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Bank of america credit card for small business – Bank of America credit cards for small businesses offer a range of options to help entrepreneurs manage their finances and earn rewards. These cards provide a valuable tool for businesses of all sizes, offering competitive interest rates, generous rewards programs, and a variety of perks.
Bank of America’s small business credit card portfolio includes options catering to different needs. Whether you’re looking for cash back rewards, travel miles, or points redeemable for merchandise, there’s a card designed to suit your business’s unique requirements. The application process is straightforward, and Bank of America provides resources and support to help small business owners navigate the process.
Bank of America Small Business Credit Card Overview
Bank of America offers a range of credit cards designed specifically for small business owners. These cards provide valuable rewards, competitive interest rates, and flexible spending options to help businesses thrive.
Card Types and Key Features
Bank of America offers two main types of small business credit cards:
- Business Advantage Unlimited Rewards Credit Card: This card offers 1.25% cash back on all purchases, with no annual fee. It’s a great option for businesses looking for straightforward rewards and no annual fees.
- Business Advantage Travel Rewards Credit Card: This card earns 2.5 miles per dollar spent on eligible travel purchases, including flights, hotels, and rental cars. It also offers 1 mile per dollar spent on all other purchases. It has an annual fee of $95, which can be waived if you spend $50,000 on the card in a year.
Rewards Programs
Both cards offer different rewards programs. The Business Advantage Unlimited Rewards Credit Card provides cash back, while the Business Advantage Travel Rewards Credit Card earns miles.
- Business Advantage Unlimited Rewards Credit Card: Earn 1.25% cash back on all purchases.
- Business Advantage Travel Rewards Credit Card: Earn 2.5 miles per dollar spent on eligible travel purchases and 1 mile per dollar spent on all other purchases.
Interest Rates and Annual Fees
- Business Advantage Unlimited Rewards Credit Card: The interest rate is variable, based on your creditworthiness. There is no annual fee.
- Business Advantage Travel Rewards Credit Card: The interest rate is variable, based on your creditworthiness. There is an annual fee of $95, which can be waived if you spend $50,000 on the card in a year.
Eligibility Requirements, Bank of america credit card for small business
To qualify for a Bank of America small business credit card, you’ll generally need to meet the following requirements:
- Have a good credit score.
- Be a U.S. citizen or permanent resident.
- Have a valid Social Security number.
- Be at least 18 years old.
- Own or operate a business.
Rewards Programs: Bank Of America Credit Card For Small Business
Bank of America offers a range of rewards programs for its small business credit cards, designed to help businesses maximize their spending and earn valuable rewards. Each card offers unique rewards structures and redemption options, catering to the specific needs of different businesses.
Rewards Programs
The Bank of America small business credit cards offer a variety of rewards programs, including:
- Cash back rewards: These cards offer cash back on eligible purchases, which can be redeemed for statement credits or deposited into a Bank of America checking or savings account. The cash back rate varies depending on the card and the category of purchases.
- Points rewards: Some cards offer points rewards, which can be redeemed for travel, merchandise, gift cards, or statement credits. The points accumulation rate and redemption options vary depending on the card.
- Travel rewards: These cards offer travel rewards, such as airline miles or hotel points, which can be used to book flights, hotel stays, or other travel expenses. The travel rewards program may be tied to specific airline or hotel loyalty programs.
Earning and Redeeming Rewards
Earning rewards on Bank of America small business credit cards is generally straightforward. Rewards are typically earned on eligible purchases, such as:
- Purchases made at participating merchants.
- Transactions made through the card’s online portal.
- Other eligible expenses, such as travel or entertainment.
Redeeming rewards can be done through a variety of methods, depending on the specific card and its rewards program. Common redemption options include:
- Statement credits: This option allows cardholders to apply rewards directly to their credit card balance, reducing their outstanding debt.
- Cash back: Some cards offer the option to redeem rewards for cash back, which can be deposited into a Bank of America checking or savings account.
- Travel rewards: Cards with travel rewards programs allow cardholders to redeem their points for flights, hotel stays, or other travel expenses through affiliated airlines or hotels.
- Merchandise: Some cards offer the option to redeem rewards for merchandise, such as electronics, appliances, or gift cards.
Comparison of Rewards Programs
The following table compares the rewards programs offered by some of the most popular Bank of America small business credit cards:
| Card | Rewards Program | Earning Rate | Redemption Options |
|---|---|---|---|
| Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® | Cash Back | 1.25% on all purchases | Statement credits, cash back |
| Bank of America® Business Advantage Cash Rewards Mastercard® | Cash Back | 1.5% on all purchases | Statement credits, cash back |
| Bank of America® Business Advantage Travel Rewards Mastercard® | Travel Rewards | 2x points per $1 spent on eligible travel and dining purchases, 1 point per $1 spent on all other purchases | Travel expenses, merchandise, gift cards |
Note: The rewards programs and earning rates are subject to change at any time. It is always best to consult the card’s terms and conditions for the most up-to-date information.
Eligibility and Application Process
Applying for a Bank of America small business credit card requires meeting specific eligibility criteria and following a structured application process. Understanding these aspects can significantly increase your chances of approval.
Eligibility Criteria
The eligibility criteria for a Bank of America small business credit card are designed to assess the creditworthiness and financial stability of your business. These criteria include:
- Established Business: You must have a legally registered and operational business, demonstrating a track record of activity.
- Good Credit History: A strong personal credit score and a positive business credit history are essential for approval. A good credit score generally falls within the 670-850 range.
- Sufficient Revenue: Your business needs to generate enough revenue to meet the card’s minimum monthly payments and manage other expenses.
- Bank of America Account: While not always mandatory, having an existing Bank of America business checking account can sometimes streamline the application process.
Application Process
The application process for a Bank of America small business credit card involves several steps:
- Gather Necessary Information: Before starting the application, ensure you have readily available information, including your business’s legal name, Employer Identification Number (EIN), annual revenue, and personal credit information.
- Complete the Online Application: Visit the Bank of America website and fill out the online application form. Provide accurate and complete details about your business and personal financial situation.
- Submit Supporting Documents: Depending on the card and your credit history, Bank of America may request additional documents for verification. These can include business tax returns, bank statements, and articles of incorporation.
- Review and Approval: Bank of America will review your application and supporting documentation. The approval process can take a few business days. You will be notified of the decision via email or phone.
Tips for Increasing Approval Chances
Here are some tips to enhance your chances of approval:
- Improve Your Credit Score: Before applying, focus on improving your personal and business credit scores by paying bills on time, keeping credit utilization low, and avoiding excessive credit inquiries.
- Demonstrate Business Stability: Provide evidence of your business’s financial health, including detailed financial statements, profit and loss statements, and tax returns.
- Choose the Right Card: Carefully consider your business needs and select a card with features and rewards that align with your spending habits.
- Contact Bank of America: If you have questions or concerns about the application process, reach out to Bank of America’s customer service for guidance and assistance.
Fees and Interest Rates
Bank of America offers a range of small business credit cards with varying fees and interest rates. Understanding these costs is crucial for making informed decisions about which card best suits your business needs.
Fees Associated with Bank of America Small Business Credit Cards
The fees associated with Bank of America small business credit cards can vary depending on the specific card. Here is a breakdown of common fees:
| Fee Type | Bank of America Small Business Preferred Rewards Credit Card | Bank of America Small Business Advantage Credit Card |
|---|---|---|
| Annual Fee | $95 | $0 |
| Foreign Transaction Fee | 3% of transaction amount | 3% of transaction amount |
| Late Payment Fee | Up to $39 | Up to $39 |
| Returned Payment Fee | $39 | $39 |
Interest Rates
Interest rates on Bank of America small business credit cards are variable and subject to change. The specific rate you qualify for will depend on your creditworthiness.
The current APR (Annual Percentage Rate) for the Bank of America Small Business Preferred Rewards Credit Card is 16.24% – 25.24% variable.
The current APR (Annual Percentage Rate) for the Bank of America Small Business Advantage Credit Card is 15.24% – 24.24% variable.
Both cards offer an introductory APR of 0% for the first 12 months on purchases and balance transfers. This can be a valuable benefit for businesses seeking to consolidate debt or make large purchases without accruing interest during the promotional period.
Additional Benefits and Services
Bank of America small business credit cards offer a range of benefits that go beyond standard rewards programs, providing valuable perks that can enhance your business operations and financial well-being. These benefits aim to protect your business from potential risks, simplify your travel needs, and streamline your financial management.
Fraud Protection
Fraud protection is a critical aspect of any credit card, and Bank of America offers robust measures to safeguard your business from unauthorized transactions. These measures include:
- Zero Liability Protection: Bank of America’s Zero Liability Protection ensures you are not responsible for unauthorized charges made on your credit card, offering peace of mind and financial security.
- Fraud Monitoring: The bank utilizes advanced fraud detection technology to monitor your account activity for suspicious patterns and transactions. In case of any potential fraud, they will notify you promptly and take necessary steps to prevent further damage.
- 24/7 Fraud Assistance: You have access to a dedicated fraud assistance team available around the clock to assist you with any fraud-related concerns. They can guide you through the reporting process and provide support throughout the investigation.
Travel Insurance
Bank of America small business credit cards offer valuable travel insurance benefits that can protect your business during domestic and international trips. These benefits can cover a range of potential expenses, providing financial security in unexpected situations.
- Trip Cancellation and Interruption Insurance: If your business trip is canceled or interrupted due to unforeseen circumstances such as illness, injury, or natural disasters, this insurance can reimburse you for non-refundable expenses like airfare, hotel bookings, and other travel arrangements.
- Travel Accident Insurance: This coverage provides financial support in case of accidental death or dismemberment while traveling. It can help your business mitigate the financial impact of such unfortunate events.
- Baggage Loss and Damage Insurance: If your luggage is lost or damaged during your business trip, this insurance can help cover the cost of replacement or repair.
Other Perks
In addition to fraud protection and travel insurance, Bank of America small business credit cards offer other valuable perks that can enhance your business operations.
- Business Expense Management Tools: These tools allow you to track your business expenses effectively, categorize transactions, and generate reports to gain insights into your spending patterns.
- Employee Card Programs: Bank of America offers employee card programs that allow you to issue cards to your employees for business expenses. These cards can help streamline expense management and provide greater control over employee spending.
- Rewards Programs: As mentioned earlier, Bank of America small business credit cards offer various rewards programs that can earn you points, cash back, or travel miles. These rewards can be redeemed for valuable benefits like travel expenses, merchandise, or gift cards.
End of Discussion
Bank of America’s small business credit cards are a compelling option for entrepreneurs seeking financial flexibility and rewards. With a variety of cards, competitive rates, and valuable benefits, these cards can be a valuable asset for growing businesses. Before choosing a card, carefully consider your business’s needs and compare the features of each offering to find the best fit for your financial goals.
Top FAQs
What are the eligibility requirements for a Bank of America small business credit card?
Eligibility requirements vary depending on the specific card. Generally, you’ll need a good credit score, a business bank account, and a strong business history.
What are the benefits of using a Bank of America small business credit card?
Benefits include rewards programs, travel insurance, fraud protection, and access to valuable business resources.
How can I contact Bank of America customer service for my small business credit card?
You can contact customer service by phone, email, or through online chat. Their contact information is available on their website.
