Bank of America Business Credit Card Review

 

Banking and credit card decisions can have a profound effect on the long-term prospects of any business. But for small businesses like yours, the stakes are even higher. In the interest of jumpstarting your search, let’s begin at the top. With a history dating back to 1904, Bank of America — the second-largest bank in the United States — may be one of the first organizations that comes to mind. But is a Bank of America business credit card right for you?

Bank of America offers three primary business credit cards. It’s not uncommon for many banks to offer specific credit cards catering to business customers, with features and benefits that could help you cut costs upfront. Before you make any decisions about which one you choose, be sure to do your research and explore all your options. Then, once you know what you’re looking for, you’ll be able to select the card that will best serve your goals. Below we’ll take a closer look at the three main Bank of America business credit cards as we outline their benefits and assorted features.

Business Advantage Cash Rewards Mastercard

First up is the Business Advantage Cash Rewards Mastercard. There are some subtle differences between each card we’ll be discussing, and Bank of America business credit cards do appear to have their own specific strengths. In this case, cardholders are likely to enjoy the cash back benefits.

The Business Advantage Cash Rewards Mastercard provides 1 percent back on all purchases, as well as 2 percent back on restaurants and 3 percent at gas stations and office stores. Don’t worry about a catch either: this cash back is truly unlimited. You can invest in resources for your small business guilt-free with the knowledge that you’re at least earning cash-back rewards as you do so. You can even apply those rewards toward a Bank of America savings or checking account if you’d prefer to re-invest those funds directly into your business.

Moreover, the Business Advantage Cash Rewards Mastercard features an introductory zero percent Annual Percentage Rate (APR) for the first nine billing cycles. Beyond that point, your interest will shift into a variable rate ranging somewhere between 7.99 percent and 17.99 percent (plus the prime rate). If your business requires regular expenses like gas, office supplies, and business lunches, this credit card might be a good choice for you. Bank of America has put together an attractive package here, and for the vast majority of brick-and-mortar companies there’s a lot to fall in love with. But if your priorities lie elsewhere, stay tuned for some other business credit cards you might want to consider.

For more information or to apply for the Business Advantage Cash Rewards Mastercard, visit the Bank of America website.

Business Advantage Travel Rewards World Mastercard

While the Business Advantage Cash Rewards Mastercard centers on companies that operate fairly locally, this card is clearly designed with the traveling business professional in mind. The Business Advantage Travel Rewards World Mastercard has a similar introductory zero percent APR for the first nine cycles (with a shifting variable rate as low as the prime rate and 7.99 percent). However, the real key element here is the unbeatable travel rewards.

For every $1,000 you spend in the first 60 days of holding this card, you’ll receive 25,000 bonus points. Of course, this is far from the only way to accrue points using your Business Advantage Travel Rewards World Mastercard. The entire concept behind the card appears to be about streamlining the travel process.

In addition to that initial 60-day bonus period, cardholders also receive 1.5 points for every dollar spent on any purchase and a whopping 3 points for every dollar you spend on booking your travel plans through Bank of America’s own Orbitz-powered Travel Center. None of the points you earn ever expire, and there are no hidden travel restrictions or blackout dates to worry about while you’re planning that next business trip.

Because your business may necessitate regular travel, Bank of America does everything it can to maximize ease of use and return on investment on this business credit card. Case in point: the absence of an international transaction fee removes the penalty for using your card abroad. If your business regularly takes you out of town (or out of the country), the Business Advantage Travel Rewards World Mastercard might be the handiest option among Bank of America’s business credit cards.

For more information or to apply for the Business Advantage Travel Rewards World Mastercard, visit the Bank of America website.

Platinum Visa Business

The final option among Bank of America’s three business credit cards is the Platinum Visa Business card. It doesn’t employ specific benefits like cash back rewards or high-level travel points to rein in account holders. Rather, this card’s focus is instead on merely establishing a competitive rate that speaks for itself. With this card, the purchase APR can fall as low as 5.99 percent (plus the prime rate, of course). After a zero percent introductory APR during the first seven billing cycles, the variable rate follows suit, ranging from 5.99 percent to 15.99 percent.

That’s markedly lower than the previous two cards we discussed, which provides some sense of the rationale behind the Platinum Visa Business credit card: to simply wow you with competitive rates. While that may be the marquee selling point, this card also lets you control credit limits on any employee cards, allowing you to use your account in whatever way you choose. These are provided at no additional cost to you, and you can transfer all your transactions into Quickbooks with the touch of a button, making managing your accounts a breeze.

For more information or to apply for the Platinum Visa Business card, visit the Bank of America website.

Bottom Line on Business Credit Cards

Your specific banking needs will determine which of the above options could work best for your small business. All business owners have their own set of priorities when it comes to their business credit card, so don’t hesitate to get more information about what’s on the market before you open any new accounts.

Whatever you choose, we recommend that you have your own financial records in order first. That way, you can be certain about the resources you’re dealing with and understand which of the offered perks would best benefit your business activities.

Still have questions about which business credit card is right for you? Let us know on Twitter @Revenued_com.