t reported to business credit bureaus, why would you want to take advantage of a commercial prepaid card system? BoA offers more than a handful of benefits for companies and staff cardholders with its prepaid cards. Like corporate credit cards, BoA’s prepaid cards are intended to help you manage cash flow and come with other perks. 

If you choose to leverage BoA for this purpose, here’s what you’ll get. 

The business benefits: 

  • Comprehensive payables – Business owners who use Bank of America’s prepaid cards can utilize automation for their payables system, to save time. In turn, this feature can save companies a lot of money. 
  • Secure, fast purchases on the go – Take advantage of secure purchases using your mobile wallet platform with Bank of America prepaid cards to make in-person payments throughout North America, Europe, and Asia Pacific. 
  • Virtual travel cards – Virtual cards can be used with cardholders’ mobile wallets and make it easier for travel coordinators to implement spending limits and access travel data for accounting and reports. 
  • Complete accounts payable – Members also get access to Bank of America Complete AP, which automates the entire accounts payable cycle, from invoicing and receipts to payment processing. The platform can be integrated into your enterprise resource planning system to help reduce paper and manual processes.  

If your business involves travel, especially for multiple staff members, you can see how these cards might be a great idea, even if they come with no traditional line of credit. 

The cardholder benefits: 

  • Global card access – Cardholders get visibility, convenience, and control with Bank of America’s Global Card Access, and can manage their prepaid cards from anywhere they can connect to the internet. 
  • Contactless payments – When it comes time to pay for goods and services, BoA prepaid cards can be used with any functioning contactless payment system — these systems continue to grow in demand and implementation. 
  • Executive Explorer Card – For an additional $375 per year, executives at your company can leverage advanced card perks, including $600 Lounge Access credit and $100 Airport Fast Track credit per year. 
  • Dining and entertainment perks – The “Benefits on Us” (just a catchy title) gives BoA commercial cardholders free access to over 225 cultural institutions across the US, and rebates on in-network dining via Dinova.™ 

The most notable perks seem to be dining and entertainment, so let’s explore those a bit further. 

Accounts Payable Automation Overview

Bank of America Complete AP

Bank of America’s “Complete AP” launched in April 2021, and is included with commercial prepaid accounts. According to BoA, the platform can easily be integrated with “nearly any” existing enterprise technology. 

I know for sure that the platform integrates with Quicken, Quickbooks, and MyPortfolio. If you use another technology, you might have to reach out to a sales rep to make sure that your platform will integrate easily. 

Next, with Complete AP as a standalone system, you have several automation options: 

  • Capture and digitize supplier invoices
  • Route invoices for coding and approval
  • Visibility & control of invoices & payments
  • Organized payment queues 
  • Payment approval alerts & audits 
  • Automated payments (via supplier’s preferred payment method)
  • Communication with suppliers
    • Account validation
    • Network enrollment
    • Payment preference controls
    • Payment research & support
  • Currency exchange
  • Cross-border payment tracking 

And, as of August 2022, Bank of America was scouting a new software integration developer. This tells me that the company is definitely building out its technology offer, and there will be more automation features and integrations to come.  

Lounge Access Overview

Bank of America Business Debit Card benefits

Many business travelers stop in at airport lounges for more comfortable layovers, including snacks, beverages, and showers (some of them even have swimming pools, massage, and fitness centers). Lounge Access with a BoA Executive Explorer Card is limited, but the lounges that credit may be spent on are some of the most popular: 

  1. Admiral’s Club by American Airlines
  2. Alaska Lounge by Alaska Airlines
  3. Delta Sky Club by Delta Airlines
  4. United Club by United Airlines 

If your executives utilize any of the above lounges, and individual spending is in excess of $375 per calendar year, you could save hundreds by taking advantage of the Explorer Card offer alone. 

Airport Fast Track Credit Overview 

BoA Business Advantage Credit Card perks

The $100 Fast Track statement credit per Executive Explorer card, per year can be used for a few different airport purposes.

  1. TSA Precheck
  2. Global Entry  
  3. Nexus
  4. Registered Traveler

Again, this perk is only available with the Executive Explorer card, which costs $375 per year — it is not included with every business prepaid card from BoA. So, while it’s a great perk to offer, it is best leveraged by individual staff members who will also take advantage of Lounge Access credits. 

Arts & Culture Benefits Overview

Global Access Card Bank of America Benefits

Available with all BoA prepaid cards, Arts & Culture benefits are fun for anyone who might find interest in visiting museums on pitstops while traveling for business. With a BoA, cardholders get complimentary access to hundreds of museums and cultural centers in the United States. 

For a full, updated list of participating organizations, visit BoA’s Museums on Us participant roster. 

Note that this perk can be leveraged by any BoA cardholder during operating hours and can only be used during certain weeks each month — you’ll have to check with the facility to find out if your travel aligns with the dates and times that you can cash in on the perk. 

Dinova™  Rebates Program Overview

Bank of America Global Access Card Login benefits

There are over 20K restaurants in Dinova’s network. And, with BoA prepaid cards, businesses earn rebates on all in-network cardholder spending, and cardholders can earn individual points that can be exchanged for gift cards. 

There’s no need to offer incentives to staff to take advantage of these perks, since BoA does that for you through their individual rewards program. And, Executive Explorer cardholders (owners and executives) get 2X points. 

Bank of America Business Credit Cards

At this point, if you’re not interested in a prepaid card, you might find what you’re looking for with one of BoA’s business credit cards. Here’s a quick summary of what’s available. 

APRAnnual FeeRewardsIntro Offer
15.99 to 25.99%$01.75% to 5.25%0% APR for 9 mos$300 bonus
15.99 to 25.99%$01.5% unlimited0% APR for 9 mos$300 bonus
15.99 to 25.99%$01.5 points per $130K bonus points
19.74% to 27.74%$50 +$25 per card$121 Companion Fare™ Free checked bag3 miles per $140K bonus miles

For even more options, see the full list of BoA small business credit cards. 

Frequently Asked Questions

Is it hard to get a Bank of America card?

Generally, a BoA credit card account requires a credit score of 750 or higher. However, there are quite a few perks to be leveraged with prepaid or “corporate” cards, which have no credit score requirements. Of course, you must be at least 18 years old and have a valid SSN or ITIN. 

Which FICO score does Bank of America use?

Typically, BoA uses Experian to pull credit but can get some information from Equifax and Transunion as well.  

What credit score is needed for a Bank of America business card?

A personal credit score of 750 may be required, even for a business credit card. However, corporate prepaid cards have no strict credit score requirements. 

Final Thoughts

Bank of America has quite a few options for business owners looking to optimize their corporate cash flow. If you’re a high-revenue company, interested in perks related to travel, arts & culture, or dining, they may have a corporate offer for you by way of their prepaid cards system. If you’re looking for lines of credit, there might be a BoA business credit card that would be great for you. 

BoA’s business offer is pretty traditional, but there’s nothing boring about it. If you liked what you learned here, and saw something that would be beneficial for you, I recommend you chat with a BoA sales rep to find out what might be best for you at this time. I can’t knock the offer. 

But, if you are interested in a corporate card offer that’s more innovative — maybe something with more tech perks — I’ve done a handful of reviews of other corporate cards that you may want to see: 

And, if you want to learn how to obtain up to $100K in business credit (won’t affect your personal credit) in as few as 30 days, join business credit workshop today.

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