Bank of America Business Advantage Travel Rewards review: Better with the Preferred Rewards for Business program
Editor's Note
Bank of America Business Advantage Travel Rewards overview
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is a good choice for everyday business expenses — if you qualify for the Preferred Rewards® for Business program. However, other customers will find more value in other card options. Card Rating*: ⭐⭐⭐
*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
The Bank of America Business Advantage Travel Rewards World Mastercard credit card is one of a handful of Bank of America business cards that earn rewards.
It earns a fixed 1.5 points per dollar spent on all purchases. However, you can earn even more if you have a business checking account with Bank of America and are enrolled in Preferred Rewards for Business.
It has no annual fee, and we recommend applicants have a credit score of at least 670 to increase their chances of approval.
Existing Bank of America customers can potentially get a lot of value out of this card, but make sure that it's the right business card option for you. There are other low-cost business cards that offer a higher return and more flexible redemption options.
Related: How to pick a strategy for your small-business credit cards
Bank of America Business Travel Rewards pros and cons
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Bank of America Business Travel Rewards welcome offer
You get a decent welcome bonus with the Business Advantage Travel Rewards for a no-annual-fee card. You'll earn 50,000 points after spending $5,000 on purchases in the first 90 days of account opening. That comes out to $500 toward travel or dining that can be redeemed as statement credits.
It's certainly not the highest welcome bonus available right now, but $500 for only $5,000 in spending isn't bad.
Bank of America Business Travel Rewards benefits
There aren't a ton of perks and benefits with the Business Advantage Travel Rewards. However, that's not surprising since it doesn't charge an annual fee.
You will get business tools such as QuickBooks integration to help make expense tracking easier.
You'll also get travel protections, including travel accident insurance, lost luggage reimbursement, trip cancellation coverage and trip delay reimbursement. These can save your business hundreds of dollars when things go wrong on the road.
Earning points with the Bank of America Business Travel Rewards
With the Business Advantage Travel Rewards, you'll earn a flat 1.5 points per dollar spent on all purchases.
This earning rate makes this a decent business card for nonbonus spending, but the Preferred Rewards for Business program makes this card a potential winner. That said, big changes were recently announced for the consumer Preferred Rewards program (which will go by BofA Rewards starting May 27), so we could see similar changes in the business version as well.
The Preferred Rewards for Business program is similar to the soon-to-change personal version. You're eligible to enroll if you have at least a $20,000 three-month average balance in qualifying Bank of America business deposit accounts or Merrill business investment accounts.
There are three tiers with a number of banking and credit card benefits. You'll get a 75% bonus (up to 2.62 points per dollar spent on all purchases) on all base points earned with the card if you qualify for the Platinum Honors tier. Lower tiers — Gold and Platinum — get 25% and 50% bonuses, respectively.
Related: Business cards vs. personal cards: Key differences
Redeeming points with the Bank of America Business Travel Rewards
You can redeem your Business Advantage Travel Rewards points as a statement credit for:
- Cash back: 0.6 cents per point
- Eligible travel purchases: 1 cent
- Eligible dining purchases: 1 cent
- Gift cards: Varies
You'll get the most out of your points when you redeem them as a statement credit for travel or dining, as TPG editor Emily Thompson prefers. Note that a minimum redemption of 2,500 points ($25 toward travel or dining purchases) applies.
Related: How (and why) to calculate award redemption values
Which cards compete with the Bank of America Business Travel Rewards?
There are several cards that compete with the Business Advantage Travel Rewards:
- If you prefer American Express: The Blue Business® Plus Credit Card from American Express has no annual fee (see rates and fees) and earns 2 points per dollar spent on purchases. However, the 2 points per dollar rate is only on the first $50,000 spent per calendar year (you'll earn 1 point per dollar spent thereafter). For more information, read our full review of the Blue Business Plus.
- If you prefer Chase: The Ink Business Unlimited® Credit Card (see rates and fees) is a great business-card option for those interested in Chase cards. The card earns 1.5% cash back on purchases — and you can convert these earnings to Chase Ultimate Rewards points if you also have a premium Chase card. For more information, read our full review of the Ink Business Unlimited.
- If you prefer Capital One: The Capital One Spark Miles Select for Business earns 1.5 miles per dollar spent on all purchases, making it a solid no-annual-fee choice for business owners. Miles can also be transferred to travel partners. For more information, read our full review of the Spark Miles Select.
For additional options, check out our full list of the best business cards.
The information for the Capital One Spark Miles Select for Business has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Related: Your guide to the Chase Ink Business credit cards
Is the Bank of America Business Travel Rewards worth it?
The Business Advantage Travel Rewards is only worth it if you are a Preferred Rewards for Business member. If you're not, consider a card like the Capital One Spark Miles for Business, which offers better redemption options thanks to its suite of transfer partners.
Related: How to choose the right credit card for your business expenses
Bottom line
If you qualify for the Preferred Rewards for Business program, the Business Advantage Travel Rewards can be a nice way to earn travel rewards. At the top Platinum Honors tier, you'll earn 2.62 points per dollar spent on all of your business expenses with this card.
However, nonmembers should look elsewhere for higher returns on both travel rewards and everyday spending.
Apply here: Bank of America Business Advantage Travel Rewards World Mastercard
For rates and fees of the Blue Business Plus Amex, click here.