A lot of small business owners use Bank of America business credit cards to help their businesses increase cash flow and control their spending. Many are rewards credit cards that also help businesses get cash back or points for their business spending. 

In this article, we’ll look at what Bank of America business credit cards offer small business owners, their key features and benefits, and the top Bank of America business credit card options on the market today.

The Popularity of Bank of America Cards Among Businesses

If you’re shopping for business credit cards, you may be considering Bank of America. Bank of America is popular among businesses for a number of reasons, including its:

1. Wide acceptance: Bank of America is a major issuer of credit cards, and its cards are widely accepted both domestically and internationally. Using credit cards that are accepted by a large number of merchants helps ensure easy and convenient transactions.
2. Low fees: At the time of writing, most Bank of America small business credit cards don’t charge an annual fee. If you’re looking for a low-fee credit card that also offers rewards, Bank of America could be a good option. Some travel-based Bank of America cards also don’t charge foreign transaction fees. 
3. Rewards and incentives: Bank of America offers various credit card rewards programs tailored to business-related bonus categories. These business programs include cash-back rewards, travel rewards, or points that can be redeemed for statement credits, travel, and more. These rewards can be enticing for businesses looking to earn benefits on their regular spending.
4. Customization: The bank provides the flexibility to customize credit card programs to suit specific business needs. This includes setting individual spending limits for employees or incorporating expense management tools to track and control expenditures effectively.
5. Online and mobile banking services: Bank of America offers robust online and mobile banking services, making it easier for businesses to manage their credit card accounts efficiently. Features like real-time transaction monitoring, instant alerts, and secure online access are attractive to businesses seeking convenience and security.
6. Business support: You can access a dedicated customer support team that caters specifically to the needs of businesses. This level of support can help businesses with their credit card accounts or other financial matters.
7. Fraud protection: Bank of America protects cardholders against fraudulent transactions. For businesses, this added security is crucial in safeguarding their financial assets and sensitive information.

Statistics About the Use of Bank of America Cards by Businesses

• Bank of America is currently used by four million small business households. 
• The bank serves around 68 million individual and small business clients in total. 
• There are about 3,900 Bank of America retail financial centers.
• Customers can access a network of 15,000 ATMs.
• Bank of America’s digital banking program has around 57 million verified digital users.
• The bank serves clients through operations across the United States, its territories, and more than 35 countries.

Key Features of Bank of America Business Cards

Here are some of the main features of business credit cards from Bank of America.

1. Cash-back and rewards

Bank of America cash-back credit cards allow cardholders to earn a percentage of their purchases back as cash rewards. The cash-back is usually calculated as a percentage of the total purchase amount, and it can be accumulated over time. Cardholders can then redeem these cash rewards in various ways, like statement credits, direct deposits to a Bank of America checking or savings account, or by requesting a physical check.

Bank of America also offers other credit cards with points-based rewards programs. With these cards, cardholders earn bonus points for every dollar spent on eligible purchases. The number of points earned may vary depending on the specific card and the type of spending categories (e.g., dining purchases, office supply stores expenses, travel purchases, gas station costs, etc.). Cardholders can then redeem these points for various rewards, such as travel purchases, merchandise, gift cards, or cash rewards. 

Additionally, Bank of America’s Preferred Rewards program is a loyalty program that offers additional benefits and rewards for customers who have qualifying banking and investment accounts with the bank. As a member of the program, cardholders can earn extra rewards on eligible Bank of America credit card purchases, receive banking benefits like fee waivers and interest rate boosts, and enjoy other exclusive perks.

Finally, Bank of America may provide promotional offers for new cardholders after account opening. These may include sign-up bonuses, 0% introductory APR (annual percentage rate) on purchases for a number of billing cycles, or boosted cash back or rewards rates for a limited time. A welcome bonus can ease cash flow constraints while an intro APR can help if you’re keeping a balance on your account.

2. Low interest rates

Low interest rates are considered beneficial for credit cardholders for several reasons. First, variable APRs determine the cost of borrowing money on the card. When interest rates are low, the finance charges on outstanding balances are lower. This means that credit cardholders who carry balances from month to month will pay less in interest, saving them money over time.

They also make it easier for credit card users to manage and repay their debts. With lower interest costs, cardholders can make more substantial payments towards their balances, reducing the time it takes to pay off debts. This can help small business owners avoid falling into a cycle of increasing credit card debt, which can be challenging to escape with high-interest rates.

Furthermore, during periods of low interest rates, credit cardholders may have the opportunity to transfer high-interest balances from other credit cards to a card with a lower interest rate. This process, known as a balance transfer, can help small business owners consolidate debt and save on interest payments.

You’ll also find low annual fees — often $0 — on most Bank of America cards. Other cards can cost hundreds of dollars every year.

3. Business expense tracking

Business expense tracking is a crucial practice that can provide several benefits and advantages for business owners. Regular expense tracking provides an ongoing assessment of the company’s financial health. Small business owners can more quickly spot any potential cash flow issues or financial troubles and take action to address them before they cause bigger issues.

Expense tracking also allows business owners to gain a clear and detailed view of their company’s financial health. By recording and categorizing expenses, they can identify where they’re spending money and make more informed decisions about cost-cutting, resource allocation, and investment opportunities. Also, if you analyze your expense data, you can identify opportunities for growth and expansion more easily. This can help you make informed decisions about investing in new projects, hiring a bigger team, or expanding into new markets.

Having a clear understanding of your expenses can empower you during negotiations with vendors. You may be able to leverage this knowledge to secure better terms, discounts, or volume pricing.

Additionally, with accurate expense tracking, business owners can create realistic budgets and financial projections.

4. Fraud protection

Fraud protection with business credit cards is designed to safeguard businesses from unauthorized transactions and fraudulent activities. Here’s how it typically works.

First, Bank of America protects cardholders from liability for unauthorized transactions. If fraud occurs, the card issuer is responsible for covering the full cost of the fraudulent charges. You may also be protected against loss, damage, theft, or fire for specific purchases.

Many business credit card issuers use sophisticated fraud detection systems that continuously monitor card transactions in real-time. These systems use algorithms and machine learning to identify suspicious activities based on various parameters, such as unusual purchase patterns, out-of-character spending, or transactions from unfamiliar locations. Bank of America offers account alert services, where cardholders can receive notifications via email, text message, or mobile app for certain account activities, such as large transactions, international purchases, or card-not-present transactions. This helps small business owners spot fraudulent transactions early on and take quick action.

Also, most modern business credit cards are equipped with EMV chip technology. When the card is used at a chip-enabled terminal, it generates a unique code for each transaction, making it more challenging for fraudsters to clone the card. Business credit cards also often come with additional security measures for online transactions. This may include one-time passwords (OTP), tokenization, or biometric authentication, providing an extra layer of protection against unauthorized online purchases.

Benefits of Using Bank of America Business Cards

Using a Bank of America business credit card can offer several benefits for business owners. While specific benefits can vary depending on the type of business credit card you choose, here are some common advantages.

Convenience and ease of use

Bank of America has several factors that make it convenient for busy small business owners who are always on the go. It’s flexible with how you want to work with them: 

• There are almost 4,000 brick-and-mortar locations and around 15,000 in-network ATMs. 
• The digital banking platform has won awards and is well rated by customers.
• The mobile app is highly rated (it gets 4.6 out of five stars for Android and 4.8 out of five stars for Apple).

Most Bank of America business cards use the Mastercard payment network, but you can also find others that are Bank of America small business Visa cards. Both Mastercard and Visa are widely accepted.

Financial management tools

Bank of America offers small business owners tools to help them manage their business finances. You can access merchant services, remote deposit to deposit checks on the go, and account management tools that help you maintain control over your accounts. 

Also, you can get employee cards with limits to the allowed spending and overdraft protection to help if you run into cash flow issues.

Build business credit

It’s essential to know how to build business credit as a small business owner looking for the best small business loans. Using some business credit cards can help you build your business credit (see the guide from Nav on business credit cards that help build credit). On-time payments with a secured credit card for businesses can help boost your business credit score and credit history. 

Access to Preferred Rewards

If you’re eligible and enroll in Bank of America’s Preferred Rewards program, you may qualify for additional benefits and bonus rewards for business spending. Depending on your relationship with the bank and combined balances in your Bank of America business checking account (and other deposit accounts), you can receive higher cash-back rates or rewards boosts on your credit card purchases. On average, members increased their overall benefits to $500 a year using Preferred Rewards.

Also, some Bank of America business credit cards offer travel-related perks, such as travel accident insurance, rental car insurance, and access to travel and emergency assistance services.

Best Bank of America Business Card Options

It’s important to consider your business’s specific needs and spending habits when choosing a Bank of America business credit card. Here are some of its best credit card options.

Alaska Airlines Visa® Business card

Bank of America® Platinum Plus® Mastercard® Business card

Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card