Bank of America Business Credit Card: If you’re a business owner looking to separate personal and business expenses, build business credit, or earn rewards on purchases, a Bank of America business credit card can be a great financial tool. Bank of America offers a variety of business credit cards with perks such as cash-back rewards, travel benefits, and flexible credit limits to help manage business expenses efficiently.
Before applying, it’s essential to understand the eligibility requirements, the types of cards available, and how to maximize the benefits. In this guide, we’ll walk you through the entire application process step by step so you can apply with confidence.
Types of Bank of America Business Credit Cards
Bank of America provides multiple business credit card options tailored to different needs. Below are some popular choices:
1. Bank of America® Business Advantage Customized Cash Rewards Credit Card
Best for: Earning cash-back rewards
Key Benefits:
- 3% cash back on category of choice (e.g., gas, office supplies, travel)
- 2% cash back on dining
- 1% cash back on all other purchases
- No annual fee
2. Bank of America® Business Advantage Travel Rewards Credit Card
Best for: Business owners who travel frequently
Key Benefits:
- Unlimited 1.5 points per dollar on all purchases
- No foreign transaction fees
- Points can be redeemed for travel expenses
3. Bank of America® Platinum Plus® Business Credit Card
Best for: Low-interest financing
Key Benefits:
- Low introductory APR
- No annual fee
- Access to business spending management tools
Each card has unique advantages, so it’s crucial to compare the features before applying.
Eligibility Requirements
Before applying, ensure you meet the eligibility criteria set by Bank of America:
✅ Business Structure: Sole proprietorship, LLC, Corporation, or Partnership
✅ Minimum Credit Score: Typically 670 or higher (good to excellent credit)
✅ Required Documents: Proof of business registration, EIN (or SSN for sole proprietors), financial records
If your business is new or you have a lower credit score, you may still qualify but may receive a lower credit limit or higher interest rates.
Choosing the Right Business Credit Card
To choose the best business credit card, consider the following factors:
📌 Rewards & Cash Back: If you spend a lot on office supplies, travel, or advertising, opt for a rewards card.
📌 Low-Interest Rates: If you need financing, a low-APR card may be better.
📌 Annual Fees: Some cards charge annual fees, while others do not.
📌 Foreign Transaction Fees: If you travel for business, choose a card with no foreign fees.
By aligning your business needs with the card’s features, you can maximize benefits and minimize costs.
Step-by-Step Guide to Applying Online
Applying for a Bank of America business credit card online is simple. Follow these steps:
1️⃣ Visit the Official Bank of America Website
- Go to www.bankofamerica.com and navigate to the business credit card section.
2️⃣ Select the Business Credit Card
- Compare available cards and choose the one that best suits your business needs.
3️⃣ Click on “Apply Now”
- You’ll be directed to the online application form.
4️⃣ Provide Business Information
- Business name, type, industry, address, and phone number.
- EIN or Social Security Number (SSN) for sole proprietors.
5️⃣ Enter Financial Details
- Annual revenue and business expenses.
- Bank account details (if required).
6️⃣ Submit the Application
- Review all details carefully before submitting.
- You may receive an instant decision or be asked for further documents.
📌 Tip: Double-check all information to avoid delays or rejections.
Required Documents for Application
To ensure a smooth application process, prepare the following documents:
📝 Business License & Registration: Proof of legal business entity.
📝 Employer Identification Number (EIN): Or Social Security Number (for sole proprietors).
📝 Financial Statements: Bank statements, balance sheets, and tax returns.
📝 Personal Identification: Driver’s license or passport.
Having these documents ready will speed up the approval process.
Application Review Process
Once you submit your application, Bank of America reviews it based on several factors, including your business revenue, personal and business credit scores, and financial history. Here’s what happens next:
1. Instant Approval or Further Review
- If your credit profile is strong, you might receive instant approval with details about your credit limit.
- If more information is needed, your application will go under manual review, which can take a few business days.
2. Additional Documentation Request
- In some cases, the bank may ask for extra documents, such as tax returns or proof of business ownership.
- If you receive a request, respond quickly to avoid delays.
3. Application Decision & Credit Limit Assignment
- If approved, you will receive an email or letter detailing your credit limit, interest rates, and terms.
- If denied, Bank of America will provide reasons and suggestions for improving your creditworthiness.
📌 Pro Tip: If your application is under review, you can call Bank of America customer support to check the status.
Alternative Ways to Apply
Besides the online application, you can also apply through these methods:
1. Applying In-Person at a Bank of America Branch
- Visit a local Bank of America branch.
- Meet with a representative who can guide you through the process.
- This method is ideal if you have questions or need personalized recommendations.
2. Applying Over the Phone
- Call Bank of America’s business credit card division to apply.
- A representative will ask for your business and financial details.
- You might still need to email or fax certain documents.
These alternative methods work well for those who prefer a human touch in the application process.
Managing Your Business Credit Card After Approval
After approval, it’s important to manage your card effectively to maintain a strong credit score and maximize benefits.
1. Setting Up Online Banking & Auto-Pay
- Register for Bank of America online banking to track expenses, pay bills, and view statements.
- Enable auto-pay to avoid late fees and interest charges.
2. Understanding Your Credit Limit & Interest Rates
- Stick to responsible spending and avoid maxing out your credit limit.
- Be aware of the APR (Annual Percentage Rate) and any penalties for late payments.
3. Using Expense Management Tools
- Bank of America offers tools to categorize expenses, set spending alerts, and track tax-deductible purchases.
- These features are especially useful for small businesses and startups.
📌 Remember: Managing your business credit card wisely will help you build a strong financial foundation for your company.
Maximizing Business Credit Card Benefits
Want to get the most out of your business credit card? Here are some key strategies:
1. Choose the Right Spending Categories
- If your card offers cash-back rewards, focus on spending in the highest reward categories (e.g., office supplies, gas, travel).
2. Redeem Rewards Wisely
- Convert rewards into statement credits to reduce your expenses.
- Use travel points for business trips and save money on flights and hotels.
3. Avoid Carrying a Balance
- Pay your bill in full each month to avoid high-interest charges.
- If you must carry a balance, consider a card with low APR.
Following these tips will help you maximize savings and improve cash flow.
Building Business Credit with Bank of America
A business credit card is one of the best tools for building business credit. Here’s how to use it effectively:
1. Make On-Time Payments
- Payment history is a major factor in your business credit score.
- Set up automatic payments to avoid missing deadlines.
2. Keep Credit Utilization Low
- Try to use less than 30% of your credit limit to maintain a good credit score.
3. Establish a Relationship with the Bank
- If you use your business credit card responsibly, you may qualify for higher credit limits and better loan options in the future.
A strong business credit score can help you secure larger loans, better vendor terms, and lower interest rates.
Common Mistakes to Avoid When Applying
Many business owners make mistakes that can lead to application rejection or financial trouble. Avoid these errors:
❌ Applying Without Proper Documentation – Make sure you have all required documents before applying.
❌ Not Checking Your Credit Score – If your score is below 670, consider improving it first.
❌ Ignoring Fees & Interest Rates – Always read the fine print before choosing a card.
❌ Mixing Personal & Business Expenses – This can hurt your business credit and complicate tax filing.
By avoiding these pitfalls, you can increase your chances of approval and long-term success.
What to Do If Your Application is Denied?
If your application is rejected, don’t panic! Here’s what to do next:
1. Find Out the Reason for Denial
- Bank of America will send you a letter explaining why your application was denied.
2. Improve Your Credit Score
- Pay off outstanding debts and reduce your credit utilization.
- Correct any errors on your credit report.
3. Consider a Secured Business Credit Card
- If your credit score is too low, you can start with a secured business credit card to rebuild credit.
4. Reapply After a Few Months
- Once you improve your financial standing, try applying again.
📌 Pro Tip: Call Bank of America’s reconsideration line and ask if they can reassess your application.
FAQs about Bank of America Business Credit Card
1. How do I apply for a Bank of America Business Credit Card?
You can apply for a Bank of America Business Credit Card online, by visiting a local branch, or by calling their customer service. Ensure you have all necessary business documentation and financial information ready for a smooth application process.
2. What are the benefits of using a Bank of America Business Credit Card?
Bank of America Business Credit Cards offer a variety of benefits including cash back, travel rewards, no foreign transaction fees, and detailed spending reports to help manage your business finances efficiently.
3. Are there any annual fees?
Some Bank of America Business Credit Cards have no annual fee, while others do, depending on the benefits and features offered. Check the specific card details for precise information.
4. Can I get employee cards, and is there a fee?
Yes, you can request additional cards for employees. There might be no additional cost for employee cards, but this can vary between different card offerings.
5. What should I do if my card is lost or stolen?
Immediately report any lost or stolen Bank of America Business Credit Card to customer service. They provide 24/7 support to help secure your account and issue a replacement card.
6. How can I manage my credit card account online?
Bank of America offers an online banking platform where you can view transactions, pay bills, and manage your credit card account securely from anywhere.
7. Is there an app for managing my business credit card?
Yes, Bank of America’s mobile app allows you to manage your business credit card account on the go, including making payments, viewing statements, and checking recent transactions.
8. What credit score is needed for a Bank of America Business Credit Card?
The credit requirements can vary by card. Generally, a good to excellent credit score is recommended to qualify for most business credit cards.
9. How long does it take to receive a decision on my application?
The decision can be instant in some cases, or it might take a few business days. If additional documentation is required, it could extend the processing time.
10. What is the customer service number for Bank of America Business Credit Cards?
You can contact the Bank of America Business Credit Card customer service at 1-800-XXXX (replace XXXX with the correct numbers). They are available 24/7 to assist with any queries or issues you might have.
For more detailed information, visit the Bank of America website or contact their customer service directly.
Final Thoughts
Applying for a Bank of America business credit card can be a great step toward financial growth for your business. By choosing the right card, preparing the necessary documents, and managing your credit responsibly, you can enjoy rewards, cash-back benefits, and improved business credit.
If you’re ready, go ahead and start your application today!
