The Bank of America Business Credit Card Review

The Bank of America Business Credit Card Review
Lauren Ward
on June 5, 2018
Read in 1 min

A Bank of America Business credit card can help you finance your professional expenditures in a cost-effective manner.

You could potentially qualify for a low APR, on top of a short introductory period.

Keep reading to learn more.

Bank of America Business Credit Card Account Basics

This card comes with a 0% introductory APR for any purchases made within the first nine billing cycles.

After that, your variable APR could be as low as 12.74% or as high as 22.74%.

If you ever need a cash advance or a convenience check, you’ll pay a standard 25.75% variable APR on that amount.

Still, the lower end of that APR can result in some major savings if you qualify.

Fees

A major bonus with this card is that there’s no annual fee, which is pretty great vs other business rewards cards.

If you decide to do a balance transfer, you’ll have to pay 4% with a $10 minimum.

If your business requires you to travel outside the country on a regular basis, you’ll pay a 3% foreign transaction fee.

That’s fairly standard for the industry.

There’s also a 4% cash advance fee – again with a $10 minimum for each transaction.

Rewards

This card offers up to 3% cashback on business purchases.

Here’s what you’ll earn on each category:

  • General purchases: 1% cash back
  • Restaurants: 2% cash back
  • Gas stations and office supply stores: 3% cash back (up to $250,000 on combined purchases each year)

You can earn even more by signing up for the Business Advantage Relationship Rewards program, which is based on your investment portfolio.

How do you cash in on your rewards?

You’ll need to have earned at least $25.

Then you can choose to redeem your rewards either as a statement credit or as a cash deposit into a Bank of America small business checking or savings account.

The current signup promotion gives you a $200 statement credit if you spend at least $500 in net business purchases within the first 60 days of the account being opened.

Account Limitations and Special Features

The biggest limitation in getting this card is that you’ll need excellent credit in order to qualify.

But if you do get approved, you’ll gain access to some helpful perks for your business.

One of the most useful is the suite of cash flow management tools.

This includes automatic payments and transfers, tracking your finances in the MyReport Center, and downloading your credit card transactions directly into QuickBooks.

Another unique feature is the card’s travel and emergency services.

As a cardholder, you’ll receive $100,000 in travel accident and auto rental insurance as well as emergency ticket replacement and lost luggage assistance.

If you’re a frequent business traveler, you can also opt for extended protection.

Conclusion

The Bank of America Business credit card comes with some major benefits, especially during the nine-month introductory period.

Determining whether or not the special features apply to your business spending habits will help you decide if it’s the best card for you

Lauren Ward Finance Journalist

Lauren Ward is a freelance content writer focusing on personal finance, real estate, and lending.

Her work has been featured on Huffington Post, CBS News, and Kiplinger.

She previously worked at the Federal Reserve Bank of Richmond as well as several national non-profit organizations.

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