|Highlights||Credit Card Feature|
|Things We Like||Signing bonus of 25,000 bonus points|
|Our Least Favorite||No introductory low APR period on balance transfers|
|Our Verdict||Great card for unlimited 1.5 points|
If travel makes up a large part of your business, Bank of America® Travel Rewards World MasterCard® for Business credit card might have caught your attention. This MasterCard credit card from Bank of America makes a lot of sense for businesses looking for one credit card that offers both good travel rewards on business spending, and useful travel benefits. But the fact that this card has no annual fee really sets it apart from most business credit card with similar travel benefits. However, the way in which travel rewards are earned and redeemed with this card won't suit the needs of every business.
If you are wondering whether this card offers what your business needs, we recommend you read this review in which we look at the pros and cons of Bank of America® Travel Rewards World MasterCard® for Business credit card and compare it to other business travel credit cards.
Things We Like About Bank of America® Travel Rewards World MasterCard® for Business credit card
The bonus offer. You earn 25,000 bonus points after charging $1,000 in purchases to your new card account within 60 days of account opening. That's an easy bonus offer to get!
You earn 1.5 points for every $1 on all purchases. Every purchase you make with this card earns 1.5 points per $1 of purchases charged to this card. That's a pretty high rewards-earning rate.
You earn 3 points for every $1 of travel purchases booked through Bank of America's Travel Center. If you prefer a one-stop solution to travel bookings over searching for deals from many travel services, then you can earn a lot of points by making your travel bookings through the Bank of America Travel Center. You can book travel on more than 200 different airlines and stays at over 100,000 hotels and resorts. When you travel, this service gives you 24/7 phone support.
This card has no annual fee. Most good business credit cards come at a cost, which adds an extra expense for your business. This card, on the other hand, has no annual fee and still gives you good benefits.
It gives you 0% intro APR on purchases during the first 9 billing cycles. You get 0% introductory APR for the first 9 billing cycles on purchases, which provides a good opportunity to make necessary purchases and pay them off without an APR before that intro APR period ends. After that intro period, a standard 11.74% - 21.74% variable APR applies to purchases.
It has no international transaction fee. If you travel outside of the U.S. in the course of your business, this perk can save you money. Most credit cards charge a 3% international transaction fee, usually with a minimum charge of $5 per transaction. But when you use this card to pay in a foreign currency, you won't pay an international transaction fee.
You get cash flow management tools for business. This card offers a number of online services that can save you time and stress. For example, you can download transactions directly into QuickBooks for easy accounting, and make automatic payments and transfers. MyReport Center gives you the power to run detailed spending reports at either the company or employee level, your businesses' automatically categorized spending history for the past 24 months, search transactions and run customizable reports (at the company and employee level), and easily download the reports you create in a number of Excel-based formats.
You get fraud monitoring. All transactions charged to this card are monitored for fraudulent activity. If an abnormal pattern is detected, Bank of America will block potential fraud and inform you of the suspected fraudulent activity.
You are protected with zero liability protection for unauthorized transactions. Unlike consumer credit cards, a business credit card does not legally have to offer you protection against fraudulent purchases. With many other business cards, if a disgruntled former employee, a clever hacker, or a pickpocket helps themselves to your line of credit, you will be forced to foot the bill. But this card has zero liability protection for unauthorized transactions, so you won't be held liable to pay for transactions which you did not approve. Bank of America goes a step further with this business credit card by adding an extra layer of protection against misuse of the card account by terminated employees.
You get complimentary travel accident insurance. Some cards are good for earning travel rewards, other cards are good for actually booking travel and taking with you on trips. This card is good at both. Aside from the travel rewards you earn and the fact that you don't pay an international transaction fee when you use this card outside of the U.S., you also get solid travel perks just by using this card to pay for your travel booking purchases in full. These perks include travel accident insurance (up to $250,000 coverage), auto rental insurance, emergency ticket replacement, and lost–luggage assistance. If you feel you need more travel protection than what you get as standard, this card gives you the option to get extended protection.
Mobile banking for easy account management. Wherever you go, you can use your phone to manage your account online with mobile banking. You can also access your account via secure online banking. This makes it possible for you to monitor employee transactions and other account activity, and check the account balance.
You can get overdraft protection. You get the option to link your credit card account to a Bank of America business checking account for overdraft protection. This can help you avoid paying overdraft penalties on your business checking account because Bank of America will automatically transfer money (in multiples of $100) to cover any overdrafts which your checking account may incur.
No penalty APR. If everything goes wrong and you miss a payment, you won't have to deal with a penalty APR. However, there is a late payment fee ($19 if balance is $100 or less, $29 for balances between $100.01 - $1,000, $39 for balances between $1,000.01 - $5,000, and $49 if the balance is greater than $5,000). Paying late could also negatively affect your credit score, so this should still be a no go, even when there is no penalty APR.
Our Least Favorite Things About Bank of America® Travel Rewards World MasterCard® for Business credit card
No introductory low APR period on balance transfers. While you do get a 0% intro APR on purchases for the first 9 billing cycles, you do not get a low intro APR period for balance transfers. The standard 11.74% - 21.74% variable APR applies to balance transfers from day 1. There is also a balance transfer fee of either $10 or 4% of the amount of each transaction (whichever is greater). If you have a lot of card debt you may want to consider getting a card which offers a low intro APR period for balance transfers.
How Other Cards Compare With Bank of America® Travel Rewards World MasterCard® for Business credit card
Capital One® Spark® Miles Select for Business also has no annual fee and lets you earn 1.5 miles per $1 on every purchase, every day. You can redeem these miles towards the cost of any travel purchases you charge to this card, so you get a lot of flexibility. But by comparison, Bank of America® Travel Rewards World MasterCard® for Business credit card also lets you earn 3 points for every $1 spent for travel booked through Bank of America's Travel Center. So while Capital One® Spark® Miles Select for Business is a good choice if you want the flexibility to choose how and where you book travel, Bank of America® Travel Rewards World MasterCard® for Business credit card can be very rewarding if you prefer a one-stop service. You get a 0% intro APR on purchases for 9 months (with a 13.49% - 21.49% variable APR after), which is similar to what Bank of America® Travel Rewards World MasterCard® for Business credit card offers. Depending on your creditworthiness you may get a lower APR with Bank of America® Travel Rewards World MasterCard® for Business credit card (11.74% - 21.74% variable APR) compared to the lowest APR you could get with Capital One® Spark® Miles Select for Business. But Capital One® Spark® Miles Select for Business has a lot to recommend it. You get benefits like free employee cards, quarterly and year-end summaries, downloadable purchase records in multiple formats (including QuickBooksTM, Excel® and Quicken®) for easy accounting. Much like Bank of America® Travel Rewards World MasterCard® for Business credit card this card has no foreign transaction fees and $0 fraud liability if your card is lost or stolen.
The Business Gold Rewards Card from American Express OPEN, a GET.com advertiser, lets you get 50,000 Membership Rewards® points after you spend $5,000 in purchases on the Card within the first 3 months of Card Membership. You get 3x points per $1 for purchases in your choice of 1 out of 5 business-relevant spending categories (airfare purchased directly from airlines is one of these). You also earn 2X points per $1 you spend on purchases in the 4 remaining categories and 1X point per $1 on other purchases. Membership Rewards® points can be redeemed in many different ways. This card has no foreign transaction fees (similar to Bank of America® Travel Rewards World MasterCard® for Business credit card) and also provides a useful suite of expense-management tools. The travel benefits you get, like travel accident insurance and car rental loss and damage insurance, a baggage insurance plan and premium roadside assistance make this a useful card for travelers. This charge card from American Express will appeal to you if you like to earn extra rewards in spending categories, but still have the freedom to choose which category of purchases you will earn the most points for. The downside is that this card has a $0 introductory annual fee for the first year, then $175, so you need to take that into consideration if saving through rewards is important to you. Bank of America® Travel Rewards World MasterCard® for Business credit card, by comparison, has no annual fee.
The Business Platinum® Card from American Express OPEN will work well for you if benefits are more important to you than costs. This card has a $450 annual fee, which is pretty high considering Bank of America® Travel Rewards World MasterCard® for Business credit card has no annual fee. But in exchange for that annual fee you get a business travel experience which includes complimentary access to over 1,000 airport lounges worldwide, 10 complimentary Gogo inflight internet passes annually and unlimited complimentary Wi-Fi at Boingo hotspots when you enroll, and a concierge service. When you use Membership Rewards® Pay with Points for all or part of a flight with your selected qualifying airline, you can get back 50% of the points you redeem towards that flight and you also get 50% of your points back on Business or First class flights on all airlines available through American Express Travel. You can choose a qualifying airline to get started, after which you will receive up to $200 in statement credits (per calendar year) towards incidental fees, like in-flight refreshments and checked bags, charged to this card by the airline. After you apply for Global Entry ($100) or TSA Pre✔TM ($85) and pay with this card, you receive a statement credit every 5 years towards the cost. All in all, the travel benefits you get with this card dwarf those you get with Bank of America® Travel Rewards World MasterCard® for Business credit card, but they come at a price. And when it comes to earning rewards, you may actually come out better with Bank of America® Travel Rewards World MasterCard® for Business credit card because The Business Platinum® Card from American Express OPEN only lets you get 1 point for each $1 of eligible purchases on purchases under $5,000 and 50% more Membership Rewards® points on each qualifying purchase of $5,000 or more (1.5 points per $1 and you can earn up to 1 million additional points). This card currently has a welcome offer that lets you earn up to 75,000 Membership Rewards® points: you'll earn 50,000 Membership Rewards points after you spend $5,000 and an extra 25,000 points after you spend an additional $10,000 all on qualifying purchases within your first 3 months of Card Membership.
Bank of America® Travel Rewards World MasterCard® for Business credit card gives you all the travel credit card basics, including travel rewards and some travel benefits, all at no annual fee.
Bank of America® Travel Rewards World MasterCard® for Business credit card strikes a good balance between cost and service. There are cards that potentially let you earn more travel rewards, but these generally have an annual fee. You can also find more exclusive business payment cards that give you more travel benefits. But Bank of America® Travel Rewards World MasterCard® for Business credit card has a very good rate of points per dollar for all purchases, and also gives you travel perks like no international transaction fee and travel insurance. Best of all, you pay no annual fee. If you want a rewarding travel card with business and travel perks, and you prefer not to pay for it, Bank of America® Travel Rewards World MasterCard® for Business credit card is a smart choice.
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