How to Choose the Right Bank of America Business Credit Card [2024]

As a business owner, you have a never-ending list of expenses to think about, from paying for phone service to ordering equipment and inventory. But while you probably won’t find a way to avoid those bills any time soon, you can make the most of them by choosing the best business credit card.

Bank of America business credit cards offer a variety of benefits to make running your company as easy as possible and help you keep your personal and business expenses separate. Not only that, but the right card can earn you valuable rewards, which you can redeem for the things you need (or want) most.

What Bank of America Business credit cards offer

Currently, there are five Bank of America business credit cards to choose from, each with their own unique perks.

Some are no-annual-fee cards, some are airline-branded, and most offer competitive rewards on your business spending. All offer mobile banking, allow you to download transactions to QuickBooks, and offer Balance Connect for overdraft protection. Choosing the right one for you and your company depends mostly on where you spend your money, how much you spend, and how you prefer to redeem your earned rewards.

The business products offered by Bank of America at present are:

• Bank of America^® Business Advantage Travel Rewards World Mastercard^® credit card
• Bank of America^® Business Advantage Customized Cash Rewards Mastercard^® credit card
• Alaska Airlines Visa^® Business card
• Bank of America^® Platinum Plus^® Mastercard^® Business card
• Bank of America^® Business Advantage Unlimited Cash Rewards Mastercard^® credit card

Each one is designed to help small business owners separate their personal spending from their business spending, while also providing great benefits or lucrative rewards. Here’s a breakdown of each card and how they compare with one another:

As you can see, there are quite a few key differences between each of the cards. Let's look at each option in more depth.

Bank of America business credit cards for travel

Bank of America^® Business Advantage Travel Rewards World Mastercard^® credit card

This card offers 3 points per $1 on travel booked through the Bank of America® Travel Center and 1.5 points per $1 on all other purchases. You have several redemption options, including redeeming points for a statement credit, cash back, travel booked through the Bank of America Travel Center, or gift cards.

If you have a business checking account with Bank of America and qualify for its highest Preferred Rewards for Business tier, you could earn up to 75% more bonus points on each purchase.

It also has an introductory period for purchases (not balance transfers) with a 0% APR for 9 billing cycles, then 18.49% - 28.49% Variable APR.

Alaska Airlines Visa^® Business card

Alaska Airlines Business credit card has a generous welcome offer where you could earn 50,000 bonus miles and alaska's famous companion fare™ ($99 fare plus taxes and fees from $23) after you make $3,000 or more in purchases within the first 90 days of opening your account. You also get a companion fare on your credit card anniversary each year, which allows you to book a companion flight from $122 (after spending $6,000 or more on purchases within the anniversary year).

Any cardholder and up to six guests on the same reservation each get a free checked bag, and you can earn 3X miles on eligible Alaska Airlines purchases, 2X miles on eligible gas, EV charging station, shipping, and local transit (including rideshare) purchases, and 1X miles on all other purchases.

Bank of America business credit cards for cash back

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

This card is unique in that you can choose your highest-earning cash back category. You can earn 3% cash back in your category of choice: gas stations & EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services and 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, then 1%); and unlimited 1% cash back on all other purchases. You can change your category once each calendar month.

If you have a business checking account with Bank of America and qualify for its highest Preferred Rewards for Business tier, you could earn up to 75% more cash back and increase your rewards rate.

It also has a 0% introductory APR on purchases for 9 billing cycles, then a 18.49% - 28.49% Variable APR.

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

This card keeps things simple. You earn unlimited 1.5% cash back on all purchases. Similar to other Bank of America business cards, it has a 0% introductory APR on purchases for 9 billing cycles, then a 18.49% - 28.49% Variable APR after that.

There is no annual cap on how much you can earn. If you qualify for the Preferred Rewards for Business program, you can earn up to 75% more cash back . You can redeem your cash back as a deposit into your Bank of America checking or savings account, as a statement credit, or as a check.

Other Bank of America business credit cards

Bank of America^® Platinum Plus^® Mastercard^® Business card

The Platinum Plus Mastercard is a no frills business card. It has $0 annual fee and offers 0% intro APR on purchases for 7 billing cycles, then 16.49% - 27.49% Variable APR.

It does have an introductory offer that allows you to earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.

Bank of America Preferred Rewards for Business

Preferred Rewards for Business is a program for Bank of America’s small business clients. To qualify for the lowest tier (Gold), you need an active, eligible Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in qualifying business deposit accounts and/or Merrill business investment accounts.

You need a combined average daily business balance of $50,000 or more to qualify for the Platinum tier and $100,000 for the Platinum Honors tier.

You receive the following credit card benefits if you qualify for the Preferred Rewards for Business program:

• Gold tier: 25% bonus rewards
• Platinum tier: 50% bonus rewards
• Platinum Honors tier: 75% bonus rewards

Which Bank of America business credit card is right for you?

If you’re wondering which of the Bank of America credit cards is right for you, you’ll first need to take a look at your priorities, spending habits, and cash flow needs. You should also ask yourself a few key questions about how you’ll use your new business card.

Can you recoup an annual fee?

The Alaska Airlines Visa Business credit card charges an annual fee. However, it also offers enviable rewards and travel perks that could make the annual fees worth it — as long as you would use those benefits each year.

Let’s do the math:

• The Alaska Airlines Visa Business credit card charges a $70 per-company and $25 per-card annual fee. 
•  It also offers a 50,000-mile bonus after you meet the $3,000 minimum spend requirement. 
•  These miles could potentially get you two round-trip flights, such as this one from Seattle to Denver, which Alaska Airlines valued at $373 at the time of writing. 
•  Add a free bag for each of you ($60 value for both), which is another cardholder benefit. Now you’re taking a $433 trip using miles, plus you still have 20,000 miles left over.

It’s easy to see how an annual fee could be recouped if you travel often, especially if you fly Alaska and would use the benefits that these cards offer. However, depending on your annual spend, you may also be able to recoup any fees with only the rewards earned from purchases.

If you don’t see yourself spending enough to earn $75-80+ in rewards each year or using the airline perks offered, you might want to instead opt for a card with no annual fee. The Business Advantage Travel Rewards credit card, Business Advantage Customized Cash Rewards credit card, and Platinum Plus Mastercard Business card might be better options.

Get more details at Alaska Airlines Visa® Business Card Review.

Who needs a card?

Will you be the only person in your business with a card, or will you need to offer one to multiple employees? The answer could help you make your decision.

With the Platinum Plus Mastercard Business card and the Business Advantage Travel Rewards credit card, you’ll get employee cards at no extra cost. With the Alaska Airlines Business credit card, however, you’ll pay an additional $25 per card issued.

If you have five employees who need cards, that’s an extra $125 a year you may not want to spend.

Which perks are important to you?

If you never fly Alaska Airlines, then free checked bags, a cheap companion fare, and 50% off of lounge passes probably won’t matter much to you. However, if you fly the airline regularly with your business, this could mean hundreds of dollars in savings each year.

Similarly, you should consider your spending categories and whether the Customized Cash Rewards card would make sense for you. If you spend a lot in a specific category, such as office supplies or dining purchases, that card might make sense. 

The same applies to a 0% intro APR. If you’re looking to enjoy an introductory APR offer — which could help your business get through a slow season or allow you to make a pricey purchase without incurring interest during a set period — you’ll need to choose your card accordingly. Introductory APR offers are only available with the Business Advantage Travel Rewards credit card, the Business Advantage Customized Cash Rewards credit card, the Business Advantage Unlimited Cash Rewards card, and the Platinum Plus Mastercard Business card.

FAQs

The final word on Bank of America business credit cards

There is a handful of excellent Bank of America business credit cards to choose from today, each offering a unique combination of benefits. Finding the one that best suits you and your business depends on where you spend the most and how you prefer to use your rewards.

By looking at the current spending breakdown of your company, you can easily determine which Bank of America credit cards will meet your needs and even earn you the most back. So whether your business has you flying across the country to meet with clients or you simply spend big from your home office, Bank of America has a card for you.

Get up to 3X points

Bank of America^® Business Advantage Travel Rewards World Mastercard^® credit card

4.4

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Bank of America^® Business Advantage Travel Rewards World Mastercard^® credit card

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Annual Fee

$0

Benefits and Drawbacks

Benefits

• Earn 30,000 online bonus points after you make at least $3,000 in purchases in the first 90 days of your account opening
• No annual fee
• No foreign transaction fee

Card Details

• Earn 30,000 online bonus points after you make at least $3,000 in purchases in the first 90 days of your account opening which can be redeemed for a $300 statement credit towards travel or dining purchases.
• Earn unlimited 1.5 points for every $1 spent, or join Preferred Rewards for Business for no fee, and earn up to an unlimited 2.62 points for every $1 spent on all purchases if you have a Bank of America® business checking account and qualify for Preferred Rewards for Business Platinum Honors tier.
• No limit to the amount of points you can earn and points don't expire as long as your account remains open.
• No annual fee and no international transaction fees.
• Choose how to redeem points for a statement credit to offset travel and dining purchases, travel with no blackout dates at the Bank of America® Travel Center, for cash back or gift cards.
• 0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 18.49% to 28.49% will apply.
• Contactless Cards - The security of a chip card, with the convenience of a tap.
• This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.