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Small Business Credit Card FAQs from Bank of America

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Get the answers you need to pick the card that's best for your business.

Applying for a card
Why do I need a small business credit card?

Small business owners benefit from using a small business credit card by separating business expenses from your personal expenses. This can help you manage your cash flow, help protect you from fraudulent charges, maintain control over your employee spending and help make tax preparation easier.

Plus you’ll get the convenience of using a credit card for everyday purchases while earning cash or travel rewards (most cards) for your business. Finally, established businesses can use a small business credit card to start building credit for the business. A good small business credit history will be critical for when the business is ready to grow.

What should I look for when shopping for a small business credit card?

Protect yourself
Bank of America is the only major small business card issuer to ensure fairness and transparency to its clients as part of the CARD Act protections often called the Credit Cardholders Bill of Rights.

Rewards and APR
You can easily earn cash back or rewards points or miles using travel rewards cards. Most rewards cards also come with a 0% introductory APR followed by a variable APR. If APR is most important, choose a card with a lower APR.

Annual Fees
Most of our cards have no annual transaction fee, while other cards have a low annual fee with enhanced rewards. Choose the combination that’s best for your bottom line.

International Transaction Fees
If you travel overseas, choose a card with no international transaction fee like the Business Advantage Travel Rewards World Mastercard® credit card.

Who can apply?

Business credit cards require the owner or an authorized officer who can borrow on behalf of the business to apply. Applicants should be U.S. residents or resident aliens with a US address (foreign business clients are not eligible to apply online at this time).

Can I apply for a business card online?

Yes, you can apply online. View and compare card features and benefits – and apply for the one that's right for you. Some applications may require further consideration and additional information from you.

Can I get my business name on the credit card?

Yes, your business name will appear below the individual cardholder name on each card that you request.

What do I need to apply for a small business credit card?

When you apply for a Bank of America business credit card, you will be asked for information about yourself, your company, and any additional cardholders you designate. To speed up the application process, it will be helpful to have several items on hand. These include:

Business information

  • Business tax ID (or Social Security number for sole proprietors)
  • Legal business name and structure
  • Date business was formed
  • Country and state of legal formation (formed in U.S. to apply online) and where you conduct your primary business operations (must be a U.S.-operating business)
  • Gross Annual Sales and net profit

Beneficial Owner and Controlling Manager

  • Name and title of person opening account
  • Name and address of entity for the account
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for foreign individuals), residential address, country of citizenship, country of residence, and percentage of ownership for each Beneficial Owner
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for foreign individuals), residential address, country of citizenship, country of residence for each controlling individual (this information is required even if no equity owner has 25% or greater ownership)
  • Certification that information provided on the Beneficial Owner and/or controlling manager is accurate

Personal information for all card holders

  • Social Security number (to verify your identity)
  • Date of birth
  • Address
  • Valid email address

Your application will authorize Bank of America to obtain a credit report or other information to help verify application information. Bank of America works with Equifax for Small Business credit reporting. Small Business credit cards are backed by personal credit, however they are not included on your credit report as long as your credit card is in good standing.

Please note additional financial information or other documents may be requested prior to the completion of your application review.

What is the status of my application?

Application processing can be complete within 24 hours of application submission but is generally completed within 10-12 business days. You will be contacted via phone if there are questions related to your application or documentation required. As a regulatory requirement, a credit decision will be mailed to you within 30 days of application submission.

When will I receive my business credit card in the mail?

If approved, you'll normally receive your new card(s) within 7-10 business days from our receipt of your application.

How many cards can I request for my company?

There’s no limit to the number of cards you can request. New applicants can request additional cardholders when submitting an application. Existing clients can request additional cardholders by signing in to Online Banking, going to the Information & Services tab for the account and selecting Add cardholder under Services.

How can I return to an unfinished application that I started and saved for later?

You can return to a saved application in the Application Center. We’ll need your name, email address, mother’s maiden name, date of birth, and business name.

If you saved your application more than 30 days ago, the application has expired and you'll need to start a new one. Sometimes offers and rates change, and a saved application may expire before 30 days. Access your saved application now

Balance transfers and cash access
How can I transfer balances to my credit card?

If you’re eligible, you can request to have a non-Bank of America business credit card balance transferred to your Bank of America business credit card by signing in to Online Banking, going to the Information & Services tab and selecting Request Balance Transfer under Services. If you are unable to complete a balance transfer via Online Banking, you may also call 800.892.3219.

Are there any restrictions on balances I can transfer?

The total value of transfer requests cannot exceed your credit line. Balance transfers may not be used to pay off or pay down another Bank of America account.

Are there any fees for balance transfers and cash advances?

Yes, there are typically fees for balance transfers and cash advances. For specific pricing, please consult the terms and conditions of the card.

How do I get cash with my credit card?

You can access cash by using your credit card and PIN at ATMs in most countries. You can also request cash advance checks from us, which can be used just like personal checks. Or you can get cash with your credit card and photo ID at most banks displaying the Mastercard® or Visa® logo.

Are there any limits on the amount that I can withdraw from an ATM?

For your security, you can only withdraw up to $400 of your available account balance per day from an ATM. If you need to withdraw more than $400, you can get a cash advance from participating banks with your credit card and a valid picture ID. Cash advance fees will apply. For specific pricing, please consult the terms and conditions of the card.

Payments & fees
How do I make a payment to my credit card?

To make a one-time payment or to set up automatic recurring payments, sign in to Online Banking and select the Bill Pay tab, then select Go to Bill Pay and follow the instructions provided.

To mail your payment, please send a check or money order made payable to Bank of America to the following address:

Bank of America Business Credit Card
PO Box 15710
Wilmington, DE 19850-5710

What can I do if I have trouble making payments?

If you’re faced with financial difficulties, we can work together to come up with a solution. Contact us to explore your options by logging in to Online Banking or calling Customer Service at 888.306.4949.

How is interest calculated?

Interest charges are calculated differently based on the type of transaction:

Purchases
Purchases made during the billing cycle are usually within what is known as the grace period. Those charges will not accrue interest until the billing cycle’s due date. After that, any remaining balance will accrue interest each day.

For example, a purchase is made at the beginning of the month. The credit card due date is the last day of the month. Prior to the due date, no interest is charged on the purchase. If the purchase is not paid in full by the due date, interest will begin accruing on the balance remaining the first day after that.

Charge cards do not accrue interest for purchases because these cards require you to pay in full each month.

Cash advances, balance transfers, and other transactions
Cash advances, balance transfers, and other transactions do not have a grace period which means interest charges begin accruing immediately.

What is an international transaction fee?

Some small business credit cards apply a foreign transaction fee to purchases made abroad. Typically the charge is a small percentage of your total transaction.

If you frequently travel to or purchase goods from foreign countries, consider our Business Advantage Travel Rewards World Mastercard® credit card that waives the international transaction fee while still allowing you to earn rewards.

If you don’t normally make purchases outside of the U.S., a foreign transaction fee could indicate suspicious activity on your business card account. For transaction details or concerns, log in to Online Banking or call the number on the back of your card.

What is a balance transfer fee?

A balance transfer fee occurs when you move a balance from a non-Bank of America small business credit card to a Bank of America small business credit card. The balance transfer fee is a one-time charge.

After the transfer is complete, interest may accrue on the balance. Please refer to the terms & conditions or your Business Card Agreement for additional details.

What is a late payment fee?

A late fee is charged if the minimum payment due on a credit card account is not received by the payment due date.

Use Online Banking and the free Bill Pay tool to avoid late fees by setting up a recurring monthly payment for your business credit card account. You can also change your due date to a time that better suits your cash flow by calling the number on the back of your card. Please allow 1-2 months for a change in due date to take effect.

Account maintenance
How do I access my account information?

Online Banking is a service that provides you a safe and convenient way to bank. With Online Banking, you can access your accounts, view your balances, get detailed transaction reports, and download account data into Quicken or QuickBooks. You can also send payments for bills, taxes, and other expenses electronically. Learn more about Online Banking

Looking for account access on-the-go? Try our award-winning mobile banking app. Check your balance, review transactions, and pay your bill directly from your mobile device. Learn more about Mobile Banking

How do I update the address for my small business credit card account?

You can change your Bank of America account address by signing in to Online Banking, selecting Profile & Settings and then selecting Your Contact Info. If you have an airline card, please let the airline know so they can update the contact information associated with your mileage program.

How do I request additional cardholders for my account?

New applicants can request additional cardholders when submitting an application. Existing clients can request additional cardholders by signing in to Online Banking, going to the Information & Services tab for the account and selecting Add cardholder under Services.

What is Account Management?

Upgrade to the Account Management service to get advanced features that let you delegate account viewing and management to trusted employees, partners and accountants, while maintaining secure control as the account owner. You can also view accounts from different financial institutions on a single page, making your cash flow management easier.

Fraud and Security
My business card was lost or stolen; what should I do?

If your card is lost, stolen, or misplaced, contact us immediately:

Within the continental United States, call us at 800.892.3219
From outside the United States, call us at 302.457.3281

Our representatives are available 24/7. We'll cancel your card and issue a replacement immediately.

Will my business be liable for fraudulent use?

You won't be liable for any unauthorized purchases or withdrawals from your account when you notify us promptly.

What is a chip card?

A chip card is a standard-size plastic credit or charge card with both an embedded chip and a traditional magnetic stripe. If your card is lost or stolen, the embedded microchip makes the card extremely difficult to counterfeit or copy. You'll enjoy greater acceptance in more than 130 countries around the world including Canada, Mexico, and the United Kingdom, where chip cards are standard.

How does a chip credit card work?

Put your chip card face-up in the chip-enabled merchant terminal and sign your name. When traveling internationally, on rare occasions you may be asked to provide a PIN. Should this occur, just enter the credit card PIN assigned to your card. When chip-enabled merchant terminals are not available, the magnetic stripe on the back of the plastic can be swiped instead.

Do I need a PIN to make a purchase with my credit card? What is Chip & Signature and Chip & PIN?

You have a Chip and Signature credit card, so in most instances you should not need a PIN to make purchases with your credit card. The term "PIN" or "Signature" simply refers to how you will authorize the transaction – by entering a PIN or by providing your signature. When using your Bank of America chip credit card, you'll be prompted for a signature to complete the transaction. On rare occasions, you may be asked to provide a PIN. Should this occur, just enter the credit card PIN assigned to your card. If you do not know your PIN or need to establish a PIN, log into Online Banking to create your PIN through the Manage Card Settings page (the Manage Card Settings page can be found by hovering over the Accounts tab).

The enhanced security against counterfeiting is contained within the chip itself. The chip makes the transaction more secure by encrypting information when completing a transaction at a chip-enabled terminal. As a result, both Chip & PIN and Chip & Signature transactions offer enhanced security against counterfeiting.

Are there any situations where I could experience issues using my chip credit card?

Yes, at unattended terminals you will be prompted for a PIN. When traveling outside the U.S., some card readers at unattended terminals (such as public transportation kiosks and gas pumps) will require a PIN. In these situations, enter the credit card PIN assigned to your card. Some international self-service terminals do not accept U.S. issued credit cards and may display a message such as "Transaction Canceled". This is known to happen on French Toll Roads or Automated Fuel Dispensers, depending on location. In these cases, please locate an attended terminal to complete your transaction, or plan for an alternative payment method, such as local currency.

How do I obtain a PIN for my chip card?

Your chip card technology for your small business card is chip and signature only and will require you to sign for a majority of your purchases. There may be situations in which a PIN is required. To create or change your PIN, log into Online Banking (the Manage Card Settings page can be found by hovering over the Accounts tab) or call the number on the back of your card to have your PIN mailed to you. Allow 7-10 days to receive your PIN in the mail. Your PIN number for your credit card can be used for ATM cash transactions and for transactions completed at an unattended terminal.

Can I use my existing card ATM PIN for my new chip card?

Yes, if you are at an unattended terminal and are prompted for a PIN, you may utilize the same PIN that you use for ATM transactions. If you do not have cash access you may obtain a PIN and use your PIN for purchases made at unattended terminals.

Are there any additional fees associated with chip credit cards?

There are no additional fees associated with chip credit cards.

How do I dispute a business card transaction?

Before you submit a dispute, a quick call to the merchant can often answer your question and resolve the issue. The merchant's phone number may be located in the transaction detail in Online Banking or on your billing statement. If the merchant is able to resolve the matter, you will normally see your account credited for the charge within 30 days.

If you’re unable to solve the issue by contacting the merchant, call us at 866.601.9488. Please have the following available:

  • Your statement where the disputed charge appears
  • Your receipt from the merchant and any other relevant information relating to the purchase

Please review the back of your statement for additional information on disputing transactions.

How secure is my account information online?

Online security is our top priority. Our Online Banking and Mobile Banking services incorporate industry-leading safety features that give you greater security and peace of mind as you manage your money.

Where can I learn more about fraud and how to protect myself?

Taking just a few easy precautions can help protect your financial and personal information. Learn all about detecting fraud and preventing fraud from our fraud experts.

Connect with us

New customer

866.570.1603

Already a customer?

800.892.3219

New customer

866.570.1603

Already a customer?

800.892.3219