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Best Bank of America Business credit cards of June 2024

Updated May 23, 2024

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Bank of America business cards provide plenty of flexibility when it comes to handling your business expenses. Competitive rewards rates, generous welcome offers and affordability are key features of these cards. Here’s what you need to know about some of the best business cards from our credit card partner, Bank of America.

BEST OVERALL

Bankrate score

Rating: 3.9 stars out of 5
3.9
Info
Recommended credit score: 740 - 850
Info
Apply now Lock
on Bank of America's secure site

Intro offer

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$300

$300 value
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Rewards Rate

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1.5%

Annual fee

$0

Regular APR

18.49% - 28.49% Variable APR on purchases and balance transfers

Compare Bankrate’s Top Bank of America business credit cards

Card name Card highlights Bankrate score

Unlimited 1.5% cash back on all purchases

Intro APR offer on purchases

No annual fee

 

3.9 / 5

Info
(Read card review)
Apply now Lock
on Bank of America's secure site
Image of Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

3% cash back in a category of your choice and 2% cash back on dining (on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter)

No annual fee

Intro APR offer on purchases

 

What to know about Bank of America business cards

Like many other business credit cards, Bank of America business credit cards have benefits and elevated rewards rates that pair well with many business owners’ spending habits. They’re great for accessing a line of credit for business purchases, travel, dining or other expenses that you’d charge to a card you use or provide for your employees.

The issuer's exclusive Preferred Rewards program makes Bank of America business cards stand out. People loyal to Bank of America can earn some of the highest reward rates on many business credit cards. A qualifying balance in a Bank of America deposit or investment account could be the first step to get you there.

Pros and cons of Bank of America Business credit cards

Pros

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    No annual fees: Unlike several business cards, most Bank of America business cards don’t charge annual fees.

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    Easy-to-earn welcome bonuses: If you want the chance to earn a decent bonus without overspending, the Bank of America business cards’ lower-than-average spending requirements may appeal to you.

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    Solid card protections: All cards include protection for travel emergencies and overdraft protection.

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    Attractive APRs: Many Bank of America business cards have ongoing APRs that are potentially lower than the current average credit card APR.

Cons

  • High personal credit score recommended: The best Bank of America business credit cards typically require an excellent personal credit score (740–850 FICO score) to qualify, which excludes business owners with scores lower than 740 on the FICO scale.

  • Limited business perks: While these cards can be low-cost, their lack of perks makes premium business cards more appealing if cost is no issue.

  • Weak intro APR offers: Bank of America Business cards’ intro APR offers are relatively short and only apply to purchases.

  • Limited redemption options: You can only redeem rewards for statement credits, deposits into a Bank of America account or mailed checks.

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Bankrate Insight

Did you know there’s an extra credit bureau that tracks your business credit? Business credit cards, including Bank of America business cards, often report activity to organizations like Dun & Bradstreet, a bureau that records business credit scores

Tips on choosing the best Bank of America business card

If you’re choosing a business card and Bank of America business credit cards are at the top of your list, you may want to keep these things in mind as you browse.

Still unsure if a Bank of America business credit card is right for you? Check out our Credit Card Spender Type Tool to get personalized credit card recommendations based on your credit score, spending habits and daily needs.

Expert advice for Bank of America business cards

Bank of America offers many valuable business credit card perks and can give business owners starting out a good head start.

“It gives me flexibility when I need it, especially when my business spending needs are high (since I have a healthy credit line). The signup bonus and intro offer also gave me a good cushion to start with on my large purchases. Plus, my Preferred Rewards business status gives the card’s rewards rate a big boost, making it one of my best options for general spending. Definitely a keeper for me." 

Ryan Flanigan, Writer, Credit Cards

The right card for you is only worth it if you can take advantage of most of what it has to offer. Here are some tips for making a Bank of America business card work for you.

  • Moneybag

    Move your savings to Bank of America

    Consider moving most of your savings into qualifying Bank of America or Merrill accounts to bolster your balances and increase your chances of earning some of the highest reward rates available. If you have qualifying balances, you could be eligible for Bank of America’s Preferred Rewards for Business program.

  • Dollar

    Streamline your spending

    To ensure you’re getting the most out of your Bank of America business card, tailor your spending to the card’s highest rewards categories. If you pick a card that lets you choose your highest-earning spending category, funnel purchases in that category onto your card.

  • Travel

    Avoid using your card abroad

    Many Bank of America business credit cards have at least a 3 percent foreign transaction fee. If you travel frequently for your business or your expenses require a lot of foreign transactions, use a different card that doesn’t charge this fee. 

How does Preferred Rewards for Business work?

The Bank of America Preferred Rewards for Business program is a tiered program that offers boosted rewards rates based on how much money cardholders have in linked accounts. Bank of America customers with a qualifying business checking account and at least $20,000 in a qualifying Bank of America business deposit account or Merrill business investment account can unlock higher rewards rates and additional perks.

The rewards boost kicks in the month after you qualify for the tier based on a combined three-month average daily balance. If your account balance falls below the minimum tier requirement, you won’t immediately drop out of the tier. You remain at that level until your annual account review, the month after your anniversary date. If the review finds you lack sufficient funds, you’ll have three months from your anniversary date to restore your qualifying balance.

Preferred rewards for business tiers

The program has three tiers: Gold, Platinum and Platinum Honors. Each tier comes with banking, investment and credit card perks. Some include cash back on eligible payroll service fees, select fee waivers and interest rate discounts on future Business Advantage lines of credit.

The rewards boost alone could be worth hundreds of dollars on top of what you’d already earn. Here’s a breakdown of what it takes to reach each tier and a look at the enhanced reward rates the tiers earn:

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To reach the Gold tier, you need a minimum balance* of $20,000 to $49,999 to earn a 25 percent boost to your rewards rate. Here are the rates you’d get with eligible Bank of America business cards: 

Eligible Bank of America Business card Rewards rate Gold 25% bonus rewards
Business Advantage Unlimited Cash Rewards Unlimited 1.5% cash back on all purchases 1.87%
Business Advantage Customized Cash Rewards 3% in an eligible category of choice**, 2% in dining** and 1% for other eligible purchases 3.75%, 2.50% and 1.25%
3 points for travel and 1.5 points for other eligible purchases 3.75 points and 1.87 points

To reach the Platinum tier, you need a minimum balance* of $50,000 to $99,999 to earn a 50 percent rewards boost to your rewards rate. Here are the rates you’d get with eligible Bank of America business cards:

Eligible Bank of America Business card Rewards rate Platinum 50% bonus rewards
Business Advantage Unlimited Cash Rewards Unlimited 1.5% cash back on all purchases 2.25%
Business Advantage Customized Cash Rewards 3% in an eligible category of choice**, 2% in dining** and 1% for other eligible purchases 4.5%, 3.0% and 1.5%
3 points for travel and 1.5 points for other eligible purchases 4.5 points and 2.25 points

The Platinum Honors tier requires a minimum balance* of $100,000 and with it, you earn up to a 75 percent boost to your rewards rates. Here are the rates you’d get with eligible Bank of America business cards:

Eligible Bank of America Business card Rewards rate Platinum Honors 75% bonus rewards
Business Advantage Unlimited Cash Rewards Unlimited 1.5% cash back on all purchases 2.62%
Business Advantage Customized Cash Rewards 3% in an eligible category of choice**, 2% in dining** and 1% for other eligible purchases 5.25%, 3.50% and 1.75%
3 points for travel and 1.5 points for other eligible purchases 5.25 points and 2.62 points

*Based on a three-month combined average daily balance in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts.

**Categories eligible for 3 percent back include Travel, Office supply stores, Gas stations (to now include Electric Vehicle Charging (EVC) Stations), Computer services, Telecom and wireless services, Business consulting services. Earn 3 percent and 2 percent cash back on the first $50,000 in combined choice category/dining purchases each calendar year, followed by 1 percent.

The information about the Bank of America Business Advantage Travel Rewards World Mastercard has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

How we assess the best Bank of America business credit cards

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250+
cards rated
Congrats
50+
rewards programs valued
Search
5000
data points analyzed
Credit Card Reviews
40+
perks evaluated

When evaluating the best credit cards, we take into account several factors, including how cards score in our proprietary card rating system and whether they offer features that fit the priorities of a diverse group of cardholders, from earning rewards to scoring a large sign-up bonus to saving on interest. 

We analyzed over 250 of the most popular credit cards and selected standouts. We scored each card based on the factors most relevant to its primary category, including its rewards rate, estimated annual earnings, intro APR period, ongoing APR, perks and more to determine whether it belonged in this month’s roundup. 

Here are some of the key factors that we considered:  

Frequently asked questions about Bank of America business credit cards