The Best Bank of America Business Credit Card Review for 2020

Spend with a Bank of America business credit card to access some of the easiest-to-earn welcome offers on the market.

Bank of America Business Credit Cards: What You Need to Know

Looking for the best credit card for your business? Searching through all of your prospective business credit card options can seem overwhelming, especially considering all of the different issuers, card features, and rewards programs.

This being said, if you’re looking for relatively straightforward business credit cards from a bank that provides a variety of additional small business products, you might look into getting your card from Bank of America. In fact, Bank of America offers three unique business credit card options, as well as two co-branded airline cards.

Is a Bank of America business credit card right for your business?

We’re here to help you find out.

In this Bank of America business credit card review, we’ll explore each of the cards from this financial institution—discussing their features, fees, rewards, and more—so that you have all the information to decide which of these options, if any, is best for your business.

Bank of America Business Credit Card Review for 2020

  • Bank of America® Business Advantage Cash Rewards Mastercard®
  • Bank of America® Business Advantage Travel Rewards World Mastercard®
  • Bank of America® Platinum Visa® Business Card
  • Alaska Airlines Business Credit Card
  • Asiana Airlines Business Credit Card

Bank of America® Business Advantage Cash Rewards Mastercard®

If you’re looking for one of the best cash back business credit cards, you might consider the Bank of America® Business Advantage Cash Rewards Mastercard.

Not only does this Bank of America business credit card allow you to earn cash back for your spending, but it also offers a unique rewards structure, giving you the opportunity to choose where you’d like to earn the most.

To explain, with the Business Advantage Cash Rewards card, you’ll earn:

  • 3% cash back on your choice of one of the following six categories: gas stations, office supply stores, travel, TV/telecom and wireless, computer services or business consulting services
  • 2% cash back at restaurants (for the first $50,000 in combined choice category/dining purchases each calendar year)
  • Unlimited 1% cash back on everything else

Additionally, if you’re a Preferred Rewards for Business Platinum Honors tier member with Bank of America, you’ll earn 75% more cash back on every purchase. Plus, if you spend $3,000 in purchases within 90 days of opening your account, you’ll earn a $300 statement credit. With 90 days to spend $3,000—instead of 30, which is the requirement for many alternative cards—this is one of the easiest welcome offers to access on the market.

With this Bank of America business credit card, not only will you be able to earn unlimited cash back, but your rewards will never expire. Moreover, you’ll be able to redeem your cash back as a deposit into a Bank of America checking or savings credit, a statement credit, or as a check mailed to you.

On top of these ongoing rewards, the Business Advantage Cash Rewards card also includes a nine-month 0% intro APR period, meaning you’ll be able to carry a credit card balance on your purchases interest-free during that time. After the nine months are up, however, a variable APR will set in that depends on the market Prime Rate and your creditworthiness.

There will be no annual fee for this Bank of America business card, but you will face fees for foreign transactions and balance transfers. This being said, however, you’ll also receive additional benefits from Bank of America such as cash flow management tools, travel insurance and protection, zero-liability protection, fraud monitoring, and mobile and online banking.

All in all, then, if you want a competitive cash back rewards card with no annual fee, the Bank of America® Business Advantage Cash Rewards card is certainly worth considering.

Bank of America® Business Advantage Travel Rewards World Mastercard®

On the other hand, if you’d prefer one of the best business credit cards for travel, you might instead think about the Bank of America® Business Advantage Travel Rewards World Mastercard.

With this Bank of America small business credit card, you’ll earn travel-specific rewards for your spending, including:

  • An unlimited 1.5x rewards points for every dollar spent on all purchases
  • 3x rewards points for every dollar spent on travel (car, airline, and hotel) booked through the Bank of America® Travel Center

Like the Business Advantage Cash card, there’s no limit on the points you can earn with this Bank of America business card and your points won’t expire. Plus, you’ll also have the opportunity to earn 75% more points when you’re a member of the Preferred Rewards for Business Platinum Honors program.

This being said, you’ll be able to redeem your points for a statement credit to pay for flights, vacation packages, cruises, rental cars, or baggage fees, as well as redeem them for cash back and gift cards. Additionally, there will be no blackout dates or travel restrictions when booking your trip with your Business Advantage Travel Rewards points.

Moreover, if you spend just $3,000 within your first 90 days after opening your account, you’ll earn a welcome bonus of 30,000 bonus points—which can be redeemed for a $300 statement credit for travel purchases. Just like the Cash Rewards card from Bank of America, this is perhaps one of the easiest business credit card signup bonuses to access on the market.

On top of these travel-specific perks, the Business Advantage Travel Rewards card also offers a nine-month 0% intro APR period—giving you the opportunity to carry a balance on purchases interest-free during this time. Once again, after the nine-month period has ended, an APR will set in that will vary based on the market Prime Rate and your creditworthiness.

This Bank of America business credit card also has no annual fee, no foreign transaction fees, and includes travel insurance and protections. Finally, like its cash back counterpart, the Business Advantage Travel Rewards card from Bank of America offers cash flow management tools, online and mobile banking access, fraud monitoring, and zero-liability protection.

Therefore, with limited fees, a travel rewards program, and additional perks, this is going to be the best Bank of America business credit card option for frequent travelers.

Bank of America® Platinum Plus® Mastercard® Business Credit Card

The last option within the main suite of Bank of America business credit cards—the Platinum Plus Mastercard—is designed for new businesses who are looking for a simple, low-interest business credit card.

Unlike the previous two Bank of America business cards, the Platinum Plus Mastercard does not have an ongoing rewards program. However, this card does offer a welcome bonus and a 0% intro APR period.

First, if you spend $3,000 during your first 90 days with the Platinum Plus Mastercard card, you’ll earn a $300 statement credit. Additionally, this Bank of America small business credit card gives you the opportunity to carry a balance on purchases interest-free for the first seven months after you open your account. After this 0% intro APR period expires, your APR will set in at a variable rate that will depend on your creditworthiness and the market Prime Rate.

Moreover, the Bank of America Platinum Plus Mastercard has no annual fee, provides unlimited employee cards at no additional cost, and allows you to schedule automatic electronic bill payments. You’ll also have access to cash flow management tools, online and mobile banking, travel insurance and protection, zero-liability protection, and fraud monitoring.

Although you won’t earn rewards for your spending with this Bank of America business credit card, this card is a great option for your first business credit card while you’re still figuring everything out and don’t want to worry about a complex rewards program. Plus, the Platinum Plus Mastercard can be used to help you separate your personal and business finances and as a starting point for managing your business’s spending with a dedicated credit card.

Alaska Airlines Business Credit Card

As we mentioned earlier, in addition to their three standard card options, Bank of America also offers two co-branded business credit cards. The first of which, the Alaska Airlines business credit card, provides you with travel rewards specific to flying Alaska Airlines.

With this Bank of America business card, you’ll earn:

  • 3x miles for every dollar spent on Alaska Airlines purchases
  • 1x miles for every dollar spent on all other purchases

You’ll have the opportunity to earn unlimited miles and redeem those miles for travel with no blackout dates. More specifically, you’ll be able to redeem your miles for flights, hotel stays, and rental car bookings. Plus, you’ll get exclusive access to discounted redemption levels when you redeem miles for hotel stays at over 400,000 qualifying properties.

Moreover, if you spend $2,000 within the first 90 days after opening your account, you’ll receive 40,000 bonus miles, as well as Alaska’s Famous Companion Fare from $121. With this fare, you’ll be able to book a companion on your flight reservation for just $121—valid on any Alaska flight booked on alaskaair.com with no blackout dates. You’ll also receive the Famous Companion Fare offer every year on your account anniversary.

On top of these ongoing rewards, this business airline credit card from Bank of America also offers:

  • Free checked bag on Alaska flights for you and up to six other guests on the same reservation
  • 50% off Alaska Lounge day passes
  • 20% back on inflight food, beverage, and WiFi purchases when you pay with your card
  • Travel accident and auto rental insurance
  • Emergency ticket replacement and lost-luggage assistance

This Alaska Airlines Bank of America business credit card has no foreign transaction fees, but you will face a $50 annual fee, plus $25 annually per additional card. With this in mind, however, you’ll also have access to all of the Bank of America business protections and tools offered with the other card options like cash flow management tools, online and mobile banking, fraud monitoring, and more.

Ultimately, this Bank of America business card is going to be the best option for business owners who travel frequently with Alaska Airlines and who are looking for rewards specific to this airline.

Asiana Airlines Business Credit Card

Finally, the last card Bank of America offers within their business credit card suite is the co-branded Asiana Visa Business Card. Similar to the Alaska Airlines business credit card, the Asiana Visa rewards business owners who spend frequently with Asiana airlines.

Specifically, this Bank of America business card earns:

  • 2x miles for every dollar spent on Asiana Airlines ticket purchases
  • 1x miles for every dollar spent on all other purchases

Like all of the best Bank of America business credit cards, the Asiana Visa card has no limit on the number of rewards you can earn. Additionally, you’ll be able to start redeeming your rewards once you’ve reached 10,000 miles—with the ability to book travel on Asiana Airlines or Star Alliance carriers. You’ll also be able to use your miles for seat upgrades.

Moreover, after your first purchase using the Asiana Visa card, you’ll receive a welcome bonus of 10,000 Asiana Club Miles. Plus, every year you’ll get two $100 statement rebates to be used toward qualifying Asiana Airlines ticket purchases.

This being said, however, the Asiana Visa has the highest annual fee of any card on this list, at $80 per year. This Bank of America business credit card will also charge foreign transaction fees—3% of the U.S. dollar amount of each transaction.

With this in mind, though, the Asiana Visa will include the same additional business credit card perks as the other cards, including cash flow management tools, zero-liability protection, fraud monitoring, travel protection, and online and mobile banking.

All in all, considering the annual fee, foreign transaction fees, and relatively low reward earning rate, this is likely only going to be the best Bank of America business credit card for you if you’re looking for an Asiana Airlines co-branded card to earn and spend rewards specifically with this airline.

Is a Bank of America® Business Credit Card Right for You?

Get a Bank of America® Business Credit Card If:

Considering everything we’ve discussed, it’s possible that one of the Bank of America business credit cards is a good fit for you. How do you know if it’s the right fit? A Bank of America business card may be right for you if:

  • You want a business rewards credit card with no annual fee.
  • You’re looking for tiered rewards programs that allow you to earn more based on where you spend.
  • You’re looking for a business credit card with an easily accessible welcome bonus.
  • You already have a Bank of America business checking or savings account.
  • You’re looking for a business credit card specific to Alaska or Asiana airlines.

Skip These Bank of America® Business Credit Cards If:

On the other hand, these Bank of America small business credit cards might not be the right fit for your business. You might decide to continue looking at your options if:

  • You’d prefer a flat-rate rewards business credit card.
  • You want access to more premium rewards, travel or otherwise.
  • You’re looking for a longer 0% intro APR period, or one that applies to balance transfers.
  • You want a co-branded card with a different airline (or another retailer).
  • You have fair or poor personal credit.

Choosing the Right Bank of America Business Credit Card for You

At the end of the day, there’s no doubt that the Bank of America business credit card suite has a lot to offer small business owners. If you’re wondering, “what’s the best Bank of America business credit card,” the answer is largely going to depend on your business and what you’re looking for in a credit card.

This being said, however, on the whole, the Business Advantage Cash Rewards card and the Business Advantage Travel Rewards card are going to appeal to the widest variety of business owners—with both of these Bank of America business cards offering ongoing rewards, easily accessible welcome bonuses, no annual fees, and 0% intro APR periods.

Ultimately, though, it will be up to you to decide which business credit card factors are most important to you, considering features like rewards structure, rewards types, fees, and additional perks so that you can determine whether or not any card is the right fit for your needs.

Therefore, once you have a set standard of qualifications, you can narrow down your options, Bank of America, or otherwise, to find and choose the best business credit card for you.

Frequently Asked Questions

In This Review