What are the requirements for a Bank of America business credit card?

Bank of America offers a range of business credit cards designed to meet the needs of different types of businesses, from small startups to large corporations.

Understanding the specific requirements for obtaining one of these cards can help you prepare a successful application.

This guide will walk you through the key criteria that Bank of America considers, providing clarity on what you need to qualify for a business credit card.

What are the requirements for a Bank of America business credit card?

Bank of America offers a variety of business credit cards tailored to different business needs. To qualify for one of these cards, applicants need to meet several important criteria. The requirements are designed to ensure that the business is legitimate, financially stable, and creditworthy. Below are the key requirements you need to be aware of:

Established business

Your business must be legally registered and actively operational. This applies to all types of business structures, including:

• Sole proprietorships
• Partnerships
• Limited liability companies (LLCs)
• Corporations

You'll need to provide documentation such as business licenses, articles of incorporation, or partnership agreements to prove your business’s legal standing.

Credit history

Bank of America evaluates both your business and personal credit histories. Generally, a good personal credit score is required. Key aspects reviewed include:

• Personal credit score: A high score indicates reliability and financial responsibility.
• Business credit profile: Established credit references with positive payment histories.

A strong credit history can significantly improve your chances of approval.

Financial documentation

Applicants must submit various financial documents that demonstrate the business’s financial health. These documents typically include:

• Financial statements: Recent balance sheets and income statements.
• Tax returns: Past two to three years of business tax returns.
• Bank statements: Recent bank statements to show cash flow.

These documents help Bank of America assess your business’s ability to manage and repay credit.

Business information

Providing detailed information about your business is essential. You will need to share specifics such as:

• Type of business
• Annual revenue
• Number of employees
• Purpose of the credit card (e.g., managing cash flow, covering operational expenses)

This information gives the bank a comprehensive understanding of your business’s scale, scope, and financial health.

Personal guarantee

Most Bank of America business credit cards require a personal guarantee from the business owner. This means that you'll be personally liable for the debt if the business cannot repay it.

Understanding the implications of a personal guarantee is crucial, as it can affect your personal financial situation if the business encounters difficulties.

Meeting these requirements is a critical part of the application process, but it doesn't guarantee approval. Bank of America conducts a thorough review of each application to assess the overall creditworthiness and financial stability of applicants.

Types of Bank of America business credit cards

Bank of America provides several business credit card options to suit various business needs. Here are a few of the most popular cards:

• Business Advantage Customized Cash Rewards: Earn 3% cash back in a chosen category, 2% at grocery stores and wholesale clubs, and 1% on all other purchases.
• Business Advantage Travel Rewards: Earn unlimited 1.5 points for every dollar spent on all purchases, with no foreign transaction fees.
• Platinum Plus® for Business: Offers a low introductory APR on purchases and balance transfers, ideal for businesses looking to manage their cash flow.
• Alaska Airlines Business Card: Earn miles on Alaska Airlines purchases and everyday business expenses, plus enjoy additional travel benefits.

The application requirements for these cards generally don't differ significantly. All applicants must meet the standard criteria of having an established business, a good credit history, and providing necessary financial documentation.

Does Bank of America perform a hard pull for a business credit card?

Yes, Bank of America performs a hard pull on your credit report when you apply for a business credit card. This hard inquiry can temporarily affect your credit score. It's important to ensure that your credit profile is strong before applying to mitigate any potential negative impact.

What is the credit limit for a Bank of America business credit card?

The credit limit for a Bank of America business credit card varies based on several factors, including your business's financial health, credit history, and overall creditworthiness. Typically, credit limits can range from a few thousand dollars to significantly higher amounts for well-established businesses with strong financials.

Get a Ramp Corporate Card with no credit check or personal guarantee

If you're looking for a business credit card that offers a streamlined approval process, consider the Ramp Corporate Card. Unlike traditional business credit cards, Ramp doesn't require a personal credit check or a personal guarantee.

Here are some of the features you can expect from Ramp:

• Expense management tools: Advanced software to help you manage and control business expenses effectively.
• Automated accounting: Integration with popular accounting software like Quickbooks and NetSuite to automate and simplify bookkeeping tasks.
• Real-time reporting: Access to real-time insights and analytics to help you make informed financial decisions.
• Unlimited cards: Issue as many virtual and physical cards as needed for your employees, with customizable spending limits.

Learn how you can qualify for a credit limit up to 30 times higher than traditional business credit cards with our sales-based underwriting.