Reviews WorldPoints Rewards for Business Visa card from Bank of America review
WorldPoints Rewards for Business Visa card from Bank of America review

WorldPoints Rewards for Business Visa card from Bank of America review

Published: April 24, 2017
Ratings Policy
Business Rating:
3.2 rating
3.2 rating
3.2 / 5
Rewards Value 2.2
Annual Percentage Rate 3.7
Rewards Flexibility 3.9
Features 4.0

In a nutshell:

The WorldPoints Rewards for Business Visa card offers you good bonus categories and a plethora of redemption options, but a savvy business owner might want to look for a simpler credit card to earn and redeem rewards.

Rewards Rate

  • 2:1 gas stations, restaurants, office supplies
  • 1:1 general purchases

Sign-up Bonus
$200 statement credit if you spend $500 in first 60 days

Annual Fee
None

Average Yearly Rewards Value ($4,000 monthly spend)
$638

APR
11.74-21.74%

Rewards Redemption
Pros

  • No blackout dates
  • No limits on the number of points you can earn
  • Redeem points for gift cards, cash and travel
  • Pay for travel with partial points

Cons

  • Points expire in 5 years
  • Travel can only be redeemed through WorldPoints rewards site
  • High, 25,000-point threshold to get 1:1 redemption value
  • Must make travel reservations 21 days in advance

Other Notable Features: Free employee cards, track spending at company and employee level, easy download into QuickBooks, overdraft protection, purchase protection, purchase security, emergency ticket replacement, lost-luggage assistance, emergency translation

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There are quite a few reasons to like Bank of America’s WorldPoints Rewards for Business Visa card. It offers a sign-up bonus, a few elevated earning categories, a low interest rate, a zero percent introductory APR for purchases, a five-year-long point expiration period and more. On the other hand, the redemption options can get overly restrictive and confusing. Some WorldPoints credit cards offer very good (albeit tricky) airline redemption options, but it appears those options are not available for the WorldPoints Rewards for Business Visa card.

Mediocre sign-up bonus

You get a $100 bonus after spending $500 on the card within the first 60 days. There are many cards on the market with far more generous bonuses, but at least the spending threshold isn’t difficult to reach to earn the bonus on the WorldPoints Rewards card.

Average bonus categories

Though the WorldPoints Rewards card also offers a merely average rewards rate, it does include some potentially lucrative bonus categories. You earn double rewards for purchases made at gas stations, restaurants and office supply stores, and one point per dollar on all other purchases.

Good APR

The card offers a reasonable APR, especially for a business card that comes with a rewards program. However, you need to watch out for the high end of the APR range – the APR is variable and can go as high as 21.74 percent. If you intend to carry a balance on a regular basis, there are several low rate cards on the market that may offer a better value for your business.

The card does offer a zero percent APR for purchases for the first nine months. The zero percent introductory APR may be valuable, especially if you are planning a large purchase.

The threshold for rewards redemption is high

While the rewards program offers a number of redemption options, the pricing structure makes it difficult to redeem those rewards at full value. Most smaller denomination gift cards as well as cash back options are redeemable for less than a penny on a dollar. For example, 50,000 points only yields $25 in cash back, and in order to get a $100 gift card, you’ll usually have to pay 12,000 points. The only way you can get a penny on a dollar with cash back or a gift card is to wait until you accumulate 25,000 points to redeem for $250, which is an extremely high threshold.

Tools to manage your expenses

The WorldPoints Rewards cards come with some tools to help you track spending. With the cash-flow management tools, you can set up automatic payments and transfers. You can also download transactions into QuickBooks and track your financial data in the MyReport Center.

Reasons to get it:

  • You prefer a card with many different rewards categories.
  • You want to leverage employee spending to collect points (since there are no fees for employee cards).
  • You don’t mind waiting until you accumulate at least 25,000 points before redeeming them.
  • You want some extra features such as purchase security and emergency ticket replacement.

How to use it:

  • Use the card for gas, restaurant and office supply purchases to take advantage of the bonus rewards.
  • Redeem for cash back when you reach the 25,000-point threshold.
  • Avoid using the card abroad due to the 3 percent foreign transaction fee.

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