Bank of America Business Credit Card Review

See above info for our Bank of America Business Credit Card Review. If you are a current or former customer, we’d like to hear from you. How was your experience? Are you a repeat BOA small business loan customer?

Bank of America is money center bank created through the 1998 merger of BankAmerica and NationsBank. Based in Charlotte, North Carolina the lender also has major hubs in New York, London, Toronto and Minneapolis, Minnesota.

B of A offers a wide variety of lending products to both individuals and businesses. On the retail side, they’re a huge player in home equity loans, lines of credit and mortgage servicing.

But where Bank of America really shines is with their small business services. Not surprisingly, over 3 million small businesses have a financial relationship with B of A.¹ Typical small business funding options include working capital business loans, invoice finance, debt consolidation loans and small business credit cards.

Since the bank doesn’t allow personal loans for business, many owners improve their net working capital with a Bank of America business credit card. The resulting ‘on demand’ financing can assist with inventory purchases, expansion or general expenses.

Many of BOA’s small business credit cards (Platinum Visa business card, Cash Rewards MasterCard, etc.) have great features but our favorite is the Business Advantage Travel Rewards World MasterCard. If traveling is any part of your small business, it should be a serious contender for your business.

Business Advantage Travel Rewards World MasterCard benefits:

·       25,000 Sign up bonus

·       3 points for every dollar spent through BA’s Travel Center

·       No annual membership fee

However, keep in mind that the variable interest rate jumps to roughly between prime plus 8% prime plus 18% after the 9th billing cycle. But compared to some alternatives like cash advance, ABL or some factoring companies, rates in the low 20% range can be a bargain. As you already know, bad credit business loans aren’t cheap so try and build up your credit profile before applying.

The good news for small business owners is the fierce competition for travel rewards. This means plenty of benefits for businesses in a variety of industries ranging from manufacturing, freelance, retail and transportation. While transportation businesses are well-served by trucking factoring companies, BOA’s Travel Rewards card gives owner-operators another financing option to consider.

Cardholders can also leverage the Business Advantage Rewards program.  Depending on the amount of deposit/investment balance with BAML, business owners can receive between 0.25% and 0.75% discounts on a business line of credit, secured lending or term loans.²

The BOA Travel Rewards offering competes with the Delta Skymiles card, Citibusiness card, Hilton Honors American Express Business Card and the Chase business credit card.

Bank of America Business Credit Card Pros and Cons

In addition to the Travel Rewards Card/Business Advantage summary above, here are some highlights:

Main Pros:

·       Unlimited points that don’t expire.

·       3 points per dollar spent on travel expenses booked through BA Travel Center.

·       Points can be redeemed for cash back.

·       25,000 bonus reward points after spending $1,000 within first 60 days.

·       U.S. Trust customers automatically enrolled into program at Platinum Honors tier.

Main Cons

·       Outstanding credit needed for the Travel Rewards card.

·       With Relationship Rewards bonus, $20,000 combined balance needed to benefit (Gold tier).

·       Bank of America Platinum Plus for Business not eligible for Relationship Rewards Bonus.

For more information on a specific Bank of America Business Credit Card, refer to their website or browse our reviews page for other business credit card offers:

^1,2https://www.businesswire.com/news/home/20180326005605/en/Bank-America-Introduces-Business-Advantage-Relationship-Rewards