Bank of America is one of the largest retail banks in the U.S. For small business owners, it can be a great place for numerous banking services, including business credit cards. There are six different Bank of America business credit cards that can cover nearly all business needs, including cash reward cards, low-interest cards and travel reward cards.
All of these cards are specifically designed to benefit business owners, not consumers. Business credit cards generally require applicants’ personal credit scores to qualify them for a card, and depending on how the card’s activity is reported to consumer and business credit bureaus they can be a good tool for establishing and building your business credit. (You can check your full business credit profile for free on Nav.)
Let’s take a look at these cards, and see which one makes the most sense for your company.
Best Bank of America Business Credit Cards
|BofA Business Card||Good for…||Downsides|
|Business Advantage Cash Rewards Mastercard® credit card||Cash rewards, 0% intro APR||Limited reward categories|
|Business Advantage Travel Rewards World Mastercard® credit card||Travel rewards, 0% intro APR||Rewards limited to travel|
|Alaska Airlines Visa Business Card||Virgin America/Alaska frequent flyers||Annual fee|
|Asiana Airlines Visa Business Card||Asiana airlines flyers||Annual fee|
|Platinum Visa® Business credit card||0% intro APR, low APR||No rewards rate|
|Platinum Plus for Business Mastercard||0% intro APR, low APR||No rewards rate|
Will Bank of America Business Credit Cards Affect My Credit Score?
One great aspect of Bank of America cards is that they do not report any card activity to personal credit reporting agencies. This means that, even if you are late on your business credit card payments, it will not affect your personal credit score.
Bank of America does report payment information on business credit cards to the Small Business Financial Exchange (SBFE), which means that your payment information may show up on your business credit reports.
Bank of America offers this as its only cash rewards business card. It features aYou also receive .
Cash back can be redeemed as a statement credit or a deposit in a Bank of America account, starting at $25. It also offers a, followed by a reasonable ongoing APR. There’s no annual fee for this card.
Small business owners can use this card to get travel rewards from their purchases:.
It also offers a, followed by a competitive ongoing APR. There’s no annual fee for this card, and no foreign transaction fees.
Alaska airlines is popular with business travelers in the northwest, and is growing rapidly since its acquisition of Virgin America. Business travelers can earn Mileage Plan rewards with this card, along with other valuable benefits. New cardholders earnIt also offers a free checked bag on Alaska and Virgin America flights for the cardholder and up to six other passengers on the same reservation, and a new $99 companion pass each account anniversary.
When used for purchases, this card features three miles per dollar spent on Alaska and Virgin America flights, and one mile per dollar spent elsewhere. With the Business Level Earning Plan, this card has an annual fee of. Or, with the Individual Level Earning Plan, the annual fee is $0 per company, and $75 per card. Finally, this card has are no foreign transaction fees.
Asiana Airlines Visa Business Card
Terms are subject to change. Details listed are accurate as of 7/20/2018. Asiana is one of the largest Korean airlines, and it offers service from several cities in the U.S. to many destinations in Asia. This card offers new applicants 10,000 bonus miles after their first purchase, and double miles on all Asiana purchases. You earn one mile per dollar spent elsewhere. Cardholders also have the opportunity to earn two annual $100 statement rebates on the ticket purchases for Asiana flights departing from the US. There’s an $80 annual fee for this card.
This card offers a. It also offers an introductory APR of . There’s no annual fee for this card.
Platinum Plus for Business Mastercard
Terms are subject to change. Details listed are accurate as of 7/20/2018. This card is part of the MasterCard payment system, but otherwise its terms are identical to the Platinum Visa Business card. It also features a $200 statement credit after new cardholders spend at least $500 on new purchases within 60 days of account opening. And it has the same seven months of 0% APR financing on new purchases, followed by an identical variable APR of 10.99% to 21.99%. Likewise, there’s no annual fee for this card.
How Do Bank of America Business Credit Cards Compare to Other Cards?
While the BofA suite of cards is impressive, there are other cards out there that rival the perks available via Bank of America business credit cards.
So what are the best business credit cards out there?
If what you need is a cash-back card, be sure to also check out the Ink Business Cash credit card. It offers a more generous welcome offer, plus 0% APR for 12 billing cycles. The Ink Business Cash card also allows you to choose from our choice of selec reward categories, so there’s more flexibility when it comes to how you earn cash back.
Frequent travelers have quite a bit to choose from when it comes to Bank of America business credit cards, including niche airlines. Frequent travelers who choose to fly many different airlines, however, should take a look at the Ink Business Preferred Credit Card. This card has an incredible bonus offer, plus your reward points can be transferred to miles with seven different frequent flyer programs or four different hotel programs.
Loyal Delta flyers should take a look at the available American Express Business Credit Cards for Delta flyers, They currently offer three different Delta cards with slightly different perks.
When it comes to Bank of America’s low APR business credit cards, they do offer some of the best rates available. Business owners who think they may only need to carry a balance for the first year of using the card should check out this list of the best 0% Intro APR cards.