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Bank of America – A Business Banking Partner for Start-ups The Bank of America is certainly flourishing now more than ever. A big part of itssuccess is the fact that it offers loans and micro-loans for small businesses. Today,it has introduced its own small business credit card in the market.As more and more small business owners recognize the importance of businesscredit cards, competition among credit card issuers is also growing stronger. Tokeep up with its competitors, the Bank of America offers exclusive services for itsloyal credit card holders.For instance, the Bank of America business credit card enables its holders to linktheir business credit card accounts to their checking accounts. This way, in case of an overdraft, they can arrange for the bank to transfer funds from their businesscredit card account and cover the draft. The funds will be transferred in multiples of $100. This gives a business owner more reassurance as long as he has availablecredit in hisbusiness credit card.But what if your credit is not enough to cover the overdraft? Will Bank of Americarelease more funds to cover the draft even if it means exceeding your credit limit? The answer is yes. There is a provision for those with insufficient credit. However,it will be considered as a short term loan which should be paid in full on the nextpayment due date. This should buy time for the business owner to gather themoney needed to pay back his debt.Bank of Americabusiness credit cardholders can also use its electronic paymentsystem so that payments can be automatically sent as scheduled. This way, latepayments can be avoided. For small business owners with very hectic schedules,such an option is indispensable.Purchases made using thebusiness credit cardare also protected with an extendedwarranty of up to another year aside from the manufacturer’s standard warrantyperiod. Other perks of this business credit card from Bank of America are cashbacks and discounts.How much will a Bank of America business credit card cost you? The bank of America offers 0% APR for 9 months. Afterwards, the regular interest rates wouldrange from 6.99%, 9.99%, 15.24% or 18.24% variable APR.For small business owners, the Bank of America business credit cardcan be a greattool in building business credit. Remember, building a solid credit history meansstaying within your credit limit and submitting your payments on time. Lastly,carefully examine the credit card’s Agreement in full before submitting yourapplication.
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