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Best Bank of America Business credit cards of October 2024

Updated October 08, 2024

Advertiser Disclosure: The listings that appear on the website are from credit card companies from which Bankrate receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Here's an explanation for and how we rate our cards.

Best Bank of America Business credit cards of October 2024

Updated October 08, 2024

Advertiser Disclosure: The listings that appear on the website are from credit card companies from which Bankrate receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Here's an explanation for and how we rate our cards.

BEST OVERALL

Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

Bankrate score

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3.8
Bankrate review
Recommended credit score:(740 - 850)
Apply nowLock
on Bank of America's secure site

Intro offer

$300

Rewards Rate

1.5%

Annual fee

$0

Regular APR

17.99% - 27.99% Variable APR on purchases and balance transfers

Why you'll like this: This card is a Swiss Army knife for businesses just getting off the ground thanks to its solid flat-rate rewards, attainable welcome bonus and purchase intro APR.

BEST FOR CHOICE OF CASH BACK CATEGORY

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

Bankrate score

star iconstar iconstar iconstar iconstar icon
star iconstar iconstar iconstar iconstar icon
3.8
Bankrate review
Recommended credit score:(740 - 850)

Intro offer

$300

Rewards Rate

1% - 3%

Annual fee

$0

Regular APR

17.99% - 27.99% Variable APR on purchases and balance transfers

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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

 

3.8 / 5

Info Icon
(Read card review)
Apply now Lock Icon
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

 

Why choose a Bank of America business card

Compared to other issuers like Chase, American Express and U.S. Bank, Bank of America doesn’t have as wide of a variety of credit cards — especially if you’re looking for a roster of premium perks or above-average travel rewards options. However, Bank of America cards should be on your radar if you want straightforward reward styles or adaptable cash back categories. Bank of America is also one of the only issuers to offer a secured business card (the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® Secured credit card).**

Bank of America business cards may be able to pack higher rewards rates than many other no-annual-fee business cards if you bank with the issuer (or plan to) and can qualify for the business version of the exclusive Preferred Rewards program. However, whether you’ll qualify for Preferred Rewards for Business — and which tier you plan to be eligible for — can affect whether you may want to choose a business card with a different issuer.

Obtaining the Preferred Rewards program’s 75 percent rewards rate boost was a major reason why Bankrate writer Ryan Flanigan got the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card and Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card, although he finds they’re lucrative cards even if without Preferred Rewards status.

“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, I was able to earn Preferred Rewards business status by consolidating assets in Bank of America business accounts, which gave my card’s rewards rate a big boost and made it one of my best options for general spending. 

The added rewards makes the card a definite keeper for me, although it's still quite valuable even without having Preferred Rewards status."

Ryan Flanigan, Writer, Credit Cards

 

Pros and cons of Bank of America Business credit cards

Pros

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    No annual fees: Unlike some business cards with upgradeable rewards rates, 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 but you’re a modest spender, Bank of America business cards can provide a solid intro value without the $4,000 to $6,000 spend several competing cards require in the same timeframe.

  • Checkmark Icon

    Unique rewards rate boosts. Perhaps no other issuer rewards banking loyalty like the Preferred Rewards program and its 25 percent to 75 rewards rate boost across all eligible cards from Bank of America.

Cons

  • High personal credit score recommended: An excellent credit score (a 740 or higher FICO score) is suggested if you want solid approval odds for the best , which could exclude younger or less-established business owners.

  • Limited business perks: While these cards can be low-cost, their lack of perks makes premium business cards more appealing if you can offset the cost.

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

  • Limited redemption options: Unlike several competing issuers, Bank of America doesn’t offer business cards that can redeem rewards for more than 1 cent per point via travel or transfer partners.

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Learn how to start your search

How to choose a business credit card

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

The right card for you is only worth it if you can take advantage of its business perks and reward opportunities. 

This is especially important when it comes to Bank of America’s business cards since they don’t pack annual credits or perks like airport lounge access or travel transfer partners. Here are some tips for making a Bank of America business card work for you.

  • Money Bag Icon

    Move your savings to Bank of America

    Consider moving most of your savings into qualifying Bank of America or Merrill accounts to help you qualify for the Preferred Rewards for Business program. 

    Keep in mind that you’ll need at least $20,000 in an eligible account to qualify for the lowest Preferred Rewards tier and at least $100,000 for the full 75 percent rewards rate boost. Also make sure the rewards boost can be more lucrative than a different business savings account.

  • Dollar Icon

    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. 

    For example, use the Business Advantage Customized Cash card for dining and other eligible bonus category purchases like gas, office supplies and business consulting services. Make sure to swap the Business Advantage Customized Cash card’s 3 percent category as needed to maximize rewards on each month’s anticipated expenses.

  • Travel Icon

    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. 

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Bankrate’s take: Bank of America travel rewards can’t be redeemed for more than 1 cent per point, so the popular card combination is using the Business Advantage Unlimited Cash and Customized Cash cards to cover as many purchases as possible.

Is the Preferred Rewards for Business program worth it?

The Preferred Rewards for Business program gives Bank of America business cards an edge over many other issuers’ cards. 

Business Advantage cardholders can boost their rewards rates by up to 75 percent if they have a qualifying Bank of America business checking account and  an average three-month daily balance of at least $20,000 across a combination of qualifying Bank of America business deposit accounts and Merrill business investment accounts.

The Preferred Rewards for Business program features different tiers and banking perks than the consumer Preferred Rewards program, but the rewards rate boosts work essentially the same way. 

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 earned. In fact, the Platinum Honors (and even Platinum) status rewards boost could provide perhaps the highest flat rewards rate and year-round cash back category rates on the market. Here’s a breakdown of what it takes to reach each tier and a look at the enhanced reward rates the tiers earn:

Card Base rewards rate Gold Status: + 25% rewards(min. $20,000 balance) Platinum Status: + 50% rewards(min. $50,000 balance) Platinum Honors Status: +75% rewards(min. $100,000 balance)

Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

1.5% cash back on all purchases 1.87% cash back on all purchases 2.25% cash back on all purchases 2.62% cash back on all purchases

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

3% cash back on one of six choice categories*2% cash back on dining*1% cash back on all other purchases 3.75% cash back on one of six choice categories*2.5% cash back on dining*1.25% cash back on all other purchases 4.5% cash back on one of six choice categories*3% cash back on dining*1.5% cash back on all other purchases 5.25% cash back on one of six choice categories*3.5% cash back on dining*1.75% cash back on all other purchases

Bank of America® Business Advantage Travel Rewards World Mastercard® credit card

3X points on Bank of America Travel Center bookings1.5X points on all other purchases 3.75X points on Bank of America Travel Center bookings1.87X points on all other purchases 4.5X points on Bank of America Travel Center bookings2.25X points on all other purchases 5.25X points on Bank of America Travel Center bookings2.62X points on all other purchases

Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® Secured credit card**

1.5% cash back on all purchases 1.87% cash back on all purchases 2.25% cash back on all purchases 2.62% cash back on all purchases

*($50,000 annual spending cap for combined 3% and 2% category purchases, then 1%)

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Bankrate’s take: In writer Ryan Flanigan’s experience, it may be harder for some small business owners to qualify for  the Preferred Rewards for Business program than the personal Preferred Rewards program due to the different accounts that are eligible. For example, Ryan found Merrill stock and retirement account balances aren’t considered as part of your Preferred Rewards for Business status, but they do count towards Preferred Rewards status for consumers.

How we assess the best Bank of America business credit cards

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50+
Cards rated
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700+
Data points considered
Credit Card With Dollar Sign Icon
10
Spending categories analyzed
Credit Card Reviews Icon
40+
perks evaluated

When evaluating the best business cards, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that fit the priorities of a diverse group of small-business owners, from earning rewards in popular business spending categories to getting payment flexibility or high-value perks. Whenever possible, we also feature cards that are available at various credit levels and price points. 

Here’s a look at how our rating methodology breaks down for business credit cards:

5
Rating: 5 stars out of 5
Overall Score
  • Overall Score Value 40%
  • Flexibility 20%
  • Perks 20%
  • Customer experience 20%

We analyzed over 50 of the most popular business credit cards and scored each based on its rewards rate, estimated annual earnings, welcome bonus value, APR, fees, 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

**The information about the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® Secured credit card  and the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.