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Bank of America offers quite a few different credit cards aimed at businesses, each with its own strengths and weaknesses. This guide will break down each of the offers and highlight the best Bank of America business credit card to have in 2021. Remember, at the end of the day, the best credit card for you is the one that will best fit your needs. By comparing the good and bad of each credit card to the needs of your business, you will be able to confidently pick a credit card that is tailored to help your specific business achieve further success.
|Bank of America® Business Advantage Cash Rewards Mastercard® credit card||$0 Annual Fee||Excellent||$0||Not available on website|
|Bank of America® Platinum Plus® Mastercard® Business card||No Annual Fee||Excellent||$0|
|Bank of America® Business Advantage Travel Rewards World Mastercard® credit card||No Annual Fee||Excellent||$0||Read Review|
|Alaska Airlines Visa® Business credit card||Alaska Airlines||Excellent||$50 for the company and $25 per card||Read Review|
Best Overall: Bank of America® Business Advantage Cash Rewards Mastercard® credit card
The Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers the best cash back for businesses. The card offers a strong cash back program. Cardholders can earn Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases. You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
These various cash back benefits are perfectly tailored for most businesses, and you will be able to rack up points and savings without much effort. Although you’ll receive a great introductory APR offer (0% for 9 billing cycles), you will face a potentially high APR: 12.24% - 22.24% variable APR. If your business is unable to pay off the balance completely month to month, then you may want to steer clear of this card, since it will punish you. On the other hand, if you think clearing the balance won't be an issue, this card would be a great choice and will definitely reward you and your business well.
Low APR: Bank of America® Platinum Plus® Mastercard® Business card
The Bank of America® Platinum Plus® Mastercard® Business card is a rather bare-bones credit card. If you have Excellent credit, this card can offer you a low interest rate from among Bank of America's array of business credit card options. Furthermore, it offers an introductory bonus: $300 statement credit when you make at least $3,000 in net purchases within 60 days of your account opening. There is also no annual fee whatsoever ($0).
However, beyond these few benefits, there are not many other advantages of owning this card that businesses would appreciate. This card seems to be focused more on minimizing costs rather than maximizing value. Most notably, the Bank of America® Platinum Plus® Mastercard® Business card does not feature a reward program; there is no cash back or points back per dollar spent whatsoever. Therefore, the only strength of the card is the $0 annual fee and low APR. You’ll receive this APR offer: 0% for 9 billing cycles, then 12.24% - 22.24% variable APR. We would advise against using this card for your business, unless your only concern is to minimize costs, and you don't believe that you will be able to access the benefits of any of the other options.
Best for Travel: Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is great for businesses that have a need for frequent traveling. This card serves the role of a travel card excellently, with $0 annual fee and None foreign transaction fees. You will be able to earn 3 points for every $1 spent for travel booked through the Bank of America® Travel Center and 1.5 rewards points for every $1 on all purchases Therefore, not only will it serve as a great travel card, but it will also function as a solid all-around rewards card given its consistent 1.5X points across all categories.
You will also be able to earn a considerable bonus through this card: earn 30,000 bonus points when you make at least $3,000 in net purchases within 90 days of your account opening which can be redeemed for a $300 statement credit towards travel or dining-related purchases. We imagine that this will be easy for most businesses, both large and small, to achieve. These bonus points can then be redeemed for a $300 statement credit going toward travel purchases. Ultimately, this card will significantly benefit any business that has a need for frequent traveling, because it has a robust and tailored rewards system.
Most Travel Savings Potential: Alaska Airlines Visa® Business credit card
The Alaska Airlines Visa® Business credit card is a great card for all things related to Alaska Airlines travel, but unfortunately, its value does not translate as well if your business does not regularly use Alaska Airlines. In particular, its benefits come from the efficient way dollars are converted to air mileage. With this card, earn 3 miles for every $1 spent directly on Alaska Airlines purchases, 1 mile for every $1 spent on all other purchases.
The card's greatest strength lies in its Companion Fare certificate. The certificate is both an introductory spending bonus and annual benefit. It can be redeemed to purchase an additional round-trip ticket from $121 ($99 plus taxes and fees from $22). Given how expensive air travel can be, the potential value of the certificate can be massive. This is a rare feature, making this card extremely valuable for organizations that often use Alaska Airlines. However, given that the majority of businesses are not using Alaska Airlines so intimately, it would be best to go for a different travel rewards card that provides more accessible benefits, like the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card.
Which One Should You Choose?
After assessing the various strengths and shortcomings of each card, we concluded that the two best options are the Bank of America® Business Advantage Cash Rewards Mastercard® credit card and the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card.
The former is a great choice for any business, because its benefits and cash back categories are seemingly tailored to be as accessible as possible for most businesses on both a small and large scale. The latter is best suited if your business requires frequent traveling (that is not exclusively done on Alaska Airlines), because you can earn 3 points for every $1 spent for travel booked through the Bank of America® Travel Center and 1.5 rewards points for every $1 on all purchases
In conclusion, you should base your decision on whether your business will benefit more from getting value out of your office expenses or travel expenses. Regardless of which it is, one of these two cards would be a great choice and definitely deserves consideration.