Start by reading this thread and the Doctor-of-Credit articles that are linked within it:
BofA's anti-churning policies: 2/3/4 (BofA cards), 3/12 or 7/12 (all banks)
It's a separate thread because all of these policies apply to all BofA cards, not just Alaska cards. (Though it's not clear if they apply to business cards or not.)
As you will see, BofA is emulating Chase's 5/24 more than anything at Citi.
Meanwhile, a couple more things to know:
1. After you finish the minimum spend, lower the credit limit as low as you can, as soon as you can. Don't wait until you're about to cancel! BofA can take many, many months to take credit limit that you cancel and make it available to a new application. Cancel a couple cards without doing this, and you might you cannot get another card approved because all your available credit is in limbo.
2. Comparatively few people apply for Alaska business cards, and the datapoints on them are thus few and far between, and often a bit conflicting. Some people need to cancel their prior business card before applying for a new one, other people don't seem to need to. No clue as to why the difference. Also, BofA throws constantly-changing and semi-random "roadblocks" in the way of business applicaitons: Requests for tons of materials, wanting to see
business credit history from a source that doesn't list business cards at many banks
, wanting you to open a CD, etc, etc. So don't assume that the only choices are denial vs approval, it's very much more complicated.