Best Bank of America Business Credit Cards for 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Benilyn has over a decade of experience as a banking officer. Her expertise is featured throughout Fit Small Business in personal finance, credit card, and real estate investing content.
This article is part of a larger series on Best Small Business Credit Cards.
Bank of America has five business credit cards, including those that offer cash back, travel rewards, no-interest and low-interest financing, and no annual fee options. Bank of America business credit cards are best for business owners who are existing Bank of America deposit account holders and those who want to earn rewards toward travel and everyday expenses.
Here are the best Bank of America business credit cards:
- Bank of America® Business Advantage Customized Cash Rewards: Best for earning cash back in the category of your choice
- Bank of America® Business Advantage Unlimited Cash Rewards: Best for unlimited, fixed-rate cash back
- Bank of America® Business Advantage Travel Rewards World Mastercard®: Best for earning travel rewards
- Bank of America® Alaska Airlines Business Credit Card: Best for frequent flyers on Alaska Airlines
- Bank of America® Platinum Plus® Mastercard® Business Card: Best for low ongoing annual percentage rate (APR)
Do you want to compare the features of one card to another? We’ve made it easy for you to do that—check off up to three cards on this page to add them to your cart. This will allow you to view the details in a side-by-side comparison.
Business Advantage Customized Cash Rewards: Best for Earning Cash Back in the Category of Your Choice
Business Advantage Cash Rewards Mastercard® credit card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Up to 3% cash back in a spending category of your choice
Intro APR
0%
Regular APR
12.24% - 22.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening―with no annual fee and cash rewards don't expire.
- Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases.
- You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
- Get 75% more cash back on every purchase when you're a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
Pros
- Flexible redemption options
- No annual fee
- Sign-up bonus
Cons
- Premium rewards are capped at $50,000 each year
- Earns top rewards in only one spending category only
- Short 0% APR period
- Bank of America doesn’t disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
Intro APR
0%
Regular APR
12.24% - 22.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening―with no annual fee and cash rewards don't expire.
- Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases.
- You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
- Get 75% more cash back on every purchase when you're a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
Pros
- Flexible redemption options
- No annual fee
- Sign-up bonus
Cons
- Premium rewards are capped at $50,000 each year
- Earns top rewards in only one spending category only
- Short 0% APR period
- Bank of America doesn’t disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
Who Is the Business Advantage Customized Cash Rewards Best For?
The Bank of America® Business Advantage Customized Cash Rewards card is best for business owners who want to earn premium cash back rewards in their chosen spending category. This is also a good option if you want flexible redemption options, as you can redeem your cash back as a deposit to your Bank of America® checking or savings account, as a card statement credit, or as a check by mail.
The Bank of America® Business Advantage Customized Cash Rewards works best if you have an existing business checking account with Bank of America. You’ll earn 75% more cash back on every purchase if you qualify for the highest Preferred Rewards for Business tier. If you don’t want to keep track of spending categories, consider the Bank of America® Business Advantage Unlimited Cash Rewards card instead.
Business Advantage Customized Cash Rewards Fees
- Introductory APR: 0% APR on purchases for the first nine billing cycles after opening an account
- Ongoing APR: 12.24% to 22.24% variable—adjusts with the prime rate
- Annual fee: None
- Balance transfer fee: 4% of the amount of the transfer or $10, whichever is greater
- Foreign transaction fee: 3%
- Cash advance fee: 4% of the advance or $10, whichever is greater—APR is 24.24%
Why We Like the Business Advantage Customized Cash Rewards
- Sign-up bonus: You get a $300 statement credit after spending at least $3,000 in net purchases within 90 days of opening an account.
- Premium cash back in your choice category: Earn 3% cash back in the category of your choice, including gas stations, office supply stores, travel, TV or telecommunication services, computer services, or business consulting services.
- Flexible redemption options: You can redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit, or as a check mailed to you—cash rewards don’t expire.
- No annual fee: You can earn rewards on all purchases without having to pay annual fees.
- 0% introductory APR: You can take advantage of interest-free financing for the first nine billing cycles after opening an account.
- 75% more cash back: Earn 75% more cash back if you have a business checking account with Bank of America® and qualify for the highest Preferred Rewards for Business tier.
What’s Missing From the Business Advantage Customized Cash Rewards Card
While the Bank of America® Business Advantage Customized Cash Rewards credit card offers premium rewards for your chosen category, you can earn 3% and 2% cash back only on the first $50,000 in combined choice category and dining purchases each calendar year, then 1% thereafter. This card doesn’t offer zero foreign transaction fees, which is something to consider if you want to use your card to make purchases outside of the country.
Business Advantage Unlimited Cash Rewards: Best For Unlimited, Fixed-rate Cash Back
Business Advantage Unlimited Cash Rewards
Intro APR
0% on purchases for the first 9 billing cycles
Regular APR
12.24% to 22.24% variable
Annual Fee
$0
Credit Needed
Excellent
- Get a $300 statement credit after you spend $3,000 in purchases in the first 90 days of opening an account.
- Earn unlimited 1.5% cash back on all purchases. No annual cap and cash rewards don't expire.
- Earn up to 75% more cash back if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business Tier.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem your cash rewards as a deposit into your Bank of America checking or savings account, as a card statement credit, or as a check by mail.
Pros
- No annual fee
- Flexible redemption options
- Sign-up bonus
Cons
- Low cash back rewards
- No zero foreign transaction fee
- Short 0% APR period
- Travel & Emergency Services: This includes $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when you’re away from home.
- Online & Mobile Access: Manage your account anytime and anywhere through online and mobile banking.
- Balance Connect™ for Overdraft Protection: You have the option to link your credit card to a Bank of America® business checking account for overdraft protection to help prevent declined purchases, returned checks, or other overdrafts.
Intro APR
0% on purchases for the first 9 billing cycles
Regular APR
12.24% to 22.24% variable
Annual Fee
$0
Credit Needed
Excellent
- Get a $300 statement credit after you spend $3,000 in purchases in the first 90 days of opening an account.
- Earn unlimited 1.5% cash back on all purchases. No annual cap and cash rewards don't expire.
- Earn up to 75% more cash back if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business Tier.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem your cash rewards as a deposit into your Bank of America checking or savings account, as a card statement credit, or as a check by mail.
Pros
- No annual fee
- Flexible redemption options
- Sign-up bonus
Cons
- Low cash back rewards
- No zero foreign transaction fee
- Short 0% APR period
- Travel & Emergency Services: This includes $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when you’re away from home.
- Online & Mobile Access: Manage your account anytime and anywhere through online and mobile banking.
- Balance Connect™ for Overdraft Protection: You have the option to link your credit card to a Bank of America® business checking account for overdraft protection to help prevent declined purchases, returned checks, or other overdrafts.
The Bank of America® Business Advantage Unlimited Cash Rewards is best for business owners who want to earn unlimited fixed-rate rewards on all purchases regardless of spending categories. This is also a good option if you have an existing business checking account with Bank of America—you’ll earn 75% more cash back on every purchase if you qualify for the highest Preferred Rewards for Business tier.
With the Bank of America® Business Advantage Unlimited Cash Rewards card, you’ll earn unlimited 1.5% cash back on all purchases. If you prefer to earn premium rewards on certain categories, you may benefit more from the Bank of America® Business Advantage Customized Cash Rewards card.
Business Advantage Unlimited Cash Rewards Fees
- Introductory APR: 0% APR on purchases for the first nine billing cycles from opening an account
- Ongoing APR: 12.24% to 22.24% variable—adjusts with the prime rate
- Annual fee: None
- Balance transfer fee: 4% of the amount of the transfer or $10, whichever is greater
- Foreign transaction fee: 3%
- Cash advance fee: 4% of the advance or $10, whichever is greater—APR is 24.24%
Why We Like the Business Advantage Unlimited Cash Rewards
- Sign-up bonus: You get a $300 statement credit after spending at least $3,000 in net purchases within 90 days of opening an account.
- Fixed-rate rewards: You can earn unlimited fixed-rate rewards on all purchases without having to monitor spending categories.
- 75% more cash back: Earn 75% more cash back if you have a business checking account with Bank of America® and qualify for the highest Preferred Rewards for Business tier.
- Flexible redemption options: You can redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit, or as a check mailed to you—cash rewards don’t expire.
- No annual fee: You can earn rewards on all purchases without having to pay annual fees.
- 0% introductory APR: If you need to make a large purchase, you can enjoy interest-free financing for the first nine billing cycles after opening an account.
What’s Missing From the Business Advantage Unlimited Cash Rewards
The Bank of America® Business Advantage Unlimited Cash Rewards doesn’t offer zero foreign transaction fees, which is a drawback if you want to use your card to make purchases outside the United States. While it offers unlimited rewards, the cash back rate is lower compared to other fixed-rate rewards business credit cards.
Business Advantage Travel Rewards World Mastercard®: Best For Earning Travel Rewards
Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Earning top rewards on travel purchases booked through Bank of America
Intro APR
0%
9 billing cycles
9 billing cycles
Regular APR
12.24% - 22.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Earn 30,000 bonus points when you make at least $3,000 in net purchases within 90 days of your account opening, which can be redeemed for a $300 statement credit toward travel purchases.
- Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time―no matter how much you spend. Points don't expire.
- Earn 3 points per every dollar spent on travel purchases like car, hotel, and airline booked through the Bank of America® Travel Center.
- No annual fee and no international transaction fees.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem points for travel with no blackout dates, cash back or gift cards.
- Get 75% more points on the base earn of every purchase you make when you’re a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 2.62 points for every $1 you spend and 4.12 points per every $1 you spend at the Bank of America® Travel Center.
Pros
- No annual fee: By not having to pay an annual fee, you can reduce your overall credit card cost while earning unlimited rewards on your expenses.
- No blackout dates on travel: You can redeem your points for travel or travel credits through the Bank of America® Travel Center anytime, with no blackout dates.
- 3x points on travel: You can earn 3x points for every dollar spent when you book your travel (car, hotel, or airline) through the Bank of America® Travel Center.
- Welcome bonus points: If you can spend $3,000 in net purchases within 90 days of opening an account, you will earn 30,000 bonus points.
Cons
- Low ongoing rewards on nontravel: While you can earn high rewards points on travel, you can only earn 1.5x points on all other purchases.
- Short 0% APR introductory period: The Bank of America Business Advantage Travel Rewards World Mastercard® offers 0% APR for the first nine billing cycles from opening an account—this is a disadvantage if you need a longer 0% APR period.
- No 0% APR on balance transfers: The introductory 0% APR only applies to purchases—if you need to transfer a balance from another credit card, you’ll need to pay an APR ranging from 12.24% to 22.24%.
- Bank of America doesn’t disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
Intro APR
0%
9 billing cycles
9 billing cycles
Regular APR
12.24% - 22.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Earn 30,000 bonus points when you make at least $3,000 in net purchases within 90 days of your account opening, which can be redeemed for a $300 statement credit toward travel purchases.
- Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time―no matter how much you spend. Points don't expire.
- Earn 3 points per every dollar spent on travel purchases like car, hotel, and airline booked through the Bank of America® Travel Center.
- No annual fee and no international transaction fees.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem points for travel with no blackout dates, cash back or gift cards.
- Get 75% more points on the base earn of every purchase you make when you’re a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 2.62 points for every $1 you spend and 4.12 points per every $1 you spend at the Bank of America® Travel Center.
Pros
- No annual fee: By not having to pay an annual fee, you can reduce your overall credit card cost while earning unlimited rewards on your expenses.
- No blackout dates on travel: You can redeem your points for travel or travel credits through the Bank of America® Travel Center anytime, with no blackout dates.
- 3x points on travel: You can earn 3x points for every dollar spent when you book your travel (car, hotel, or airline) through the Bank of America® Travel Center.
- Welcome bonus points: If you can spend $3,000 in net purchases within 90 days of opening an account, you will earn 30,000 bonus points.
Cons
- Low ongoing rewards on nontravel: While you can earn high rewards points on travel, you can only earn 1.5x points on all other purchases.
- Short 0% APR introductory period: The Bank of America Business Advantage Travel Rewards World Mastercard® offers 0% APR for the first nine billing cycles from opening an account—this is a disadvantage if you need a longer 0% APR period.
- No 0% APR on balance transfers: The introductory 0% APR only applies to purchases—if you need to transfer a balance from another credit card, you’ll need to pay an APR ranging from 12.24% to 22.24%.
- Bank of America doesn’t disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
Who Is the Business Advantage Travel Rewards World Mastercard® Best For?
The Bank of America® Business Advantage Travel Rewards World Mastercard® is best for business owners who travel frequently and want to earn rewards towards travel and dining. You can earn 3x points when you book your travel through the Bank of America® Travel Center and enjoy zero foreign transaction fees on purchases made outside of the United States.
The Bank of America® Business Advantage Travel Rewards World Mastercard® is a great option if you prefer to redeem points for travel at the Bank of America Travel Center, as a statement credit to offset travel and dining-related purchases, cash back, or gift cards. This card works best if you travel with any airline. If you’re a frequent flyer of Alaska Airlines, consider the Bank of America® Alaska Airlines Business Credit Card.
Business Advantage Travel Rewards World Mastercard® Fees
- Introductory APR: 0% APR for nine billing cycles on purchases
- Ongoing APR: 12.24% to 22.24% variable—changes with the prime rate
- Annual fee: None
- Balance transfer fee: Either 4% of the amount of the transfer or $10, whichever is greater
- Foreign transaction fee: None
- Cash advance fee: 4% of the advance or $10, whichever is greater—APR is 24.24%
Why We Like the Business Advantage Travel Rewards World Mastercard®
- Sign-up bonus: Earn 30,000 bonus points when you spend at least $3,000 in net purchases within 90 days of opening an account—redeem for a $300 credit towards travel purchases on your monthly bill.
- Premium travel rewards: Earn 3 points for every dollar spent when you book a rental car, hotel stay, or airfare through the Bank of America® Travel Center.
- Earn up to 75% more points: Earn up to 75% more points if you have a business checking account with Bank of America® and qualify for the highest Preferred Rewards for Business tier.
- 0% introductory APR: You can enjoy a 0% introductory APR for the first nine billing cycles after opening an account.
- No annual fee: Earn unlimited rewards on your expenses without having to pay an annual fee.
- No blackout dates on travel: You can redeem your points for travel or travel credits through the Bank of America® Travel Center anytime, with no blackout dates.
The Bank of America® Business Advantage Travel Rewards World Mastercard® made it to our list of the best business credit cards for travel because it comes with fewer fees compared to other travel rewards business credit cards.
What’s Missing From the Business Advantage Travel Rewards World Mastercard®
The Bank of America® Business Advantage Travel Rewards World Mastercard® doesn’t offer premium rewards on non-travel-related purchases—you can only earn 1.5x points on all other purchases. Also, the 0% introductory APR period only applies to purchases and not to balance transfers.
Alaska Airlines Business Credit Card: Best For Frequent Alaska Airlines Flyers
Alaska Airlines Visa® Business credit card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Travel rewards on Alaska Airlines travel
Intro APR
N/A
Regular APR
15.99% - 23.99% Variable APR on purchases
Annual Fee
$50 for the company and $25 per card
Credit Needed
Excellent
- Get 40,000 bonus miles plus Alaska's Famous Companion Fare from $121 ($99 fare plus taxes and fees from $22) with this offer. To qualify, make purchases of $2,000 or more within the first 90 days of opening your account.
- Get Alaska's Famous Companion Fare™ from $121 ($99 plus taxes and fees from $22) every year! That's right, each year on your account anniversary get a companion fare from $121 ($99 plus taxes and fees from $22). Valid on all Alaska flights booked on alaskaair.com with no blackout dates.
- Save with a free checked bag on Alaska flights for you and up to six other guests on the same reservation.
- Earn 3 miles for every $1 spent directly on Alaska Airlines purchases and 1 mile for every $1 spent on all other purchases.
- 50% off Alaska Lounge day passes and 20% back on inflight food, beverage and Wi-Fi purchases when you pay with your card.
- Get exclusive access to discounted redemption levels when you redeem miles for hotel stays at more than 400,000 properties using Alaska Airline Hotels.
- Earn unlimited miles and travel with no blackout dates and no international transaction fees.
- Enjoy many money-saving benefits, 800-plus destinations, more than a dozen global airline partners, and a low annual fee of $50 for the company and $25 per card.
Pros
- Sign-up bonus
- Discounted companion fare
- Free checked luggage
Cons
- Employee cards aren’t free
- No introductory 0% APR
- No free annual fee period
Bank of America does not disclose detailed information on their credit card features. Please refer to your guide to benefits for complete benefit details:
- Free checked bag: Get a free checked bag for you and up to six guests on the same reservation.
- Purchase security: Bank of America may replace, repair, or reimburse you for purchased items that have been stolen or damaged.
- Extended protection: Receive an additional warranty coverage period in addition to the manufacturer’s warranty.
- Auto rental collision damage waiver: Receive coverage for car rental vehicles when you use the card for the entire purchase.
- Travel and Emergency Assistance Services: Includes up to $1 million in travel accident insurance and emergency ticket replacement.
Intro APR
N/A
Regular APR
15.99% - 23.99% Variable APR on purchases
Annual Fee
$50 for the company and $25 per card
Credit Needed
Excellent
- Get 40,000 bonus miles plus Alaska's Famous Companion Fare from $121 ($99 fare plus taxes and fees from $22) with this offer. To qualify, make purchases of $2,000 or more within the first 90 days of opening your account.
- Get Alaska's Famous Companion Fare™ from $121 ($99 plus taxes and fees from $22) every year! That's right, each year on your account anniversary get a companion fare from $121 ($99 plus taxes and fees from $22). Valid on all Alaska flights booked on alaskaair.com with no blackout dates.
- Save with a free checked bag on Alaska flights for you and up to six other guests on the same reservation.
- Earn 3 miles for every $1 spent directly on Alaska Airlines purchases and 1 mile for every $1 spent on all other purchases.
- 50% off Alaska Lounge day passes and 20% back on inflight food, beverage and Wi-Fi purchases when you pay with your card.
- Get exclusive access to discounted redemption levels when you redeem miles for hotel stays at more than 400,000 properties using Alaska Airline Hotels.
- Earn unlimited miles and travel with no blackout dates and no international transaction fees.
- Enjoy many money-saving benefits, 800-plus destinations, more than a dozen global airline partners, and a low annual fee of $50 for the company and $25 per card.
Pros
- Sign-up bonus
- Discounted companion fare
- Free checked luggage
Cons
- Employee cards aren’t free
- No introductory 0% APR
- No free annual fee period
Bank of America does not disclose detailed information on their credit card features. Please refer to your guide to benefits for complete benefit details:
- Free checked bag: Get a free checked bag for you and up to six guests on the same reservation.
- Purchase security: Bank of America may replace, repair, or reimburse you for purchased items that have been stolen or damaged.
- Extended protection: Receive an additional warranty coverage period in addition to the manufacturer’s warranty.
- Auto rental collision damage waiver: Receive coverage for car rental vehicles when you use the card for the entire purchase.
- Travel and Emergency Assistance Services: Includes up to $1 million in travel accident insurance and emergency ticket replacement.
Who Is the Alaska Airlines Business Credit Card Best For?
The Bank of America® Alaska Airlines Business Credit Card is best for business owners who primarily fly on Alaska Airlines. You can earn premium rewards on purchases made directly with Alaska Airlines and redeem miles on any of its 1,200 daily flights to over 1,000 destinations with more than a dozen global airline partners.
The Bank of America® Alaska Airlines Visa® Business Credit Card is also a great option if you check bags, as it offers free checked baggage for you and up to six other travel companions. If you travel frequently but don’t typically fly on Alaska Airlines, you may benefit more from the Bank of America® Business Advantage Travel Rewards World Mastercard®.
Alaska Airlines Business Credit Card Fees
- Introductory APR: None
- Ongoing APR: 15.99% to 23.99% variable—adjusts with the prime rate
- Annual fee: $50 per company, $25 per card
- Balance transfer fee: $10 or 4% of the amount of each transaction, whichever is greater
- Foreign transaction fee: None
- Cash advance fee: $10 or 4% of the amount of each transaction, whichever is greater—APR is 24.24%
Why We Like the Alaska Airlines Business Credit Card
- Sign-up bonus: You can get 60,000 Bonus Miles and Alaska’s Famous Companion Fare™ Offer from $121 when you spend at least $3,000 within 90 days of opening an account.
- Premium rewards: You can earn 3 miles for every dollar spent directly on Alaska Airlines purchases.
- Annual companion fare: You’ll receive Alaska’s Famous Companion FareTM, which allows you to book a companion flight from just $121 every year on your account anniversary.
- Free checked bag: You and up to six travel companions on the same reservation will receive a free checked bag each per flight, which is equivalent to a savings of $60 per person for a roundtrip flight.
- Special discounts: You’ll receive 50% off day passes at the Alaska Lounge and 20% back on all Alaska Airlines inflight purchases when you pay with your Alaska Airlines Business Credit Card.
- No foreign transaction fee: You can use your credit card to make purchases outside the United States without having to pay foreign transaction fees.
What’s Missing From the Alaska Airlines Business Credit Card
Among all of the Bank of America business credit cards, only the Bank of America® Alaska Airlines Business Credit Card charges an annual fee. Also, employee cards aren’t free—you need to pay $25 per additional card on top of the $50 annual fee. Additionally, this small business credit card doesn’t offer a 0% introductory APR period.
Platinum Plus® Mastercard® Business Card: Best For Low Ongoing APR
Bank of America® Platinum Plus® Mastercard® Business card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Low-interest financing on business purchases
Intro APR
0%
7 billing cycles
7 billing cycles
Regular APR
10.24% - 21.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee
- 0% Introductory APR on purchases for your first 7 billing cycles.
- Employee cards at no additional cost to you and with credit limits you set.
Pros
- Low ongoing APR
- 0% introductory APR
- No annual fee
- Sign-up bonus of $300
Cons
- No ongoing rewards
- 0% APR excludes balance transfers
- No-interest period is shorter than other cards
- Bank of American does not disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
Intro APR
0%
7 billing cycles
7 billing cycles
Regular APR
10.24% - 21.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee
- 0% Introductory APR on purchases for your first 7 billing cycles.
- Employee cards at no additional cost to you and with credit limits you set.
Pros
- Low ongoing APR
- 0% introductory APR
- No annual fee
- Sign-up bonus of $300
Cons
- No ongoing rewards
- 0% APR excludes balance transfers
- No-interest period is shorter than other cards
- Bank of American does not disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
Who Is the Platinum Plus® Mastercard® Business Card Best For?
The Bank of America® Platinum Plus® Mastercard® Business Card is best for business owners who need to carry a balance and want a low-interest credit card. This card offers a low ongoing APR that ranges from 10.24% to 21.24%, which is below the average APR.
It’s important to note that the Bank of America® Platinum Plus® Mastercard® Business Card doesn’t offer ongoing rewards. If you prefer to earn rewards on your purchases, consider other Bank of America business credit cards such as the Business Advantage Customized Cash Rewards card or the Business Advantage Travel Rewards World Mastercard®.
Platinum Plus® Mastercard® Business Card Fees
- Introductory APR: 0% on purchases for the first seven billing cycles after opening an account
- Ongoing APR: 10.24% to 21.24% variable, which adjusts with the prime rate
- Annual fee: None
- Balance transfer fee: $10 or 4% of the amount of each transaction, whichever is greater
- Foreign transaction fee: 3%
- Cash advance fee: $10 or 4% of the amount of each transaction, whichever is greater—APR is 24.24%
Why We Like the Platinum Plus® Mastercard® Business Card
- Sign-up bonus: Get a $300 statement credit after you spend $3,000 within the first 90 days of opening an account.
- Low ongoing APR: This card is a great option if you need to carry a balance because it comes with a low ongoing APR compared to other business credit cards.
- No annual fee: You can use your card, carry a balance, and pay a low ongoing APR without having to pay an annual fee.
- 0% Introductory APR: You can take advantage of interest-free financing for the first seven billing cycles after opening an account.
What’s Missing From the Platinum Plus® Mastercard® Business Card
The Bank of America® Platinum Plus® Mastercard® Business Card doesn’t offer ongoing rewards—this means you won’t earn any cash back or points rewards from your purchases. Moreover, the 0% introductory APR is only for seven months, which is shorter than that of most other business credit cards.
How to Choose the Right Bank of America Business Credit Card
One of the advantages of Bank of America business cards is that they come with fewer fees compared to other small business credit cards. Bank of America offers cards with cash back rewards, travel rewards, no-interest financing, no annual fee, and low ongoing APRs. The best Bank of America credit card will depend on your business’ rewards preference, spending habits, and whether you’ll need to carry a balance.
Here are a few important factors to consider when deciding which Bank of America business credit card is right for your business:
1. Your Preferred Rewards
To determine which Bank of America business credit card is right for you, you need to know what type of rewards your business needs. Bank of America has business credit cards that offer either cash back or travel rewards. However, the Platinum Plus® Mastercard® Business Card does not offer ongoing rewards.
If you want to earn travel rewards, you can choose either the Business Advantage Travel Rewards World Mastercard® or the Alaska Airlines Business Credit Card, depending on your airline preference. It’s important to note that the Alaska Airlines Business Credit Card charges an annual fee while the Business Advantage Travel Rewards World Mastercard® has a zero annual fee.
For cash back rewards, you can choose between the Business Advantage Customized Cash Rewards and the Business Advantage Unlimited Cash Rewards. The right Bank of America cash back credit card will depend on whether you want to monitor your spending categories or prefer to earn unlimited fixed-rate cash back.
For other business credit cards that offer cash back rewards, check out our guide to the best cash back business credit cards.
2. Your Spending Habits
Another factor that will determine the best Bank of America business credit card for you is your business’ spending habits. If you have significant expenses in a particular spending category, you may benefit more from either the Business Advantage Travel Rewards World Mastercard® or the Business Advantage Customized Cash Rewards, depending on where you spend the most.
3. Interest-Free Financing
Aside from the Alaska Airlines Business Credit Card, the other four Bank of America credit cards offer a 0% introductory APR. If you plan to make a large purchase, you can take advantage of the interest-free financing offered by these cards. However, the introductory 0% APR offered by the Platinum Plus® Mastercard® Business Card is only for seven months, while the others offer up to nine months.
If you need a small business credit card that offers a longer interest-free financing period, check out our guide to the best 0% APR business credit cards.
4. Annual Fees
Most Bank of America business credit cards come with no annual fee, except for the Alaska Airlines Business Credit Card, which charges a $50 annual fee plus $25 for each additional employee card. Annual fees can add to your overall cost, so this is something that you should consider when choosing the best Bank of America business credit card.
To find other credit cards with no annual fee, visit our guide to the best business credit cards with no annual fee.
5. Ongoing APRs
If you need to carry a balance from time to time, it’s better to consider a credit card that has a low ongoing APR. The Platinum Plus® Mastercard® Business Card offers the lowest APR among all of the Bank of America business credit cards (10.24% to 21.24%). However, it’s important to note that this card does not offer ongoing rewards.
Bottom Line
Bank of America offers a variety of business credit cards with sign-up bonuses. The best Bank of America business card for you depends on what type of rewards you want to earn, your spending habits, if you need no-interest financing, or if you need a credit card with a low ongoing APR.
To find other card options, visit our Credit Card Marketplace and check out our guide to the best small business credit cards.
