Best Bank of America Business Credit Cards for 2023
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 offers six business credit cards that come with either cash back, travel rewards, or low annual percentage rate (APR). Some cards have no-financing options, low APRs, and no annual fees. Three of the Bank of America business credit cards are best for business owners with existing Bank of America deposit accounts as they offer up to 75% more rewards when you qualify for Preferred Rewards for Business.
Here are the four best Bank of America business credit cards for 2023:
- Business Advantage Customized Cash Rewards: Best for earning cash back in the category of your choice
- Business Advantage Unlimited Cash Rewards: Best for earning unlimited, fixed-rate cash back
- Business Advantage Travel Rewards World Mastercard®: Best for earning travel rewards
- Platinum Plus® Mastercard® Business Card: Best for low starting APR
Bank of America Business Credit Cards of 2023 at a Glance
Best For | Annual Fee | Ongoing Rewards | Credit Needed | |
|---|---|---|---|---|
 Business Advantage Customized Cash Rewards | Earning cash back in the category of your choice | $0 | Up to 3% cash back | Excellent |
 Business Advantage Unlimited Cash Rewards | Earning unlimited, fixed-rate cash back | $0 | 1.5% cash back on all purchases | Excellent |
 Business Advantage Travel Rewards World Mastercard® | Earning travel rewards | $0 | Up to 3x points | Excellent |
 Platinum Plus® Mastercard® Business Card | Low starting APR | $0 | None | Excellent |
To see how these cards stack up against others we reviewed on our site, click Add to Compare on a card below and select up to two additional cards for comparison.
One of the advantages of Bank of America business credit cards is that they come with fewer fees than 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 and spending habits and whether you’ll need to carry a balance.
Here are a few important factors to consider when deciding which is right for your business.
1. Preferred Rewards
Bank of America has business credit cards that offer either cash back or travel rewards. The right one will depend on whether you want to monitor your spending categories or prefer to earn unlimited fixed-rate cash back. Your options include:
- Business Advantage Customized Cash Rewards
- Business Advantage Unlimited Cash Rewards
If you want to earn travel rewards:
- Business Advantage Travel Rewards World Mastercard®
It’s also worth noting that the Platinum Plus® Mastercard® Business Card lacks ongoing rewards. You can check our guide to the best cash back business credit cards for other options.
2. 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 category, the best card for your business will depend on where the business spends the most. You can choose from these two cards:
- Business Advantage Travel Rewards World Mastercard®
- Business Advantage Customized Cash Rewards
Other Bank of America business credit cards offer fixed-rate rewards, which are great if you don’t want to monitor your expense categories.
3. Interest-free Financing
If you plan to make a large purchase and want to take advantage of the interest-free financing option, you have four options:
- Platinum Plus® Mastercard® Business Card
- Business Advantage Travel Rewards World Mastercard®
- Business Advantage Customized Cash Rewards
- Business Advantage Unlimited Cash Rewards
The introductory 0% APR offered by the Platinum Plus® Mastercard® Business Card is only for seven months, while the other two have 0% APR options for up to nine months. If you need cards with longer interest-free financing periods, see our roundup for the leading business crest cards with 0% APR.
4. Annual Fees
Most Bank of America business credit cards come with no annual fee. 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. See our guide to the best business credit cards with no annual fee for more options.
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. Among the cards listed here, the Platinum Plus® Mastercard® Business Card has the lowest starting APR. However, it’s important to note that it doesn’t offer ongoing rewards.
6. Bank of America Deposit Account
If you have an existing business checking account with Bank of America, these options allow you to get up to 75% more rewards on all purchases when you qualify for the Preferred Rewards for Business:
- Business Advantage Customized Cash Rewards
- Business Advantage Unlimited Cash Rewards
- Business Advantage Travel Rewards World Mastercard®
Business Advantage Customized Cash Rewards: Best for Earning Cash Back in the Category of Your Choice
Bank of America® Business Advantage Customized 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:
Those wanting to earn 3% cash back in a spending category of your choice
Intro APR
See Terms
9 billing cycles
9 billing cycles
Regular APR
See Terms
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Earn 3% cash back in the category of your choice: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining purchases and 1% cash back on all other purchases.
- You'll earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% cash back in your selected choice category and up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
- No annual fee.
- Choose how to 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 mailed to you. Cash rewards don't expire.
- To change your choice category for future purchases, you must go to the Mobile Banking app or Business Advantage 360, our small business online banking. You can change it once each calendar month, or make no change and it stays the same.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Offers flexible redemption options
- Doesn’t charge annual fees
- With sign-up bonus
Cons
- Premium cash back rewards are capped on a selected spending category
- Charges foreign transaction fees
- Short introductory APR period
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage.
- Fraud monitoring: Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if it suspects any fraudulent activity.
Intro APR
See Terms
9 billing cycles
9 billing cycles
Regular APR
See Terms
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Earn 3% cash back in the category of your choice: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining purchases and 1% cash back on all other purchases.
- You'll earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% cash back in your selected choice category and up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
- No annual fee.
- Choose how to 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 mailed to you. Cash rewards don't expire.
- To change your choice category for future purchases, you must go to the Mobile Banking app or Business Advantage 360, our small business online banking. You can change it once each calendar month, or make no change and it stays the same.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Offers flexible redemption options
- Doesn’t charge annual fees
- With sign-up bonus
Cons
- Premium cash back rewards are capped on a selected spending category
- Charges foreign transaction fees
- Short introductory APR period
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage.
- Fraud monitoring: Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if it suspects any fraudulent activity.
Who Should Consider the Business Advantage Customized Cash Rewards
The Bank of America Business Advantage Customized Cash Rewards card is best for business owners wanting to earn 3% cash back rewards in their chosen spending category, such as gas stations, office supply stores, travel, telecom services, computer services, and business consulting. You’ll also earn 2% cash back on dining purchases and 1% on all other purchases.
It’s also an excellent option if you have a Bank of America business checking account and become a Preferred Rewards for Business member—you can earn up to 75% more cash back on every purchase. 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.
Be mindful of the rewards cap: While this card offers premium rewards on your chosen category, the 3% and 2% cash back only apply on the first $50,000 in combined purchases each calendar year. When the cap is met, you’ll earn 1% thereafter.
Other Benefits of the Business Advantage Customized Cash Rewards
- Sign-up bonus:Get a $300 statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- No annual fee: Minimize your overall credit cost by not having to pay annual fees.
The Bank of America Business Advantage Customized Cash Rewards is named one of our best small business credit cards because of its rewards flexibility.
What’s Missing From the Business Advantage Customized Cash Rewards Card
Business Advantage Customized Cash Rewards 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
Bank of America® Business Advantage Unlimited 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:
Those with an existing business checking account with Bank of America
Intro APR
See Terms
9 billing cycles
9 billing cycles
Regular APR
See Terms
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Earn unlimited 1.5% cash back on all purchases.
- No annual cap and cash rewards don't expire.
- No annual fee.
- You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to an unlimited 2.62% cash back on all purchases.
- Choose how to 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 mailed to you.
- Contactless Cards - the security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Doesn’t charge annual fees
- Flexible redemption options
- With sign-up bonus
- With 0% introductory APR on purchases
Cons
- 0% introductory APR isn’t applicable to balance transfers
- With foreign transaction fees
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Balance Connect®: This helps prevent declined purchases, returned checks, or other overdrafts when you link your Bank of America® Business Advantage Unlimited Cash Rewards to a Bank of America business checking account for overdraft protection.
- Fraud monitoring: Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if it suspects any fraudulent activity.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage.
Intro APR
See Terms
9 billing cycles
9 billing cycles
Regular APR
See Terms
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Earn unlimited 1.5% cash back on all purchases.
- No annual cap and cash rewards don't expire.
- No annual fee.
- You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to an unlimited 2.62% cash back on all purchases.
- Choose how to 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 mailed to you.
- Contactless Cards - the security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Doesn’t charge annual fees
- Flexible redemption options
- With sign-up bonus
- With 0% introductory APR on purchases
Cons
- 0% introductory APR isn’t applicable to balance transfers
- With foreign transaction fees
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Balance Connect®: This helps prevent declined purchases, returned checks, or other overdrafts when you link your Bank of America® Business Advantage Unlimited Cash Rewards to a Bank of America business checking account for overdraft protection.
- Fraud monitoring: Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if it suspects any fraudulent activity.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage.
Who Should Consider the Business Advantage Unlimited Cash Rewards
The Bank of America Business Advantage Unlimited Cash Rewards is best for business owners who want to earn unlimited 1.5% fixed-rate cash back on all purchases regardless of spending categories. If your business expenses don’t lean toward any particular spending category, then this is a good choice.
Similar to the Business Advantage Customized Cash Rewards credit card, it’s also a good option if you have an existing business checking account with Bank of America. You can earn up to 75% more cash back on every purchase if you’re a Preferred Rewards for Business member.
Take advantage of 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 as long as your account remains open and in good standing. Read our review for Bank of America business checking for more information.
Other Benefits of the Business Advantage Unlimited Cash Rewards
- Sign-up bonus: Earn a $300 statement credit after spending at least $3,000 in net purchases within 90 days of card membership.
- No annual fee: Earn unlimited rewards on all purchases without paying annual fees, reducing your credit cost.
The Bank of America Business Advantage Unlimited Cash Rewards is also ideal for nonprofit organizations that have expenses on various spending categories. It’s one of our top-recommended business credit cards for nonprofits.
What’s Missing From the Business Advantage Unlimited Cash Rewards
Just like the Business Advantage Customized Cash Rewards, the Business Advantage Unlimited Cash Rewards doesn’t offer interest-free financing on balance transfers. It also lacks zero foreign transaction fees, which is a drawback if you want to use your card to make purchases outside the United States.
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 Travel Center
Intro APR
See Terms
9 billing cycles
9 billing cycles
Regular APR
See Terms
Annual Fee
$0.00
Credit Needed
Excellent
- Earn 30,000 online bonus points after you make at least $3,000 in purchases in the first 90 days of your account opening which can be redeemed for a $300 statement credit towards travel or dining purchases.
- Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time - no matter how much you spend.
- No limit to the amount of points you can earn and points don't expire.
- You can earn up to 75% more points on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to an unlimited 2.62 points per $1 spent on all purchases.
- No annual fee and no international transaction fees.
- Choose how to redeem points - for a statement credit to offset travel and dining purchases, travel with no blackout dates at the Bank of America® Travel Center, for cash back or gift cards.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
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: This is a disadvantage if you need a longer 0% APR period.
- No 0% APR on balance transfers: The introductory APR only applies to purchases
- 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
See Terms
9 billing cycles
9 billing cycles
Regular APR
See Terms
Annual Fee
$0.00
Credit Needed
Excellent
- Earn 30,000 online bonus points after you make at least $3,000 in purchases in the first 90 days of your account opening which can be redeemed for a $300 statement credit towards travel or dining purchases.
- Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time - no matter how much you spend.
- No limit to the amount of points you can earn and points don't expire.
- You can earn up to 75% more points on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to an unlimited 2.62 points per $1 spent on all purchases.
- No annual fee and no international transaction fees.
- Choose how to redeem points - for a statement credit to offset travel and dining purchases, travel with no blackout dates at the Bank of America® Travel Center, for cash back or gift cards.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
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: This is a disadvantage if you need a longer 0% APR period.
- No 0% APR on balance transfers: The introductory APR only applies to purchases
- 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 Should Consider the Business Advantage Travel Rewards World Mastercard®
The 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 1.5x points per dollar on all purchases, which you can redeem for a statement credit, cash back, gift cards, or travel. Plus, enjoy zero foreign transaction fees on purchases made outside of the US.
You can earn up to 75% more points on all purchases if you have a Bank of America business checking account and qualify for Preferred Rewards for Business. The card works best if you travel with any airline; however, if you’re a frequent flyer of Alaska Airlines, consider the Alaska Airlines Business Credit Card.
Take advantage of the cash flow management tools: Bank of America offers a suite of online services to help you manage your business finances efficiently, including automatic payments, transfers, and downloading transactions into QuickBooks.
Other Benefits of the Business Advantage Travel Rewards World Mastercard®
- Sign-up bonus: Earn 30,000 bonus points after spending at least $3,000 in net purchases within 90 days after opening an account. Redeem this for a $300 credit towards travel purchases on your monthly bill.
- No annual fee: Take advantage of unlimited rewards while minimizing your cost.
- No blackout dates on travel: Redeem your points for travel or travel credits through the Bank of America® Travel Center anytime, with no blackout dates.
It’s one of our recommended business credit cards for travel because it charges no annual or foreign transaction fees. Also, using this card won’t affect your personal credit as it doesn’t report to consumer credit bureaus, making it one of the best cards that don’t report to personal credit bureaus.
What’s Missing From the Business Advantage Travel Rewards World Mastercard®
The 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.
Platinum Plus® Mastercard® Business Card: Best for Low Starting 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 credit card for business purchases
Intro APR
See Terms
7 billing cycles
7 billing cycles
Regular APR
See Terms
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee.
- Get employee cards at no additional cost to you and with credit limits you set.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
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
- Zero liability protection: Bank of America offers liability protection for unauthorized transactions, added protection for certain purchases against loss, damage, theft, or fire, and extended warranty coverage.
- Balance Connect for overdraft protection: This is an optional overdraft protection service that helps prevent declined purchases, returned checks, or other overdrafts. You need to link your Bank of America Business Advantage Travel Rewards World Mastercard® to a Bank of America business checking account.
- Free access to business credit score: You can view and monitor your Dun & Bradstreet business credit score for free within Business Advantage 360.
Intro APR
See Terms
7 billing cycles
7 billing cycles
Regular APR
See Terms
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee.
- Get employee cards at no additional cost to you and with credit limits you set.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
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
- Zero liability protection: Bank of America offers liability protection for unauthorized transactions, added protection for certain purchases against loss, damage, theft, or fire, and extended warranty coverage.
- Balance Connect for overdraft protection: This is an optional overdraft protection service that helps prevent declined purchases, returned checks, or other overdrafts. You need to link your Bank of America Business Advantage Travel Rewards World Mastercard® to a Bank of America business checking account.
- Free access to business credit score: You can view and monitor your Dun & Bradstreet business credit score for free within Business Advantage 360.
Who Should Consider the Platinum Plus® Mastercard® Business Card
The Platinum Plus® Mastercard® Business Card is ideal for business owners needing to carry a balance and wanting a low-interest credit card. It has the lowest starting APR of all the cards in this guide.
It’s also a good fit for those who don’t need to earn rewards on purchases as it’s the only card listed here that doesn’t offer ongoing rewards. If you prefer to earn rewards on your purchases, consider other cards like the Business Advantage Customized Cash Rewards, Business Advantage Unlimited Cash Rewards, or the Business Advantage Travel Rewards World Mastercard®.
Get automatic rebates with Mastercard Easy Saving® program: While this card doesn’t offer ongoing rewards on purchases, you can take advantage of automatic rebates when you pay with your card at various locations across the US with the Mastercard Easy Saving® program. No coupons or codes are needed to qualify.
Other Benefits of the Platinum Plus® Mastercard® Business Card
- Sign-up bonus: Get a $300 statement credit after you spend $3,000 within the first 90 days after opening an account.
- No annual fee: Use your card, carry a balance, and pay a low ongoing APR without having to pay an annual fee.
What’s Missing From the Platinum Plus® Mastercard® Business Card
As mentioned, the Bank of America Platinum Plus® Mastercard® Business Card doesn’t have ongoing rewards—and this means you won’t earn any cash back or points rewards from your purchases.
Preferred Rewards for Business is a rewards program that Bank of America offers to its small business clients. As a member, you can access a wide range of rewards, benefits, and savings.
There are two requirements to become a Preferred Rewards for Business member:
- You should have an active Bank of America business checking account.
- Your three-month average daily balance should be at least $20,000. This balance can be in combined qualifying Bank of America business deposit accounts and Merrill business investment accounts.
There are three tiers available: Gold, Platinum, and Platinum Honors. Your tier is based on your eligible combined balances in your Bank of America® business deposit and/or Merrill® business investment accounts.
The minimum qualifying balance requirements are:
- Gold: $20,000 to $49,999
- Platinum: $50,000 to $99,999
- Platinum Honors: $100,000 and more
Additional Rewards For Preferred Rewards For Business Members
Members of the Preferred Rewards For Business can earn additional rewards from the Business Advantage Customized Cash Rewards, Business Advantage Unlimited Cash Rewards, and Business Advantage Travel Rewards World Mastercard® credit cards.
Gold members can earn an additional 25% rewards, while Platinum members can earn 50% more rewards on all purchases. If you qualify for Platinum Honors, then you can enjoy earning 75% more rewards on all purchases.
Bottom Line
Bank of America offers a variety of business credit cards, and most of them come with ongoing rewards and sign-up bonuses. The best one for your business will depend on what type of rewards you want to earn, your spending habits, whether you need no-interest financing or a low ongoing APR, or if you have a low credit score.
