Bank of America is one of the largest retail banks in the U.S. For small business owners, it can be a great place for numerous banking services, including business credit cards. It offers seven different business credit cards designed to meet nearly all of your needs, including cash reward cards, low-interest cards and travel reward cards.
All of these cards are specifically designed to benefit business owners, not consumers. Business credit cards generally require applicants’ personal credit scores to qualify them for a card, and depending on how the card’s activity is reported to consumer and business credit bureaus they can be a good tool for establishing and building your business credit. You can check your full business credit profile for free on Nav.
Let’s take a look at these cards, and see which one makes the most sense for your company.
Cash-Back Credit Cards
Business Advantage Cash Rewards MasterCard Credit Card
Bank of America offers this as its only cash rewards business card. It features a $200 statement credit after new cardholders spend at least $500 on new purchases within 60 days of account opening. You also receive 3% cash back from purchases at gas stations and office supply stores. These rewards are valid on up to $250,000 of qualifying purchases each year, and you receive 1% cash back after that. It also offers 2% cash back at restaurants and 1% cash back everywhere else.
Cash back can be redeemed as a statement credit or a deposit in a Bank of America account, starting at $25. It also offers nine months of 0% APR financing on new purchases, followed by a variable APR of 12.24% to 22.24%. There’s no annual fee for this card.
Travel Reward Cards
Business Advantage Travel Rewards World MasterCard
Small business owners can use this card to earn travel rewards from their purchases. New customers can earn 25,000 bonus points after making $1,000 in purchases within 60 days of account opening, which can be redeemed for a $250 statement credit towards travel purchases. Businesses also earn 1.5 points per dollar spent on all purchases, with no limits. It also offers three points per dollar spent on travel booked through the Bank of America Travel Center, which is powered by Orbitz.
It also offers nine months of 0% APR financing on new purchases, followed by a variable APR of 12.24% to 22.24%. There’s no annual fee for this card, and no foreign transaction fees.
Alaska Airlines Visa Business Card
Alaska airlines is popular with business travelers in the northwest, and is growing rapidly since its acquisition of Virgin America. Business travelers can earn Mileage Plan rewards with this card, along with other valuable benefits. New cardholders earn 30,000 bonus miles and a $99 companion fare certificate (plus taxes and fees) after making $1,000 of purchases within 90 days of account opening. It also offers a free checked bag on Alaska and Virgin America flights for the cardholder and up to six other passengers on the same reservation.
When used for purchases, this card features three miles per dollar spent on Alaska and Virgin America flights, and one mile per dollar spent elsewhere. With the Business Level Earning Plan, this card has an annual fee of $50 per company and $25 per card. Or, with the Individual Level Earning Plan, the annual fee is $0 per company, and $75 per card. Finally, this card has are no foreign transaction fees.
Spirit Airlines World MasterCard for Business
Spirit is a leader among ultra-low-cost airlines, and Bank of America offers a business credit card that lets you earn additional rewards in the airline’s Free Spirit program. You earn 15,000 miles after your first purchase, and another 5,000 miles each year that you spend more than $10,000 in purchases. This card also offers you two miles per dollar spent on all purchases. There’s a $59 annual fee for this card that’s waived the first year, and a $20 annual fee for each additional cardholder that’s not waived.
Asiana Airlines Visa Business Card
Asiana is one of the largest Korean airlines, and it offers service from several cities in the U.S. to many destinations in Asia. This card offers new applicants 10,000 bonus miles after their first purchase, and double miles on all Asiana purchases. You earn one mile per dollar spent elsewhere. Cardholders also have the opportunity to earn two annual $100 statement rebates on the ticket purchases for Asiana flights departing from the US. There’s an $80 annual fee for this card.
Low-APR Credit Cards
Platinum Visa Business Card
This card offers a $200 statement credit after new cardholders spend at least $500 on new purchases within 60 days of account opening. It also offers seven months of 0% APR financing on new purchases, followed by a variable APR of 10.24% to 21.24%. There’s no annual fee for this card.
Platinum Plus for Business MasterCard
This card is part of the MasterCard payment system, but otherwise its terms are identical to the Platinum Visa Business card. It also features a $200 statement credit after new cardholders spend at least $500 on new purchases within 60 days of account opening. And it has the same seven months of 0% APR financing on new purchases, followed by an identical variable APR of 10.24% to 21.24%. Likewise, there’s no annual fee for this card.