Even if you don’t have established business credit, you could apply and get a business credit card using your personal credit. The Bank of America Business Advantage Customized Cash Rewards credit card could earn you the most cash back when the bulk of your company spending occurs in one type of category. Pros:
Choose one spending category for a higher rewards rate of 3%You can change the selected spending category each month0% introductory APR for the first nine statement cycles (then 12.49% to 22.49% variable)Rewards won’t expireSelect Bank of America business bank account holders could earn higher rewards rates
Cons:
A foreign transaction fee of 3%Higher 2% and 3% rewards categories revert to 1% after the first $50,000 in spending.
Approval depends on your personal credit score instead of your company’s. You’ll need good credit (or better) for the best odds of approval.
The legal business name, addressFederal tax ID numberBusiness entity type (LLC, sole proprietorship, corporation)The legal names, contact information, Social Security numbers and ownership percentage for all business owners Your personal Social Security numberPersonal income information
Before you start spending, set up your preferred category to earn 3% cashback. Keep in mind that you’ll automatically receive 2% cashback on dining and 1% cashback on all other purchases. To designate a 3% back category, choose from:
Office supply retailersTravelGasBusiness consultingTV, wireless, and telecomComputer services
You could change your categories from one month to another, which could be helpful if you have a large, upcoming purchase you’d like to receive higher cash rewards on. If you don’t select a category, gas purchases will be the default. Keep in mind that spending over $50,000 per year in dining or your chosen category will drop the rewards rate down to 1%.
5.25% on your category of choice3.5% on dining (on the first $50,000 spent on combined purchases)1.75% back on all other purchases
Request a checkReceive a statement creditRequest a transfer into your Bank of America business account
For help applying for a business card or to open a new account: 1-866-283-4075For existing customers: 1-800-892-3219
Other business cards with high rewards rates include the Ink Business Cash® Credit Card with 5% on select categories and the American Express® Business Gold Card that earns 4x points on purchases.
