Business travel can be expensive, and most business travel credit cards add to the expense with an annual fee. The Bank of America® WorldPoints® Travel Rewards for Business Visa® credit card, however, is a low-cost alternative with rewards that even some of the best business travel cards can’t match.
Bank of America® WorldPoints® Travel Rewards for Business Visa® credit card: Benefits and basics
If you’re approved for the Bank of America® WorldPoints® Travel Rewards for Business Visa® credit card, you’ll get the chance to earn an easy sign-up bonus: Earn 5,000 bonus points after the first purchase on your account and get $100 statement credit after $500 in purchases within 60 days of account opening. Let’s take a look at what makes this card worthy of consideration.
great travel rewards
For ongoing rewards, you’ll earn 1.5 WorldPoints per $1 spent. If you book your travel through the Bank of America® Travel Center, you’ll earn 3 points per $1 spent. The best you can get with other business cards that offer general travel rewards is usually 2 points per $1 spent. So if your business requires heavy travel, you’re likely to rack up rewards more quickly with this card.
introductory apr deal
If you’re planning on a one-time, big-ticket purchase or you expect your cash flow to be slow for a few months, the Bank of America® WorldPoints® Travel Rewards for Business Visa® credit card can help you with its introductory 0% APR period on purchases: 0% for 9 billing cycles, and then the ongoing APR of 11.49% - 21.49% Variable APR.
no annual fee or foreign transaction fee
You should never have to pay a foreign transaction fee on a travel card, especially if your business requires a lot of overseas trips. This card doesn’t charge one. It also has an annual fee of $0.00, so you don’t have to worry about that, either.
Bank of America® WorldPoints® Travel Rewards for Business Visa® credit card: Pitfalls and other possibilities
While the Bank of America® WorldPoints® Travel Rewards for Business Visa® credit card is a great choice if you spend a lot on travel, there are a couple of things to consider before making your decision:
a cash-back card provides more flexibility
Getting extra rewards for booking travel through the Bank of America® Travel Center is nice, but if you want to redeem your WorldPoints as cash, you’re not going to get as much value. Cash redemption starts at 2,500 points for $15, and 3,500 points earn a $25 gift card. If you redeem for travel, however, 2,500 points are worth $25 in travel.
The Capital One® Spark® Cash Select for Business, on the other hand, earns 1.5% cash back on every purchase. It doesn’t offer extra rewards for certain travel purchases like the Bank of America® WorldPoints® Travel Rewards for Business Visa® credit card. However, you can use your cash back for anything you want without worrying about getting a subpar redemption rate for it.
The card comes with a $0 annual fee and a decent sign-up bonus: Earn a one-time $200 cash bonus once you spend $3,000 on purchases within the first 3 months. It also offers an annual percentage rate of 0% on purchases until November 2016, and then the ongoing APR of 13.24% - 21.24% (Variable). Like all Capital One cards, it doesn’t charge a foreign transaction fee.
travel rewards are better elsewhere
If your business spends enough to merit carrying a card with an annual fee, you’re more likely to get a bigger sign-up bonus and better ongoing rewards with the Capital One® Spark® Miles for Business. The card offers 2 miles per $1 spent on every purchase, plus a killer sign-up bonus: Earn a one-time bonus of 50,000 miles once you spend $4,500 on purchases within the first 3 months.
The card has an annual fee of $0 intro for first year; $59 after that. However, you’ll make up for the fee if you spend $11,800 annually. Any rewards you earn beyond that are gravy. Plus, you’ll pay no foreign transaction fee.
Is the Bank of America® WorldPoints® Travel Rewards for Business Visa® credit cardright for you?
The Bank of America® WorldPoints® Travel Rewards for Business Visa® credit card is a decent option if you’re looking for a business credit card. It’s especially rewarding if you plan on spending a lot on travel. But for more flexibility and bigger rewards, you may be better off looking elsewhere.
Ben Luthi is a staff writer at NerdWallet, a personal finance website. Email: bluthi@nerdwallet.com. Twitter: @benluthi.
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