If you’re traveling for work and have a strong relationship with Bank of America, the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is worth considering. This entry-level travel card may lack some of the details that its upscale competitors offer. The card’s $ 0 annual fee and a handful of perks make it a decent option for those not looking for added frills.
Key Features of the Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card
With so many travel cards to choose from, it is often a challenge to differentiate between them.
While this one may not stand out from the competition at first glance, its various offerings are worth taking a second look at.
No annual fee
Some business travel rewards cards charge an annual fee, but you won’t find one with this card.
Many rewards cards use rotating reward categories, which can make it confusing to keep track of how many points you are earning. The Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card aims to simplify the rewards process by offering you a set number of points for every dollar spent on any non-travel purchase.
The card offers 1.5 points for every $ 1 you spend on non-travel purchases for your business. And there is no limit to the number of points you can earn.
A broad definition of travel
The card offers bonus points that you can redeem for a statement credit to cover a wide variety of travel-related purchases. So if your definition of work travel includes more than airfare, you’re in luck.
Your statement credit will cover purchases such as airlines, hotels, motels, timeshares, RV parks, RV and RV rentals, as well as other modes of transportation and lodging. This means you get more points for your dollar. But to earn those points, you’ll need to make those eligible purchases through the Bank of America Travel Center rather than dealing directly with your favorite merchant.
If you’re wondering what the rewards rate is for those travel-related purchases: You can earn three points, which is 1.5 basis points plus an additional 1.5 bonus points, for every $ 1 spent on purchases made through Bank of America Travel Center. . That’s double the 1.5 point rewards earning rate you earn on your standard travel purchases.
You already have a business account
The Bank of America®’s Business Advantage Travel Rewards World Mastercard® credit card is best for business owners who already have a strong relationship with Bank of America or those who are members of the Preferred Rewards for Business Platinum Honors tier. Depending on the level of your Preferred Rewards status and the type of card you have, you can earn 25% to 75% more rewards with eligible bank accounts along with other benefits.
Are the benefits worth it?
While the Bank of America® Business Advantage Travel Rewards World Mastercard®’s credit card doesn’t charge an annual fee, it doesn’t offer much reason to enthusiastically apply for it either. Unless you’re an existing Bank of America customer, you’ll want to carefully weigh some of the downsides of this credit card before deciding to apply.
Mediocre welcome bonus
As a new cardholder, you may be eligible to earn the card’s 30,000-point welcome bonus, which is worth $ 300, if you spend $ 3,000 on qualifying purchases within the first 90 days of opening a new account. That’s enough to have to spend to receive a few hundred dollars.
Compare that to the eye-catching 100,000 points welcome bonus from the Chase Ink Business Preferred® credit card, which you can earn if you spend $ 15,000 on purchases within 3 months of opening your account. The sign-up bonus is worth $ 1,250 if you redeem for rides through Chase Ultimate Rewards®. After subtracting the annual fee of $ 95, you would still have a profit of $ 1,155.
So if you’re considering the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card for your travel rewards, you might want to look elsewhere.
Personal guarantee required
No matter how strong your business credit is, one downside to this card is that it requires you to personally endorse any purchases in case the business cannot cover them.
While this is not unique to the industry, it is worth considering whether you want to risk personal liability for purchases.
Loyalty by any other name
While Bank of America may reward your loyalty through its Recommended Rewards program, it can be difficult to transfer loyalty points from your hotel or airline rewards programs.
Bank of America allows you to transfer reward points only to its WorldPoints members. While those partners may include popular retailers, you will need to log into your account to see the current hotel and travel partner offerings, restrictions, and any other guidance that may accompany point transfers.
Minimum points required
While earning travel points can be simplified with this card, redeeming them is less so. Points can be redeemed as statement credits to cover travel purchases made through the Bank of America Travel Center. You can also choose to redeem for cash back or gift cards.
It’s worth noting that you must earn a minimum of 2,500 points, which is worth $ 25, to redeem them. While that may not be a problem for business travelers who generally hit these thresholds quickly, it is a restriction worth noting.
Other important details
Here are some other noteworthy features to know about if you are considering subscribing to the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card.
- No Foreign Transaction Fee – You can use this card anywhere in the world where Mastercard is accepted without paying any foreign currency or transaction fees.
- Travel Coverage: If your trip is canceled or delayed, or if you have problems along the way, the card can cover the cost with travel accident insurance, lost luggage reimbursement, trip cancellation coverage, and reimbursement benefits for travel delay.
- 0% Introductory Period: This card offers a 0% introductory APR for purchases during the first 9 billing cycles after opening a new account. After that, the variable purchase APR will be 12.24% to 22.24%, based on your credit history.
Who is this card good for?
This credit card is best for business owners who already have a strong relationship with Bank of America. The rewards rate on most purchases equals 1.5% travel back, which is a fair rate but nothing too exciting. But adding 25% to 75% more, depending on your Preferred Rewards tier, makes this card more important.
If you are already part of Bank of America’s Preferred Rewards program, or eligible to join, you should seriously consider this card. If you haven’t already bankrolled with Bank of America, this business credit card is a relatively basic one in their offerings.
Not sure this is the card for you? Consider these alternatives.
- Ink Business Preferred® Credit Card – This card is ideal for business owners who want premium travel rewards with a minimal annual fee.
- Capital One® Spark® Cash Select for Business – Consider this card if you are looking for simple cash back rewards program for your business.
- American Express Business Platinum Card® – This is a card for business travelers who expect luxury travel experiences and don’t mind paying a premium for a high-end rewards card.