Choosing the Right Bank of America Business Credit Card for You

Georgia McIntyre

Georgia McIntyre

Finance Writer at Fundera
Georgia McIntyre is the resident Finance Writer at Fundera. She specializes in all things small business finance, from lending to accounting. Questions for Georgia? Comment below!
Georgia McIntyre

Editor’s Note: American Express is a partner of Fundera.

If you’re a small business owner starting out on your search for the perfect business credit card, you know at least one thing: There are a lot of business credit cards on the market.

So many, in fact, that you’ll need to sit down and process all the best business credit cards step by step. You might first look for issuers to work with, and then look for certain business credit card categories.

Today, we’re looking at every Bank of America business credit card on the market. Does this business credit card issuer have the right card for your business?

Use this guide to find out.

Which Bank of America Business Credit Card Is the Best for Your Business?

When you’re sifting through each Bank of America business credit card, you’ll quickly notice that there are a fair amount of them—8 Bank of America business credit cards, in fact.

Each Bank of America business credit card has something different to offer small business owners. From cash back, bonus points, to travel rewards, Bank of America has a lot of different features that come with their business credit cards.

Let’s walk through the different card categories Bank of America offers to highlight what we think is the best Bank of America business credit card on the market.

Best Bank of America Business Credit Card for Cash Back

If you want to bring in valuable cash savings for your business every time you swipe your business credit card, then cash back business credit cards should be your go-to choice.

And when it comes to cash back, there are a couple Bank of America business credit cards for you to consider.

The Bank of America business credit card that we think is the best for cash back, though, is the Cash Rewards for Business MasterCard.

Here’s what you can earn on this Bank of America business credit card:

  • Earn 3% cash back at gas stations and office supply stores, up to $250,000 in purchases each year. After the first $250,000 spent, you’ll get 1% cash back on these purchases.
  • Earn 2% cash back at restaurants.
  • Earn 1% cash back on everything else.

On top of that pretty substantial cash back rewards rate, you’ll also get the following welcome bonus: Earn a $200 statement credit offer once you’ve spent at least $500 in purchases in the first 60 days of your account opening.

Why This Bank of America Business Credit Card Is Our Top Cash Back Pick

This cash back Bank of America business credit card stands out with a solid savings rate and welcome offer. If you spend a lot at gas stations and office supply stores, you’ll really benefit from maximizing your earnings on the 3x cash back category.

Plus, this business credit card comes with a pretty great sign up bonus. The extra $200 might not seem like a huge deal for your business, but when you consider how little you have to spend to earn it—$500 in 60 days—the value of the sign up bonus really comes through. Most welcome bonuses come attached with a large spending requirement that, in some cases, just aren’t worth it. With the Cash Rewards for Business MasterCard, that’s not the case.

Finally, this cash back Bank of America business credit card is a great deal for small business owners who want sizable cash savings but don’t want to pay an annual fee. This business credit card comes with no annual fee and has a 0% introductory APR for 9 months.

One thing to look out for, however, is the steep interest rates that come with this business credit card after the introductory APR period. While interest rates can be on the low end at only 11.49%, your APR could spike as high as 21.49%. If you’re planning on carrying a balance from month-to-month on this card—and happen to have a high APR—you’ll be paying a lot in interest each month.

Best Bank of America Business Credit Card for Bonus Rewards

If you’re still looking for a card with a substantial rewards rate—but prefer bonus points over cash back—then there are a few Bank of America business credit cards for you to consider.

With any bonus rewards Bank of America business credit card, you’ll earn a certain amount of bonus points each time you use the card. Once you’ve earned a certain amount of bonus points, you can start redeeming your earnings on gift cards, travel, or just general cash back.

Now, there are a few Bank of America bonus rewards cards for you to consider, but here’s the business credit card that we think packs the most punch in this category: the Business Preferred World MasterCard.

This card is technically a business charge card—meaning you’ll have no set spending limit on the card, but you’ll need to pay your balance in full each month.

We’ll get into the details on why you should consider a business charge card over a business credit card. But first, here’s what you can earn on this card:

  • Earn a 10,000 bonus points welcome offer after your first purchase on the card, and an annual 10,000 anniversary points bonus after that.
  • Earn double rewards points on airline and hotel purchases for the first 12 months of account opening.
  • Earn 1 rewards point per $1 spent on all other purchases.

Why This Bank of America Business Credit Card Is Our Top Bonus Rewards Pick

Why do we think this Bank of America business credit card stands out from the rest of the category?

Well, first off, the solid rewards-earning potential on airline and hotel purchases is a great deal for frequent travelers. You’ll also really benefit from the first 10,000 rewards point welcome offer after just one purchase for your business. And after the welcome bonus, you’ll be rewarded for your loyalty with an annual rewards points disbursement.

Also, for the right kind of small business owner, using a business charge card can be a really smart move. Without a preset spending limit, you’ll have the flexibility to buy big for your business—which you very well might need to do often if you’re just starting up. So long as you have the cash on hand to pay off your balance each month, a business charge card can be a great financing solution for a small business.

One aspect of the card that might make you hesitate is the $125 annual fee. No one likes to dish out their earnings to an annual fee, but here’s the bright side: The fee is waived for the first year, and all years after that if you have a small business checking account open with Bank of America.

Best Bank of America Business Credit Card for Travel

The last category we’ll consider for the Bank of America business credit cards is travel. What are the best Bank of America cards for business owners who are always on the go?

Well, Bank of America has a few business credit cards geared toward frequent fliers and fliers of specific airlines—like Alaska Airlines, Asiana Airlines, and Spirit Airlines.

But as an all encompassing travel rewards card, we think the Travel Rewards World MasterCard for Business is the best travel card Bank of America has to offer.

If you’re a cardmember, here’s what to expect:

  • Earn an unlimited 1.5 bonus points for every $1 spent on all purchases—no matter how much you spend.
  • Earn 3 bonus points for every $1 spent on travel (car, airline, and hotel) booked through the Bank of America Travel Center. There’s no limit on the points you can earn, and your points won’t expire.

Plus, as a welcome bonus, you’ll get 25,000 bonus points when you spend $1,000 in purchases in the first 60 days of being a cardmember. If you choose, this sign up bonus can be redeemed as a $250 statement credit towards travel purchases.

Why This Bank of America Business Credit Card Is Our Top Travel Rewards Pick

With a few different travel rewards card on their lineup, why is this Bank of America business credit card the best choice for frequent travelers?

Well, if you don’t fly a specific airline—but are always flying for your business—then you’ll have the most options for the most value with the Travel Rewards World MasterCard for Business.

Plus, you’ll have no annual fee and no foreign transaction fee to worry about. For business owners who often travel abroad for work, the lack of foreign transaction fee is a big deal.

Also, you can get the most value out of this card if you redeem your bonus points to pay for flights, hotels, vacations packages, cruises, rental cars, or baggage fees. If you choose to redeem your points on anything else besides travel, though, you won’t get as much value out of this business credit card.

And finally, if you’re looking for travel perks from your business credit card membership, like luxury lounge access, airline incidental credits, and so on, you might want to look for a different travel rewards card. If you’re looking for the ultimate travel rewards card, our suggestion is to check out the Enhanced Business Platinum Card from American Express—it’s hard to find a better travel business credit card on the market.

Finding the Bank of America Business Credit Card for You

There you have it—out of the long lineup of Bank of America business credit cards, those are our 3 top picks that any small business owner should check out.

But as always, the best Bank of America business credit card for you is the one that fits the exact needs and structure of your business. So before you sign the dotted line on any of these cards, think closely about whether the card will really meet your business’s needs.

If one of these business credit cards is exactly what you’ve been looking for, then what are you waiting for?

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Georgia McIntyre

Georgia McIntyre

Finance Writer at Fundera
Georgia McIntyre is the resident Finance Writer at Fundera. She specializes in all things small business finance, from lending to accounting. Questions for Georgia? Comment below!
Georgia McIntyre

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