| Last updated on February 29th, 2024
Business Advantage Customized Cash Rewards Credit Card
Business Advantage Customized Cash Rewards Credit Card
Business Advantage Customized Cash Rewards Credit Card
- 18.49% to 28.49% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.49% to 28.49% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
- 0% for 9 months from account opening date Intro Purchase APR
At a Glance
The Business Advantage Cash Rewards Mastercard® is a great starter card for business owners who want customizable 3% cash back categories and a card without an annual fee. Ideal for small businesses or startups with modest expenditures.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- $300 statement credit bonus after spending $3,000 with 90 days
- 3% cash back on the category of your choice
- 2% back at restaurants
- 1% cash back on all other purchases
- Cash earnings never expire
- Intro Purchase APR: 0% for 9 months from account opening date
- Regular Purchase APR: 18.49% to 28.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 18.49% to 28.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: $10 or 4% of the amount of each transaction, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: $10 or 4% of the amount of each transaction, whichever is greater.
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transactio
- Late Payment Penalty Fee: Up to $49
- Return Payment Penalty Fee: $39
- You have business expenses that are less than $50,000 per year
- You will take advantage of the introductory bonus by spending $3,000 in the first 90 days
- You want a versatile card that can also give you points for everyday (non-business) dining expenses
- You don’t want to pay an annual fee
In-Depth Review: Bank of America® Business Advantage Customized Cash Rewards Credit Card
The Business Advantage Cash Rewards Mastercard® is a versatile no annual fee business card whose six reward categories make it easy for business owners of various industries to utilize. Boasting 3% cash back on purchases in the category of your choice, 2% on dining, and 1% on everything else, this card makes it simple to maximize everyday business expenditures.
Who Can Benefit from the Customized Cash Rewards Card?
As a business owner, you have numerous priorities and expenses to manage. The Bank of America Business Advantage Customized Cash Rewards Credit Card is designed to simplify your financial management and provide valuable rewards. With this credit card, you can earn cash back on every purchase, helping you save and reinvest in your business.
Moreover, the card offers a customizable rewards program, allowing you to select spending categories that align with your business needs. This customization ensures you receive the maximum benefit from your purchases.
How to Get the Card
You must meet certain criteria to qualify for the Business Advantage Credit Card. The card is designed for small to medium-sized businesses, so you must have a registered business entity to apply. Sole proprietors, partnerships, and corporations can apply for this card.
Regarding credit requirements, the Business Advantage Credit Card typically requires a good to excellent credit score. This means that you should have a solid credit history and a responsible credit management track record. If your personal or business credit score is lower, you should work on improving it before applying for this card to increase your chances of approval.
Online Statement Credit Offer
The Business Advantage Customized Cash Card offers a similar welcome bonus to the bank’s other business cards. New accounts earn a $300 statement credit after spending $3,000 within the first 90 days.
0% Intro APR Offer
New accounts enjoy 0% intro APR on purchases for the first nine billing cycles from account opening. Once the introductory APR ends, businesses can expect a highly competitive rate that varies based on their creditworthiness and the Prime Rate.
This welcome bonus is impressive, given it provides two additional months of promotional financing and rewards. Additionally, the everyday APR with the card is highly competitive and on par with the Platinum Plus.
How to Earn Rewards
The Business Advantage Cash Rewards Mastercard® offers a notable feature: the flexibility to earn 3% cash back from your chosen category. You can select from gas stations, office supply stores, travel, TV/telecom & wireless services, computer services, or business consulting services.
These categories can be changed monthly, ensuring that the card always aligns with your business needs.
In addition, the card offers 2% cash back on all dining purchases, allowing business owners to capitalize on power lunches and client meetings. This makes the Business Advantage Cash Rewards Mastercard® a well-rounded, beginner-friendly business credit card.
It’s important to note that the 2% and 3% cash back rewards are capped at $50,000 per calendar year in combined category spending. After reaching this limit, purchases in those categories will only provide a 1% return. If you expect your spending in the selected business category to exceed $50,000, you may find better value in another business credit card.
However, this card could still be a strong addition to your wallet if you’re already an established small business owner. If you know you’re unlikely to surpass $50,000 in any of those six spending categories and don’t already have a dining rewards credit card, you can still consider this card as a viable option.
Earn More Rewards with Preferred Rewards
Businesses can earn even more cash back rewards through Bank of America Preferred Rewards for Business. The Preferred Rewards program allows you to earn up to 75% more cash back on every purchase if you have a business checking account with Bank of America and qualify for the Preferred Rewards for Business Platinum Honors tier. This means you could earn up to 5.25% cash back in your selected choice category and up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year. Additionally, you can earn up to an unlimited 1.75% cash back on all other purchases.
Even at the base level, Bank of America Preferred Rewards for Business offers 25% more rewards, or 1.875% cash back on all purchases. These tiers make the Business Advantage Customized Cash Rewards Credit Card a great choice for companies with a relationship with Bank of America.
How to Redeem Rewards
Redeeming the cash back rewards offered by Bank of America is a simple and hassle-free process. Businesses can easily access cash rewards by applying them as statement credits on the card account. Additionally, these rewards can be conveniently deposited into Bank of America checking or savings accounts, providing even more flexibility. For those who prefer a more traditional approach, Bank of America also offers the option to receive the rewards as a physical check, which will be promptly mailed to the accountholders.
Business Management Benefits
The Bank of America® Business Advantage Customized Cash Rewards Card offers several benefits that can streamline business operations and enhance financial management.
Flexible Credit Limit
One of the primary advantages of this card is its flexible credit limit, which allows you to make larger purchases and manage your cash flow more effectively.
Simplified Money Management
The Customized Cash Rewards Business Card simplifies money management with the following features:
- Automatic bill payments
- QuickBooks account integrations
- 24/7 online and mobile banking
This flexibility is particularly important for cardholders when keeping track of an employee’s account activity after giving them a card at no additional cost.
Spending Limits and Expense Management
In addition to the well-known benefits of the Bank of America Business Advantage Customized Cash Rewards Credit Card, some lesser-known features can further enhance its value for business owners.
One such feature is the ability to set spending limits for your employees. This allows you to control your business’s expenses and prevent unauthorized or excessive spending.
Additionally, the card offers expense management tools that can help you track and categorize your business expenses, making it easier to manage your finances.
Mastercard® Business Benefits
| Zero Liability | ID Theft Protection | Global Emergency Services | Mastercard Biz access |
| Car rental insurance | Mastercard Airport Concierge | Priceless Golf | Priceless Experiences |
| Mastercard Business Controls | Receipt Management | Mastercard Easy Savings® | Intuit QuickBooks® and TurboTax® |
| Salesforce Essentials | Microsoft 365 |
Comparison
| Business Advantage Customized Cash Rewards Card | Business Advantage Travel Rewards Card | Chase Ink Business Cash® Card | |
|---|---|---|---|
| Annual fee | $0 | $0 | $0 |
| Rewards | Earn 3% cash back on the category of your choice, 2% back at restaurants, 1% on all else | Earn3X points on travel booked through the Bank of America Travel Center, 1.5X on all other purchases | Earn 5% back on the first $25,000 spent at office supply stores and on internet, cable, and phone services each account anniversary year, 2% back on the first $25,000 spent at gas stations and restaurants, 1% back on all else |
| 0% APR? | Purchases for 9 months | Purchases for 9 months | Purchases for 12 months |
| Employee cards | Free | Free | Free |
What We Like About the Card
The Bank of America Business Advantage Customized Cash Rewards Credit Card comes with various benefits that make it an attractive choice for business owners.
Customized Rewards
One of the key advantages is the generous cash back rewards program. You can earn up to 3% cash back on select spending categories of your choice, such as office supplies, travel, or dining. This can result in significant savings over time, especially if your business has high expenses in these categories.
More Cash Back Through Preferred Rewards
Another benefit of this credit card is the additional rewards for Bank of America customers. If you have an eligible Bank of America business checking account, you can earn even higher cash back rates, up to 5.25%. This loyalty bonus can make a substantial difference in your overall rewards earnings.
Things to Consider
Foreign Transaction Fee
The card charges a foreign transaction fee of 3% of the transaction in U.S. dollars. If your business frequently engages in international transactions, this fee can add up quickly and significantly impact your overall expenses. It is advisable to explore alternative credit cards that offer more favorable foreign transaction fee policies if your business operates globally.
Bank of America Ratings
How does Bank of America stack up as a credit card issuer? Here is a selection of expert and consumer ratings for Bank of America:
| BestCards | Better Business Bureau | TrustPilot |
|
2/5 |
1.5/5 |
1.5/5 |
Should You Apply for the Business Advantage Customized Cash Rewards Credit Card from Bank of America?
The Bank of America Business Advantage Customized Cash Rewards Credit Card offers a range of benefits that make it an attractive choice for business owners. From its customizable rewards program to its expense management tools, this credit card provides a tailored solution to meet the needs of businesses of all sizes. However, it is important to consider the drawbacks, such as the annual fee and foreign transaction fee, before deciding. Additionally, exploring alternative credit card options can provide a broader perspective and help you make an informed choice.
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