Establishing and maintaining good business credit is essential for growth and securing funding in the future. Using a Bank of America business credit card can help build your business credit while offering benefits such as rewards and expense management tools. Here’s how a Bank of America business credit card can support your credit-building efforts.

Building Credit History
Every time you make a purchase and pay off your balance on time, it is reported to business credit bureaus. Using your Bank of America business credit card regularly and responsibly helps you build a solid business credit history.

Managing Debt Responsibly
Having a credit card allows you to separate your personal and business expenses, making it easier to manage and track your finances. As you pay off your balance on time, it shows creditors that your business can handle debt responsibly.

Establishing Business Credit
For newer businesses, having a business credit card is a great way to establish a credit profile. Using your Bank of America card to make regular purchases and paying it off can help you qualify for larger loans or lines of credit down the road.

Increasing Credit Limit
Once you establish a good payment history, Bank of America may offer to increase your credit limit. A higher limit improves your credit utilization ratio, which is a factor that impacts your business credit score.

Monitoring Your Credit
Bank of America offers tools to help you track your credit and spending. These tools can provide insights into how your credit is progressing and areas where you may need to improve.

Conclusion
Using a Bank of America business credit card is a smart way to build your business credit while enjoying the rewards and perks that come with it. By responsibly managing your card, you can help your business secure better financing options in the future.