Building a strategy to maximize business credit card rewards requires time and attention -- scarce commodities for any business owner. But some credit card issuers make it easy to earn rewards on every business purchase.
The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card* is athat offers unlimited 1.5% cash back on all purchases with no spending limits.
Whether you're getting new equipment or booking travel, you'll earn unlimited cash back without worrying about spending categories or reward requirements. Thecurrently comes with a $300 online statement credit (after you make $3,000 in purchases in the first 90 days), travel perks and no annual fee, making it a solid pick for entrepreneurs wanting a simple rewards structure without any hassle.
Here's a breakdown of the Bank of America Business Advantage Unlimited Cash Rewards card, what it has to offer and other business credit cards to consider.
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Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card
- Earn unlimited 1.5% cash back on all purchases everywhere, every time.
- Earn unlimited 1.5% cash back on all purchases everywhere, every time.
Rewards and redemption
The Bank of America Business Advantage Unlimited Cash Rewards Mastercard offers unlimited 1.5% cash back on all purchases. That means you'll earn 1.5% on all business purchases like travel, office supplies, dining, printing and more without spending caps or categories.
And if you enroll in Bank of America's Preferred Rewards for Business program, you may qualify for boostedand perks as a cardholder. You can redeem your rewards as a statement credit, a mailed check, deposited into your checking or savings account or sent to an eligible Merrill investment account.
There are otherwith tiered and revolving cash back rewards that have higher rates to maximize your rewards for future purchases. But if you want straightforward rewards, this card's flat-rate rewards structure ensures you'll earn cash back on every purchase.
As a new cardholder, you can qualify for a $300 online statement credit welcome bonus if you spend at least $3,000 in purchases within the first 90 days of opening your account. This breaks down to about $1,000 each month. Compared to other business credit cards, this welcome offer is smaller. For example, the Chasecould earn you $900 after spending $6,000 within the first three months. However, since the spending threshold is much lower -- $3,000 compared to $6,000 -- Bank of America's welcome offer for this card may be more attainable.
The Business Advantage Unlimited Cash Rewards card has aon purchases for the first nine billing cycles. After that, a variable APR of 16.49% to 26.49% kicks in. However, there's no balance transfer introductory offer -- balance transfers have a variable APR of 16.49% - 26.49%, plus a 4% balance transfer fee.
If you plan to make a larger business purchase, such as buying equipment or software, you'll have until the end of the introductory period to repay your balance and avoid interest. But, if you need to transfer a balance from another business credit card, it's best to consider another option.
There are a few other travel benefits the Bank of America Business Advantage Unlimited Cash Rewards Credit Card offers to help when travel plans go awry:
- Up to $100,000 in travel accident insurance
- Rental car insurance
- Lost luggage assistance
- Medical referral assistance
- Free access to your Dun and Bradstreet business credit score
- Cash flow management tools to manage transactions and transfers using Quickbooks
- Fraud monitoring and protection against unauthorized transactions
Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card is a flat-rate business cash back card. Thisoffers 1.5% unlimited cash back on all business purchases and has a higher welcome bonus compared to other business credit cards. You can earn $900 if you spend $6,000 within the first three months of account opening. You can redeem your rewards for cash back, gift cards, and travel through Chase Ultimate Rewards. There's no annual fee, and it has a 0% introductory APR period of 12 months for new purchases. After that, there's a variable APR of 17.49% - 23.49%.
The Ink Business Unlimited comes with roadside assistance, along with legal and medical referrals. There's also extended warranty protection for up to one year and purchase protection for up to 120 days to cover damage or theft up to $10,000 per claim.
American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card earns 2% cash back on up to $50,000 of eligible business purchases per calendar year, and 1% after that. You can earn a $250 statement credit welcome bonus if you spend $3,000 within the first three months. American Express automatically applies cash back as a statement credit.
Thiscomes with a 0% APR introductory period on new purchases for the first 12 months of opening an account. After that, there's a variable APR of 17.74% - 25.74%.
Travel perks for this card include car rental loss and damage insurance** when you reserve a rental car with your card. Access to the 24/7 Global Assist® Hotline, a concierge service to assist with emergencies, reservations and more, are also included. Other benefits include extended warranty** and purchase protection** for 90 days and up to $1,000 per claim.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
**Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
Wells Fargo Business Platinum Credit Card
The Wells Fargo Business Platinum Credit Card* is a no-annual-fee card with two ways to earn rewards. You can earn 1.5% cash back on qualifying purchases or earn one point for every $1 spent, along with 1,000 bonus points every billing cycle that you spend at least $1,000 on qualifying purchases.
This card comes with a $300 cash back welcome bonus or 30,000 points when you spend $3,000 within the first three months of account opening. You can redeem your rewards as a statement credit, gift card, deposit into your Wells Fargo bank account, or towards travel and other merchandise. There's a 0% introductory APR on purchases for the first nine months, then a variable rate of 15.49% - 25.49%.
Perks include Visa Purchase security if eligible purchases are lost, stolen or damaged. And when you book travel with this card, you'll have travel accident insurance up to $250,000 and auto rental insurance for collision and theft.
Does a business credit card affect my personal credit?
Applying for a business credit card can impact your personal credit score since a hard inquiry is placed on your individual credit profile. This can cause a temporary dip in your credit score. However, this card can help build your business credit if you follow good credit habits, such as paying your balance in full each month.
How do you choose the best credit card for your business?
To choose the best credit card for your business, start by looking at your company's top spending categories. It's best to choose a card that earns you rewards in spending categories your business frequently spends money in. If your spending fluctuates or you spend a fairly equal amount across categories, a flat-rate rewards business card that earns you money on every purchase may make sense.
You'll also want to review any fees, such as annual and foreign transaction charges. A steep annual fee, for instance, may cost you more than you earn in rewards, depending on your company's spending habits. Lastly, look at the card perks -- you may find a benefit you were unaware of like travel insurance that will be lucrative to your business.
How do rewards cards work?
Rewards credit cards let you earn cash back or points for eligible purchases. You may only earn rewards from specific categories or within a spending limit. You can often redeem rewards for gift cards, travel, merchandise, statement credits and more -- depending on the issuer and credit card.
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*All information about the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card and the Wells Fargo Business Platinum Credit Card has been collected independently by CNET and has not been reviewed by the issuer.