All businesses spend money on growth — it’s crucial for any successful business. And if you have to spend money, it’s a good business move to get as many benefits for necessary purchases as possible. That’s where business credit cards come in.
No single credit card is the best option for every family, every purchase, or every budget. The same goes for you and your business. No two companies are exactly alike, so finding the right card to fit your business’s needs is essential.
The best credit cards have many commonalities that set them apart. Outstanding customer service for all clients is a must, for example. A fair reward point system is also key, alongside cash-back benefits that allow you to deposit the cash you earn into your financial accounts or as a credit on your statement.
We analyzed a broad swath of Bank of America business credit cards to find the best options for business owners, so you can find the card you need.
Best Bank of America business credit cards of 2023
Compare the best business credit cards for Bank of America
Best for traveling business owners: Business Advantage Travel Rewards Mastercard
Card highlights
With an unlimited 1.5 points for every dollar spent, travel emergency coverage and no foreign transaction fees, the Business Advantage Travel Rewards card is a no-brainer for small business owners on the go. Plus, when you book travel arrangements through Bank of America’s Travel Center, you’ll receive an additional 1.5 points as a bonus.
Annual fee: $0.
Rewards: 1.5 points per dollar spent on all purchases and 3 points on Travel Center purchases.
Welcome bonus: 30,000 bonus points after spending $3,000 within 90 days.
Foreign transaction fees: None.
Other benefits and drawbacks: Rewards are only redeemable for travel purchases, making this card less efficient for business owners who do not travel often.
Best for cash back: Business Advantage Unlimited Cash Rewards Credit Card
Card highlights
This simple-to-use card offers 1.5% cash-back rewards on all purchases and comes with several redemption options. Rewards are unlimited and won’t expire as long as your Bank of America account is open.
Annual fee: $0.
Rewards: 1.5% cash-back rewards on all purchases.
Welcome bonus: $300 statement credit after spending $3,000 within 90 days of account opening.
Foreign transaction fees: 3%.
Other benefits and drawbacks: Although this credit card has many benefits, the drawbacks of having foreign transaction fees can be daunting for cardholders that travel often.
Best for lowest APR: Platinum Plus Mastercard Business
Card highlights
If you’ve got a great credit score and want the lowest APR you can get, the Platinum Plus Business card may be right for you. Its variable APR goes as low as 14.49%, and you get a 0% introductory APR for the first seven billing cycles.
Annual fee: $0.
Rewards: None.
Welcome bonus: $300 statement credit after spending $3,000 within 90 days of account opening.
Foreign transaction fees: 3%.
Other benefits and drawbacks: This credit card option offers no reward points. However, this card has the most competitive APR of Bank of America’s business card offerings.
Best for moderate spenders: Business Advantage Customized Cash Rewards Mastercard
Card highlights
This card has flexible rewards categories, including gas stations, travel, office supplies stores, business consulting services, computer services or telecommunications and wireless services. And if your spending varies in these categories month by month, you’re able to switch to the one that helps you earn the most.
Annual fee: $0.
Rewards: 3% cash back in the category of choice and 2% cash back on dining purchases with a yearly $50,000 cap. Unlimited 1% cash back on all other purchases.
Welcome bonus: $300 statement credit after spending $3,000 within 90 days of account opening.
Foreign transaction fees: 3%.
Other benefits and drawbacks: This credit card is a good choice for small businesses for its generous rewards and balanced bonus categories.
Best for building credit: Business Advantage Unlimited Cash Rewards Secured Mastercard
Card highlights
If you have a new business and need to build up your credit history, the Business Advantage Unlimited Cash Rewards Secured card could be a good fit.. While the card does require a security deposit, you can still earn rewards on purchases as you strengthen your credit.
Annual fee: $0.
Rewards: 1.5 unlimited cash back on all purchases.
Welcome bonus: None.
Foreign transaction fees: 3%.
Other benefits and drawbacks: This card does not offer the same introductory APR periods as its non-secured card counterpart and requires a $1,000 security deposit. However, its purpose is to help cardholders build credit.
Should you get a bank of America business credit card?
“Small business owners have a variety of credit needs, and it can sometimes seem overwhelming to figure out the right credit card fit to maximize the potential of their business. The initial important step for business owners is to evaluate their spending habits and figure out what makes the most sense as they explore credit card options.
By offering a suite of $0-annual-fee Business Advantage credit cards, Bank of America gives business owners the flexibility and choice to select a card that fits their spending needs and maximizes value. Some may opt for unlimited cash back on purchases or travel rewards, while others may prefer customizable rewards in targeted spending categories. For business owners starting out or looking to build credit, we also offer a secured credit card that gives business owners an option to strengthen their business credit while still earning unlimited cash back and other benefits,” said Chris Wong, head of small business products at Bank of America.
Business owners should know before applying what they are looking to gain from each credit card, whether it be cash back, travel points, a low intro APR offer or something else.
Each of these Bank of America business cards comes with no annual fee and most have easy-to-understand reward point structures. The most significant barrier is having a good enough credit score to qualify for its top-tier rewards cards.
Guide to Bank of America business credit cards
Business owners should focus on their priorities before applying for a Bank of America business credit card. The ideal credit card will be an obvious choice when you know exactly what you’re looking for.
Once you’ve applied, you may be approved in as little as 60 seconds, though some applications take longer to process. Once approved, you can immediately get a card number online or wait about a week for it to appear in the mail.
What is a business credit card?
A business credit card is earmarked specifically for business use rather than an individual’s personal use. Using a credit card for a business helps with bookkeeping by separating business and personal expenses for tax reasons.
No matter your business size, having a credit card designated for company expenses is a great opportunity to recapture cash and build up reward points.
Preferred Rewards for Business
Bank of America has a rewards program, Preferred Rewards for Business, for clients in good standing to encourage higher retention. With this program, eligible customers receive increased rewards ranging from 25% to 75% more, depending on your total deposit amount across your eligible Bank of America and Merrill accounts, reduced fees and increased rates on deposit accounts.
Many Bank of America credit cards are eligible for the program. These rewards are usually geared toward high spenders and those with high combined balances across Bank of America accounts.
Comparing the best business cards
The best credit card for your business depends on what you spend the most on and your rewards goals. Some business owners only want cash back, while others might look for travel points. When comparing credit cards, you should focus on types of rewards, flexibility in spending, annual fees, interest rates and whether the credit card can meet your goals.
Methodology
Our credit cards team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings. We looked at the various Bank of America business credit card options and weighed the various attributes of each card to determine the rankings in this list.
Frequently asked questions (FAQs)
Most business cards only report activity to commercial credit bureaus, except for negative payment history.
When you apply for a Bank of America business credit card, you will be asked for information about yourself, your company and any additional cardholders you designate. Several items that you may need include:
- Business Employee ID Number (EIN) or Social Security number
- Legal business name and structure
- Date of business formation
- Country and state of legal formation and where most of your business operates
- Gross annual sales and net profits
You’ll also need to provide more personal information on the manager opening the account and employees that will have cards.
A lender may conduct a hard credit inquiry into your personal credit. This has a small, temporary negative impact on your credit score.
Bank of America does not report business credit card activity to personal credit bureaus if an account is in good standing. However, Bank of America will report late payments.
