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Best Bank of America Business credit cards of October 2023

Updated September 27, 2023

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 with these cards. Here’s what you need to know about some of the best business cards from our credit card partner Bank of America.

Image of Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
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on Bank of America's secure site
Rating: 3.8 stars out of 5
3.8 Bankrate review
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Intro offer

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Annual fee

Recommended credit

Excellent (740 – 850)
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Image of Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card
Apply now Lock
on Bank of America's secure site
Rating: 3.9 stars out of 5
3.9 Bankrate review
Info

Intro offer

Info

Annual fee

Recommended credit

Excellent (740 – 850)
Info

Compare Bankrate’s Top Bank of America business credit cards

Card name Rewards highlights Bankrate score
Bank of America Business Advantage Customized Cash Rewards Mastercard credit card 3% cash back in a category of your choice (on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), 2% cash back on dining purchases (on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) 3.5 / 5
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Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card Unlimited 1.5% cash back on all purchases 4.1 / 5
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Bank of America Business Advantage Travel Rewards World Mastercard credit card Unlimited 3X points on travel booked through Bank of America® Travel Center and 1.5X points on all other purchases 3.9 / 5
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Alaska Airlines Visa Business credit card 3X miles on eligible Alaska Airlines purchases and 1X mile on all other purchases 4.0 / 5
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Bank of America Platinum Plus Mastercard Business card N/A 3.2 / 5
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Business Advantage Unlimited Cash Rewards Mastercard Secured credit card Unlimited 1.5% cash back on all purchases N/A

A closer look at our to Bank of America business credit cards

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

Best for choice of cash back category

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The power to choose your highest earning category from the available categories gives cardholders the next level of control over their rewards-earning journey.
The credit go-getter who wants a say on where they earn most.
If you’d like to cast a wider net on what purchases earn the most rewards, you may opt for a flat-rate rewards card like the Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card or the Capital One Spark Cash Plus. Keep in mind that although the Spark Cash Plus earns one of the highest flat rewards rates and those rewards are unlimited, your earning power does come at a price of a $150 annual fee.
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Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

Best for Bank of America Loyalists

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The rewards you earn with this card are truly unlimited since there’s no spending caps and no expiration of rewards for the life of the account.
Bank of America loyalists who can qualify for the Bank of America Preferred Rewards program for Business. Eligible account holders could qualify for the highest cash back earning rates on the market.
The Ink Business Unlimited® Credit Card offers a similar rewards program while still skipping the annual fee. The Ink Business Unlimited comes with a more valuable welcome offer and a slightly lower barrier of entry for application approval, as you only need good to excellent credit to apply.
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Bank of America® Business Advantage Travel Rewards World Mastercard® credit card

Best for travel purchases

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 Its generous travel rewards when booking through Bank of America’s travel portal paired with an intro APR on purchases to buy time to cover early expenses without added interest.
Business travelers who spend the most on travel-related purchases and dining.
The Bank of America Business Advantage Customized Cash Rewards card lets you choose your top earning spending category from the available categories instead of automatically assigning one.
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Alaska Airlines Visa® Business card

Best for Alaska Airlines flyers

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The welcome bonus, which includes both bonus miles and a companion pass without spending excess money for eligibility.
Alaska Airlines loyalists who don’t spend much outside of this particular airline and who can take advantage of in-flight discounts and other specialized perks.
If you don’t want to be tied down to one particular airline, the Bank of America Business Advantage Travel Rewards card has a similar rewards structure without the designated airline attached, letting you reap your rewards wherever you fly most. You can also earn on other travel-related purchases outside of airfare.
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Bank of America® Platinum Plus® Mastercard® Business card

Best for financing business purchases

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The card’s intro APR offer on purchases allows for cardholders to save on interest while financing business expenses.
Established business owners who aren’t set on earning rewards.
This card’s biggest drawback is its lack of a rewards program. If you want a low-cost card with a competitive and flat cash back rate for the lowest maintenance, look into something like the Capital on Tap Business Credit Card. If you don’t mind putting a bit more work into an earning strategy for some higher returns, the Ink Business Cash® Credit Card has a tiered rewards program with highly competitive rates and still charges no annual fee.

Other Bank of America Business cards to consider

If none of the above Bank of America business credit cards are right for you, check out another credit card that may help you build business credit.

Business Advantage Unlimited Cash Rewards Mastercard Secured credit card: Best for building business credit

  • What we love about the Business Advantage Unlimited Cash Rewards Mastercard Secured credit card: This card is a secured business credit card that offers rewards, an interesting feature for a secured card option.
  • Who this card is good for: New business owners just getting their bearings on building credit for their businesses. The security deposit for this card is steep at $1,000 minimum, so be sure you’ve got all that you need to commit to this credit-building strategy.
  • Alternatives: Though it’s not a business card, the Discover it® Secured Credit Card offers some of the best rewards rates for a secured credit card on the market. You’ll earn the most on gas station and dining purchases, which can cover business travel and meals. Your flat-rate earnings on all other purchases can cover a whole host of other business expenses. Just beware of the higher APR and the costliness of carrying a balance.

Bank of America business credit card benefits

No matter the card you choose,  Bank of America provides many valuable business credit card perks to its small-business customers. Your benefits could be even better if you qualify for Preferred Rewards. Top features include:

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    CARD Act protections

    Bank of America is one of the only major issuers to voluntarily provide its small-business credit cards with the protections guaranteed by the Credit CARD Act of 2009.

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    Employee cards

    There is no limit to the number of additional cards you can request for authorized users. This factor makes it easy to set limits for each employee and track their purchases. Plus, many Bank of America’s small-business credit cards charge no additional fees for employee cards.

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    Accounting software

    Your Bank of America Business card comes with cash flow management tools like QuickBooks. These features can make it easier to organize your business finances.

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    Travel and emergency services

    Small-business owners and their authorized users can enjoy a variety of protections that make business travel more comfortable. These may include travel accident insurance, emergency ticket replacement, lost luggage assistance and legal and medical referrals.

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    Overdraft protection

    Balance Connect® is an additional service that will automatically transfer funds from a Bank of America Business checking account to a credit card account, which can protect against overdraft.

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    No penalty APRs

    Bank of America business cards won’t charge a default or penalty APR if you make a late payment. The same applies if a payment is returned unpaid due to insufficient funds.

How to choose the best Bank of America business card

When deciding on the best credit card to meet your business needs, you should ask yourself a few important questions. 

Where do you spend the most for your business?

Bank of America business cards offer competitive flat-rate options that cover a wide array of purchases. The bank also offers cards with tiered and customizable reward options for you to tailor your earnings to your top spending categories. Decide where you think you’ll spend most for your business and pick a card that will be the most lucrative for you.

Do you value rewards or financing for larger business expenses? 

Most Bank of America business cards offer rewards, but not all. Some don’t offer rewards, but do have an intro APR offer on purchases, which could save you money on interest during the intro period. A few cards offer both rewards and an intro APR on purchases. Choose what is most valuable to you: earning rewards or saving on interest. Then, pick a card that aligns with your needs.

Can you qualify for Preferred Rewards?

Qualifying for Bank of America’s Preferred Rewards program can boost your reward earning rates to some of the highest available on the market. But you need to have specific account balances to qualify.

How often do you intend to make purchases 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, consider picking a travel business card that does not charge a foreign transaction fee. Doing so could save you money.

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

How does Preferred Rewards for Business work?

The Bank of America Preferred Rewards for Business lets small-business owners maximize their earnings based on how much money they keep in their 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 greater benefits and rewards on top of the perks found with your eligible business card.

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.

Rewards bonus

Preferred Rewards for Business members also receive bonus rewards when using their eligible cards, which include the Business Advantage Unlimited Cash Rewards, Business Advantage Customized Cash Rewards and the Business Advantage Travel Rewards World Mastercard. Here’s a look at what it takes to reach each tier and the rewards boost:

Preferred rewards tier Gold Platinum Platinum honors
Minimum balance* $20,000 to $49,999 $50,000 to $99,999 $100,000 and up
Bonus rewards 25% rewards boost 50% rewards boost 75% rewards boost

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

This boost in rewards alone could be worth hundreds of dollars on top of what you’d already earn just from using a Bank of America Business rewards card. Here’s a look at the enhanced rewards rates each tier earns:

Eligible Bank of America Business card Rewards rate Gold 25% bonus rewards Platinum 50% bonus rewards Platinum Honors 75% bonus rewards
Business Advantage Unlimited Cash Rewards Unlimited 1.5% cash back on all purchases 1.87% 2.25% 2.62%
Business Advantage Customized Cash Rewards

3% in an eligible category of choice*

2% in dining*

1% for other eligible purchases

3.75%

2.50%

1.25%

4.5%

3.0%

1.5%

5.25%

3.50%

1.75%

Business Advantage Travel Rewards World Mastercard 3 points for travel

1.5 points for other eligible purchases

3.75 points

1.87 points

4.5 points

2.25 points

5.25 points

2.62 points

*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 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, which occurs 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.

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Bankrate Insight

If you qualify for the Platinum Honors tier of the Preferred Rewards for Business program, Bank of America will not charge an ATM fee for using a non-Bank of America ATM with a debit or ATM card. This feature is an unlimited perk for this level of Preferred Rewards. 

Are Bank of America business credit cards worth it?

Many Bank of America business credit cards can be worth it because they earn a great rewards rate on purchases that business owners are likely to make. For example, if you qualify for the highest tier in the Bank of America Preferred Rewards program, the Bank of America Business Advantage Customized Cash Rewards card can offer some of the highest rewards rates you can get in key business spending categories like office supply stores, travel and telecom and wireless services.

If you’re looking for a new business credit card, consider where you spend the most and whether your savings or investments qualify you for bonus rewards via the Preferred Rewards program. These variables will help you decide if a Bank of America business card is right for you.

How we chose our best Bank of America business cards

We use a methodology that takes into consideration key factors in order to generate a Bankrate Score. For the best Bank of America business cards, we looked at rewards, affordability, fees, and more to determine the top cards in this category.
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    Rewards rates
    We chose Bank of America business cards that could earn highly across many kinds of business expenses. We aimed to include flat-rate rewards cards and bonus category rewards cards to showcase a variety of rates and earning potential.
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    Affordability
    Since many business credit cards come with annual fees, we chose Bank of America business credit cards that have low or no annual fees to aid in cutting some of the extra costs associated with running a successful business.
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    Intro offers
    An extra windfall of rewards to offset some business expenses is always a plus, so we picked Bank of America business cards with intro offers that were easy to access with reasonable spending requirements and a decent spend-to-earn ratio.
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    Earning flexibility
    One of the best features of a few Bank of America cards in general is the ability to choose your highest earning spending categories. We wanted to highlight one such card here to note the benefits of having the choice to tailor your spending to earn maximum rewards.

Frequently asked questions about Bank of America business credit cards