The Bank of America Business Cash Back Credit Card is a valuable tool for businesses looking to earn rewards on their everyday expenses. This card offers a straightforward cash back program with various earning categories, making it an attractive option for a range of businesses. The card’s benefits extend beyond cash back, including travel insurance and purchase protection, providing added value for business owners.
This card targets businesses of all sizes, from sole proprietorships to larger enterprises. The eligibility criteria for the Bank of America Business Cash Back Credit Card generally require a good credit score and a business history.
Overview of Bank of America Business Cash Back Credit Card
The Bank of America Business Cash Rewards Credit Card is designed for small business owners who want to earn cash back on their business expenses. It offers a simple rewards program and a variety of features to help you manage your business finances.
This card is targeted towards entrepreneurs, small business owners, and freelancers who make regular business purchases and are looking for a straightforward way to earn cash back rewards. It can be particularly beneficial for businesses with recurring expenses like travel, supplies, or utilities.
Eligibility Criteria, Bank of america business cash back credit card
To be eligible for the Bank of America Business Cash Rewards Credit Card, you must meet the following criteria:
- Be at least 18 years old.
- Have a valid Social Security number.
- Be a U.S. citizen or permanent resident.
- Have a good credit history.
- Have a business with a valid tax identification number (TIN).
Bank of America will review your credit history and business information to determine your eligibility for the card.
Cash Back Rewards Program
The Bank of America Business Cash Rewards credit card offers a simple and straightforward cash back rewards program. Earn cash back on eligible purchases based on the spending category, allowing you to maximize your rewards and benefit from everyday business expenses.
Earning Categories and Rewards Rates
The cash back rewards program offers different reward rates based on the spending category. These categories and their corresponding reward rates are:
- 5% cash back on the first $2,500 in combined spending each quarter on select business categories:
- Office Supplies
- Gas Stations
- Travel
- Telecommunications
- Shipping
- 3% cash back on all other eligible purchases.
Maximizing Cash Back Rewards
Businesses can maximize their cash back rewards by strategically using the card for eligible purchases.
- Prioritize spending in 5% cash back categories: For instance, if a business spends $1,000 on office supplies, $1,000 on gas, and $500 on travel in a quarter, they will earn a total of $125 in cash back rewards (5% on the first $2,500 in combined spending).
- Use the card for everyday business expenses: Utilize the card for regular purchases like utilities, advertising, and employee meals to earn 3% cash back on these essential business expenses.
- Combine purchases for maximum benefit: By strategically combining purchases within the 5% cash back categories, businesses can quickly reach the $2,500 quarterly spending limit and maximize their rewards. For example, a business could purchase office supplies and gas in the same month to reach the limit faster.
Fees and Charges
The Bank of America Business Cash Back credit card comes with a few fees, which are important to understand before you apply. These fees can impact your overall cost of using the card, so it’s crucial to compare them to other business credit cards before making a decision.
Annual Fee
The Bank of America Business Cash Back credit card has an annual fee of $95. This fee is charged annually and is a standard cost for many business credit cards. However, it’s important to note that some other business credit cards offer no annual fee, so it’s worth comparing to see if a fee-free option is available.
Other Fees
In addition to the annual fee, the Bank of America Business Cash Back credit card also has a few other fees you should be aware of:
- Foreign transaction fees: There is a 3% foreign transaction fee for purchases made outside the United States. This fee is common for many credit cards, but some business credit cards offer no foreign transaction fees, so it’s worth exploring those options if you frequently travel internationally.
- Late payment fee: A late payment fee of up to $39 may be applied if you miss your minimum payment due date. This fee is also common for many credit cards, but some offer lower late payment fees or waive them for first-time offenders.
- Returned payment fee: A returned payment fee of up to $39 may be applied if a payment is returned for insufficient funds. This fee is similar to a late payment fee and can add up quickly if you experience multiple returned payments.
Fee Comparison
It’s essential to compare the fees of the Bank of America Business Cash Back credit card to other similar business credit cards to ensure you’re getting the best value. For example, the Chase Ink Business Cash credit card has no annual fee and offers a generous 5% cash back on the first $25,000 in spending each year. While it has a foreign transaction fee of 3%, it offers a higher cash back rate, making it a more attractive option for businesses that travel internationally.
The Bank of America Business Cash Back credit card is a good option for businesses that primarily make purchases within the United States and don’t mind paying an annual fee. However, if you travel frequently or prioritize fee-free options, it might be worth exploring other business credit cards.
Benefits and Perks
The Bank of America Business Cash Back Credit Card offers a range of benefits and perks designed to enhance your business operations and provide peace of mind. These features go beyond simple cash back rewards and can help you save money, protect your business, and simplify your travel arrangements.
Travel Insurance
Travel insurance is a valuable benefit for businesses that frequently travel for work. The Bank of America Business Cash Back Credit Card provides several types of travel insurance, including:
- Trip cancellation/interruption insurance: Provides coverage for unexpected events that force you to cancel or interrupt your trip, such as illness, injury, or natural disasters. This can help businesses avoid significant financial losses due to unplanned travel disruptions.
- Baggage delay/loss insurance: Offers protection against delays or loss of checked baggage during your trip. This benefit can be crucial for businesses that rely on specific equipment or materials transported in their luggage.
- Emergency medical and evacuation insurance: Provides coverage for medical expenses incurred while traveling, as well as emergency evacuation if necessary. This is especially important for businesses operating in foreign countries where medical costs can be very high.
Purchase Protection
Purchase protection provides additional security for your business purchases, safeguarding you against unexpected losses or damage. This benefit can be especially valuable for businesses that invest in expensive equipment or inventory. The Bank of America Business Cash Back Credit Card offers:
- Extended warranty: Extends the manufacturer’s warranty on eligible purchases, giving your business more time to repair or replace damaged goods. This can save your business significant repair or replacement costs down the line.
- Purchase protection: Covers eligible purchases against damage or theft for a specified period, providing peace of mind and financial protection against unforeseen events.
Fraud Protection
Fraud protection is a crucial feature for any business credit card, helping to safeguard your business from unauthorized transactions and fraudulent activity. The Bank of America Business Cash Back Credit Card offers robust fraud protection, including:
- Zero liability: Protects your business from unauthorized charges, meaning you won’t be responsible for fraudulent transactions made on your card. This gives you peace of mind knowing your business is protected from financial losses due to fraud.
- Fraud monitoring: Bank of America continuously monitors your account for suspicious activity and will notify you of any potential fraud attempts. This allows you to take action quickly and minimize the risk of financial damage.
Application and Approval Process
Applying for the Bank of America Business Cash Rewards Credit Card is a straightforward process. You can apply online, over the phone, or in person at a Bank of America branch.
Applying for the Card
The application process is typically quick and easy. You’ll need to provide some basic information about yourself and your business, such as your name, address, Social Security number, business name, and annual revenue.
- You will be asked to provide information about your business, such as your business name, address, annual revenue, and industry.
- You will also need to provide personal information, such as your name, address, Social Security number, and date of birth.
- Bank of America may also ask for additional documentation, such as a copy of your business license or tax returns.
Approval Time Frame
Bank of America typically makes a decision on your application within a few minutes. However, if they need to verify your information, the process could take a few days.
Tips for Increasing Your Chances of Approval
- Have a good credit score. A higher credit score will make you a more attractive applicant to Bank of America.
- Provide accurate and complete information on your application. Mistakes or omissions can delay the process or result in a denial.
- Have a solid business plan. If you’re a new business, Bank of America will want to see that you have a well-thought-out plan for success.
- Maintain a good credit history. Pay your bills on time and keep your credit utilization low.
- Consider applying with a co-signer. If you have a weak credit history, a co-signer with good credit can help increase your chances of approval.
Customer Service and Support
Bank of America provides comprehensive customer service options to ensure cardholders have a smooth and positive experience with their Business Cash Back credit card. The bank offers various channels for reaching out to their customer service team, ensuring assistance is readily available when needed.
Customer Service Channels
Bank of America offers multiple ways for cardholders to connect with their customer service team.
- Phone: Cardholders can reach a customer service representative by calling the number listed on the back of their credit card or by visiting the Bank of America website for the most up-to-date contact information.
- Online Chat: The bank offers a convenient online chat feature accessible through their website. This option allows cardholders to quickly get answers to their questions or address concerns with a customer service representative in real-time.
- Email: For inquiries that require a more detailed response or for documentation purposes, cardholders can email the customer service team. The bank’s website provides the appropriate email address for card-related inquiries.
- Mobile App: The Bank of America mobile app provides a convenient platform for managing accounts, making payments, and accessing customer support. The app includes a secure messaging feature for communicating with the customer service team directly.
- Branch Visits: Cardholders can visit a local Bank of America branch for in-person assistance with their credit card account.
Last Word
The Bank of America Business Cash Back Credit Card offers a competitive combination of cash back rewards, valuable benefits, and a user-friendly application process. By carefully considering the card’s features, fees, and benefits, businesses can determine if it aligns with their financial goals and spending patterns. The card’s potential for maximizing cash back rewards and providing essential business protection makes it a compelling option for entrepreneurs and business owners seeking to streamline their finances and earn rewards on their business expenses.
Key Questions Answered: Bank Of America Business Cash Back Credit Card
What is the minimum credit score required for the Bank of America Business Cash Back Credit Card?
While Bank of America doesn’t publicly disclose a specific minimum credit score requirement, a good credit score is generally needed for approval. It’s best to check your credit score before applying.
Can I use this card for personal expenses?
While the card is designed for business expenses, you can technically use it for personal purchases. However, it’s crucial to remember that using it for personal expenses might not be the most advantageous choice, as other personal credit cards might offer better rewards.
Does this card offer travel rewards?
The Bank of America Business Cash Back Credit Card focuses on cash back rewards, but it does provide travel insurance as a benefit, which can be helpful for business travel.