Who Is This Credit Card Best For?
Is turning their passion into a money-making venture See more cards
Diligently searches for the best products and delights in a good bargain See more cards
Prioritizes sticking to their budget while buying what they want and need See more cards
Hits the road often, whether for work or play See more cards
This card is best for existing Bank of America customers who can qualify for rewards boosts through the bank’s Preferred Rewards program. If you can maintain a balance of at least $20,000 across your business deposit and investment accounts, you’ll earn a 25% bonus on your rewards.
But even if you don’t qualify for the bonus, the card’s competitive travel rewards rate is great if you’re traveling often for business. Plus, the card’s 0% APR offer is a good fit if you have a big purchase coming up and want to spread out the payments over time without interest.
If you don’t travel often, the card may not work for you simply because of how its rewards rates and redemption values are built (more on that later). Similar cards without an annual fee offer diversified rewards rates and more flexible points redemptions, and therefore could be a better fit for you.
Potential for more rewards as a Bank of America customer
Good rewards rate for regular purchases and travel spending
Easy, versatile travel redemptions
So-so welcome bonus
- Good rewards-earning rate for regular purchases and travel spending: While many other business cards without an annual fee also earn 1.5 points per dollar spent, few also give you 3 points per dollar for some travel spending.
- Potential for more rewards as a Bank of America customer: If you have money on deposit with Bank of America already, you have the potential to earn 25% to 75% more rewards for each dollar you spend.
- Easy, versatile travel redemptions: Rewards earned with this card are good for any travel purchase that you can book anywhere. You simply ask for a statement credit after you’ve paid for the expense with this card.
- So-so welcome bonus: You’ll earn 30,000 points worth $300 if you meet the card’s spending requirement within the first 90 days. That’s not bad, but some other business cards without annual fees let you earn much more than that (albeit with higher spending requirements).
Bonus for New Cardholders
Once you sign up, you can earn 30,000 bonus points after you make $3,000 in net purchases on your card within 90 days of account opening. These points are worth 1 cent each when redeemed for travel, so the bonus alone is worth $300.
This bonus is better than nothing, but it’s a lot lower than welcome bonuses on many other business credit cards, including some with no annual fee. That said, spending $3,000 in 90 days should be a low hurdle for most businesses to clear.
Earning Points & Rewards
The rewards scheme is straightforward with this card. You’ll earn 1.5 points for every $1 spent and you’ll earn another 1.5 points on some travel purchases. The base earning rate is pretty good. And earning 3 points per $1 spent on travel sounds great, but keep in mind that you only enjoy that rate when booking through Bank of America’s travel portal.
The picture brightens somewhat if you’re a member of Bank of America’s Preferred Rewards for Business program. Depending on your account balances with the bank, you’ll earn additional points with every purchase:
- Deposits of $20,000 to $49,999 earn 25% more base points
- Deposits of $50,000 to $99,999 earn 50% more base points
- Deposits of $100,000 earn 75% more base points
You can earn an unlimited number of points with this card, and your points will never expire unless you or the bank close your account (in which case you’ll forfeit your points immediately).
You can redeem your points for statement credits to cover travel at a rate of 1 cent per point, which is the threshold for good value; if a point is worth less than 1 cent, you’re usually better off using it in a different way or getting a better rewards card. At 1 cent per point, 10,000 points are worth $100.
You can cash in your points to get reimbursed for airfare, hotels, rental cars, and any other travel purchases you’ve charged to your credit card in the previous 12 months.
Although travel rewards are probably the best use of your points, you can also buy gift cards with them (point values will vary by purchase). And you can redeem them for cash back, but then they are only worth 0.6 cents per point. Because of that low value, cash redemptions should be avoided.
When you cash in points for statement credits to cover travel purchases, you have to redeem at a minimum of 2,500 points.
How to Get the Most Out of This Card
You’ll get the most out of this card if you use it for all your business spending, including business travel you can book through the Bank of America Travel Center.
Also consider joining the Bank of America Preferred Rewards Program for Business and moving your savings over if you really want to maximize your points haul. If you were able to reach Platinum Honors status ($100,000 balance across your eligible accounts), you would earn 2.62 points per $1 spent on regular purchases and 4.12 points for each dollar spent on purchases in the Bank of America Travel Center.
Even if you were only able to reach Gold status, you would still earn 25% more base points for a grand total of 1.87 points on all purchases and 3.37 points per $1 on Bank of America Travel Center purchases.
The Preferred Rewards Program offers other banking perks like interest rate boosts, discounts on services, and fee waivers for members.
Bank of America Business Advantage Travel Rewards Card’s Excellent Perks
The Bank of America Business Advantage Travel Rewards Card offers a few perks considered “excellent” by the editors of The Balance. These benefits include:
- Insurance coverage for lost or delayed luggage: Up to a $3,000 reimbursement for you and your immediate family for the difference between your claimed losses and what the carrier pays.
- Travel accident insurance: This coverage is good for up to $1 million if you face loss of life or accidental dismemberment during travel with on a common carrier.
- Insurance coverage for trip cancellation, interruption, or delay: Up to $2,500 in coverage if you have to cancel an upcoming or in-progress trip because of an accident, illness, and other covered reasons. Also, if your trip is delayed for more than 12 hours, you can get up to a $500 reimbursement for expenses related to the delay. Immediate family members are included in the coverage, too.
The above benefits apply to tickets and travel purchases made with your Bank of America Business Advantage Travel Rewards card. “Common carrier” refers to transportation companies like airlines, buses, and trains.
Bank of America ranked seventh out of 11 banks in J.D. Power’s 2019 U.S. Credit Card Satisfaction Study, which considered the credit card experiences of more than 28,000 customers nationwide. The bank received a rating of “About Average.”
Bank of America offers a mobile app that makes it easier to pay bills and monitor your rewards with your mobile device. Also be aware that the Bank of America Business Advantage Travel Rewards Card comes with cash flow management tools for your business, including the option to sync your transactions with QuickBooks.
Bank of America offers standard security features on their credit cards including location verification, fraud monitoring, and zero liability for fraudulent transactions.
The Bank of America Business Advantage Travel Rewards Card charges standard fees for this industry, although you won’t pay foreign transaction fees on purchases made abroad.