Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer.
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 2019. 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.
|Best For||Credit Needed||Annual Fee|
|Bank of America® Business Advantage Cash Rewards Mastercard® credit card||No Annual Fee||Excellent||$0|
|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|
|Alaska Airlines Visa® Business credit card||Alaska Airlines||Excellent||$50 for the company and $25 per card|
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 3% cash back in one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, as well as 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), and 1% cash back on all other purchases.
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. However, the card has one major flaw: a potentially high 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 good to 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 of $300 in statement credit if you spend $3,000 within the first 90 days of opening the account. There is also no annual fee whatsoever.
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 lack of an annual fee and low 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, without any annual fee or foreign transaction fee. You will be able to earn 3X points per every dollar spent on travel purchases booked through the Bank of America Travel Center. Beyond this, you will receive unlimited 1.5X points for every dollar spent on all other 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. If you spend at least $1,000 in net purchases in the first 60 days of opening the account, you will be rewarded with 25,000 points. 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 $250 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. The card offers 3X miles for every dollar spent directly with Alaska Airlines and 1X mile for every dollar spent on 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 it offers a strong 3X points on certain travel-related spending and a solid 1.5X cash back on all other 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.