On Aug. 4, Bank of America announced a new credit card for its commercial clients. The Bank of America Executive Explorer card is designed for frequent business travelers, with statement credits for travel perks, enhanced insurance coverage, and more. While the card doesn't offer rewards like points, its benefits can far outweigh the annual cost.

Key Takeaways

  • Bank of America has launched a new credit card for corporate and commercial clients whose employees do a lot of business travel.
  • The card has no rewards program but offers hundreds of dollars in annual travel credits, insurance protections, and more.
  • Online applications are not yet available, so those who are interested should contact the issuer directly.

What the New Executive Explorer Card Offers

With this new business credit card, Bank of America is targeting companies whose executives who spend a lot of time traveling. The card has no sign-up bonus or ongoing rewards program but offers the following benefits:

  • Up to $600 annually in statement credits for lounge entry fees at Alaska Lounge, American Airlines Admirals Club, Delta Sky Club, and United Club locations.
  • Up to a $100 credit every four years toward an application fee for TSA PreCheck, Global Entry, Nexus, or Registered Traveler.
  • Various trip protections including travel accident insurance, lost luggage insurance, baggage delay insurance, ride-share protection, cell phone protection, rental car insurance, emergency evacuation and transportation, and more.

Cardholders are also eligible for Benefits On Us, a program that offers rebates and perks on dining at select restaurants, free museum access on select dates monthly, and more.

The card charges a $375 annual fee, which cardholders can easily make up for with just one of the card's perks.

Who Should Get This Card?

Companies might consider making this card available to executives and other employees who travel regularly for work and spend a lot of time in airport lounges. However, only four lounge networks are eligible, and they're airline-specific, which means you may need to be flying with that airline or one of its partners to gain access.

But other cards, such as The Platinum Card from American Express and the Chase Sapphire Reserve, that offer a wider selection of lounges are consumer credit cards and not available for commercial clients.

On Bank of America's website, the credit card's page doesn't currently show an option to apply online. So if you're interested in the card, you'll need to contact Bank of America directly.