| Last updated on February 29th, 2024
Business Advantage Unlimited Cash Rewards Credit Card
Business Advantage Unlimited Cash Rewards Credit Card
Business Advantage Unlimited 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 the 9 months Intro Purchase APR
At a Glance
The Business Advantage Unlimited Cash Rewards Credit Card provides a base rate of unlimited 1.5% cash back on purchases, with that rate rising to 2.62% for eligible Preferred Rewards for Business account holders. The card also provides a decent selection of introductory bonuses with no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Unlimited 1.5% cash back on every purchase
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening
- 0% Intro APR on purchases for 9 billing cycles from account opening
- Intro Purchase APR: 0% for the 9 months
- 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: Either $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: Either $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
- Minimum Deposit Required: N/AP TO $49
- You own a small-to-medium-sized company and want an unlimited cash back card
- You already have a deposit account with Bank of America, including a Preferred Rewards for Business account
- You don’t want to pay an annual fee
In-Depth Review: Bank of America® Business Advantage Unlimited Cash Rewards Credit Card
The Business Advantage Unlimited Cash Rewards Credit Card is a business rewards card that provides unlimited 1.5% cash back on every purchase. The card, from Bank of America, also features a decent 0% introductory APR period on purchases, bonus statement credit offer, and more – for no annual fee.
Who Can Benefit from the Unlimited Cash Rewards Card?
The Business Advantage Unlimited Cash Card stands out because it offers unlimited cash back rewards and a decent introductory purchase APR. Whether buying office supplies, enjoying a team meal, or treating yourself to a luxurious trip to Tahiti, you’ll earn an unlimited 1.5% cash back on every dollar spent. This streamlined approach to spending makes the Business Advantage Unlimited Card an ideal option for companies that value rewards but dislike navigating through confusing categories.
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 Unlimited 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
The Platinum Plus® business card avoids rewards to provide a low APR and 0% APR for seven months from account opening. Despite having rewards, the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card extends this benefit even further.
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 Unlimited Cash Rewards card offers unlimited rewards. It earns an unlimited 1.5% cash back on all purchases, with no caps.
While 1.5% back on purchases is not the highest in the industry, it is a solid reward rate. This rate can increase even further for eligible Bank of America Preferred Rewards for Business account holders. With these accounts, you can earn up to 75% more cash back on purchases. The highest-tier companies can earn up to 2.62% cash back on all 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 Unlimited 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 Unlimited Cash Rewards Card offers several benefits that can streamline your business operations and enhance financial management. 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.
The Unlimited Cash Rewards Business Card simplifies money management with automatic bill payments, QuickBooks account integrations, and 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.
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
| Platinum Plus® Mastercard® | Business Advantage Unlimited Cash Rewards | Ink Business Unlimited® | |
|---|---|---|---|
| Issuer | Bank of America | Bank of America | Chase |
| Annual fee | $0 | $0 | $0 |
| Intro APR | 0% for 7 months on purchases | 0% for 9 months on purchases | 0% for 12 months on purchases |
| Rewards | N/A | Unlimited 1.5% cash back on every purchase | 0% for 9 months on purchases |
| Employee cards | Free | Free | Free |
What We Like About the Card
You should consider the Business Advantage Credit Card for your business for several compelling reasons.
Unlimited Rewards
First and foremost, the unlimited cash rewards program can be a game-changer for businesses with significant expenses. Imagine earning cash back on all your business purchases, from office supplies to travel expenses. This can add up to substantial savings over time and contribute to the growth and profitability of your business.
Decent Management Tools
Furthermore, the Business Advantage Credit Card offers a range of additional benefits and perks that can enhance your overall business experience. These include access to a dedicated customer service line for business cardholders, extended warranty protection on eligible purchases, and travel accident insurance. These extras can provide peace of mind and support for your business needs.
Things to Consider
While the Business Advantage Credit Card offers many benefits, it may not be the right choice for every business.
Foreign Transaction Fee
The card charges a foreign transaction fee of 3% of the transaction in U.S. dollars. The card isn’t the only one to charge this, but that doesn’t mean it does limit the value your company can expect from the card should your employees use it to make purchases abroad.
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 Unlimited Cash Rewards Credit Card from Bank of America?
Overall, the Business Advantage Unlimited Cash Rewards Credit Card is a lucrative cash back card for companies that already have deposit accounts with Bank of America. The card provides the most value for these companies – including up to 2.62% cash back on all purchases. These customers also enjoy the best redemption options, as beyond Bank of America deposits, the redemption process is cumbersome (at best).
However, it’s crucial to consider your specific business needs, eligibility, and credit requirements before making a decision.
If your business has low monthly expenses or frequently carries a balance, you should explore other credit card options that better align with your financial situation. By carefully evaluating the pros and cons, you can determine whether the Business Advantage Credit Card is the right choice for your business and make an informed decision that supports your long-term success.
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