As a business owner, having access to a reliable source of credit is essential for your business’ well-being and operations. A good credit card can be invaluable, helping you purchase the inventory and supplies you need, when you need them.
However, it’s easy to get overwhelmed by the many different business credit cards out there; they each have their pros and cons. If you’re considering the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card, here’s what you need to know.
With the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card, you can earn unlimited 1.5 points for every dollar you spend on all purchases, without having to worry about rotating spending categories. You’ll also earn 3 points per $1 spent on travel — including flights, rental cars, and hotel stays — booked through the Bank of America® Travel Center.
As an added bonus, you can earn 30,000 bonus reward points after spending at least $3,000 in net purchases within the first 90 days of your account opening. That’s the equivalent of a $300 statement credit towards travel purchases.
You can redeem your rewards for flights, hotel stays, or even cash back and gift cards. There are no blackout dates or travel restrictions when booking your travel through the Bank of America Travel Center.
If you’re a business owner, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card has two main benefits that will enhance your cardholder experience.
- Cash flow management: Your transactions will sync with Quickbooks, simplifying your bookkeeping.
- Travel and emergency services: Get perks like travel accident insurance, lost luggage reimbursement, trip cancellation coverage, and trip delay reimbursement.
Compared to some other business credit cards, the benefits of this card are fairly scarce. But most of the card’s value comes from its rewards.
Terms & Fees
As a business owner, your focus is on keeping your costs low. That’s why the Bank of America® Business Advantage Cash Rewards Mastercard® credit card can be a smart choice; it has zero annual fee, and offers a 0% introductory APR on new purchases made during the first nine billing cycles. After that, there is a variable APR on purchases of 13.74% - 23.74%.
2 Alternatives to the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
While the Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a solid option for many entrepreneurs and business owners, there may be better cards for you based on your needs and spending habits. Here are two potential alternatives:
1. Ink Business Preferred℠ Credit Card
With the Ink Business Preferred℠ Credit Card, you can earn 3 points per $1 spent on the first $150,000 used toward travel and select business categories each year. You’ll also earn 1 point per $1 spent on all other purchases, with no limit to the amount you can earn.
There is a $95 annual fee, but the signup bonus makes up for it. You can get 80,000 bonus points if you spend $5,000 on purchases within the first three months; that’s a $1,000 value if you redeem your points through Chase Ultimate Rewards®.
2. Capital One® Spark® Cash Select for Business
If your focus is on cash back rather than travel rewards, the Capital One® Spark® Cash Select for Business credit card might be for you. With it, you can earn unlimited 1.5% cash back for your business on every purchase, everywhere, no limits or category restrictions. Plus, you can get a one-time $200 cash bonus if you spend at least $3,000 on purchases within the first three months of opening an account. And, like the Bank of America® Business Advantage Cash Rewards Mastercard® credit card, there is no annual fee.
The bottom line
While looking for a new credit card can be overwhelming, using our resources can help streamline the process. If you’re looking for a new business credit card, check out our favorite options.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.