Bank of America Business Advantage Travel Rewards World Mastercard
- Best for: Business owners who travel for work and keep $50,000 or more at Bank of America
- What Sets It Apart: 25% to 75% more points through Preferred Rewards for Business; 3 points per $1 on travel booked through BofA Travel
- Cost: $0 annual fee; no fee on purchases abroad; no interest on purchases for 7 billing cycles, then 16.99% to 26.99% variable
- Features: 1.5 points per $1 on everyday purchases; points worth 1 cent each toward travel or dining; 50,000 online bonus points after $5,000 in purchases in 90 days; free employee cards
- Pros: Up to 2.62 points per $1 on everyday purchases; sole proprietors can apply; rental car coverage and travel accident insurance
- Cons: Points worth 0.6 cent each as cash; no transfers to airline or hotel programs; the owner is personally liable
Get the Bank of America Business Advantage Travel Rewards card if you travel for work and your business keeps $50,000 or more with the bank. Once you enroll in the bank’s Preferred Rewards for Business program, you’ll earn at least 2.25 points per $1, worth more toward travel and dining than a 2% cash back card pays.
This card is for business spending, and its points pay for travel and dining. Unlike Bank of America’s personal Travel Rewards card, it earns extra points based on your business balances, not your personal ones.
Key Features
- No annual fee and no fee on purchases abroad
- 3 points per $1 on travel booked through BofA Travel, the bank’s travel booking site, and 1.5 points per $1 on everything else
- 25% to 75% more points through Preferred Rewards for Business, which needs a business checking account and a three-month average of $20,000 or more across your Bank of America and Merrill business accounts
- Points worth 1 cent each as a credit against travel or dining charges
- No interest on purchases for the first 7 billing cycles, then a variable rate of 16.99% to 26.99%
Pros
- 2.25 points per $1 on everyday purchases at $50,000 in business balances, and 2.62 at $100,000
- An online bonus of 50,000 points, worth $500 toward travel or dining, once you spend $5,000 in your first 90 days
- Free employee cards, with every charge visible to the owner
- Sole proprietors, side businesses included, can apply with a Social Security number
- Rental car coverage and a $1 million travel accident policy
Cons
- Under $50,000 in business balances, everyday purchases earn at most 1.87 points per $1, worth less than a no-fee card’s flat 2% cash back
- Points are worth 0.6 cent each as cash, so owners who’d rather have cash back should look at the bank’s Business Advantage Unlimited Cash Rewards or Customized Cash Rewards card
- Points can’t move to airline or hotel loyalty programs
- You’re personally liable for the balance
- Bank of America may decline a business that has had another of its business cards in the past 24 months
If your business keeps $50,000 or more at Bank of America, apply, then enroll in Preferred Rewards for Business, since the boost isn’t automatic. With smaller balances, look at Wells Fargo’s Signify Business Cash, which pays a flat 2% with no annual fee but charges 3% on purchases abroad.
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