Bank of America® Business Advantage Customized Cash Rewards Credit Card Review for 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
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This article is part of a larger series on Best Small Business Credit Cards.
The Bank of America® Business Advantage Customized Cash Rewards credit card is a no-annual-fee card designed for business owners with strong banking relationships with Bank of America. You can earn up to 75% more cash back on every purchase if you have an existing Bank of America business checking account and qualify for the highest Preferred Rewards for Business tier.
Business Advantage Cash Rewards Mastercard® credit card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Up to 3% cash back in a spending category of your choice
Intro APR
0%
Regular APR
12.24% - 22.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening―with no annual fee and cash rewards don't expire.
- Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases.
- You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
- Get 75% more cash back on every purchase when you're a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
Pros
- Flexible redemption options
- No annual fee
- Sign-up bonus
Cons
- Premium rewards are capped at $50,000 each year
- Earns top rewards in only one spending category only
- Short 0% APR period
- Bank of America doesn’t disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
Intro APR
0%
Regular APR
12.24% - 22.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening―with no annual fee and cash rewards don't expire.
- Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases.
- You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
- Get 75% more cash back on every purchase when you're a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
Pros
- Flexible redemption options
- No annual fee
- Sign-up bonus
Cons
- Premium rewards are capped at $50,000 each year
- Earns top rewards in only one spending category only
- Short 0% APR period
- Bank of America doesn’t disclose details of its additional card features. To find out more about these additional features, review your guide to benefits when you receive your card in the mail.
You can compare the features of one card to another by simply checking off this card and up to two more alternatives (see Bank of America® Business Advantage Customized Cash Rewards Credit Card Alternatives). This allows you to view the details of each card in a side-by-side comparison.
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards like the Bank of America® Business Advantage Customized Cash Rewards credit card, we first consider the ongoing and introductory rewards. We also take into account the annual fee, introductory and ongoing annual percentage rates (APRs), and other card benefits.
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|---|---|---|
Ongoing Rewards | ||
Introductory Rewards | ||
Annual Fee | ||
Additional Features | ||
Introductory APR | ||
Ongoing APR | ||
| Total Score |
Who the Bank of America® Business Advantage Customized Cash Rewards World Credit Card Is Right For
- Business owners with a significant number of deposits with Bank of America: Bank of America customers with qualifying balances can join the Business Advantage Relationship Rewards program to earn bonus rewards. To qualify, you need to have a three-month average combined daily balance of $20,000 in business deposits or Merrill Lynch investment accounts.
- Business owners who want flexible redemption options: The Bank of America® Business Advantage Cash Rewards World Mastercard® allows you to redeem your cash back as a deposit to your Bank of America® checking or savings account, as a card statement credit, or as a check by mail.
Bank of America® Business Advantage Customized Cash Rewards World Credit Card Fees
- Introductory APR: 0% APR on purchases for the first nine billing cycles from account opening
- Ongoing APR: 12.24% to 22.24% variable—adjusts with the prime rate
- Annual fee: None
- Balance transfer fee: 4% of the amount of the transfer or $10, whichever is greater
- Foreign transaction fee: 3%
- Cash advance fee: 4% of the advance or $10, whichever is greater—APR is 24.24%
Bank of America® Business Advantage Cash Rewards World Mastercard® Rewards
- $300 statement credit after spending at least $3,000 in net purchases within 90 days of opening an account
- 3% cash back on the category of your choice, including gas stations, office supply stores, travel, TV or telecommunication services, computer services, or business consulting services
- 2% cash back on dining
- 1% cash back on all other purchases
It’s important to note you can only get 3% and 2% cash back on the first $50,000 in your combined choice category and dining purchases each calendar year and earn 1% thereafter. You can redeem your cash back as a deposit to your Bank of America checking or savings account as an automatic credit to your bill, or via check by mail.
Bank of America® Business Advantage Customized Cash Rewards World Credit Card Additional Features
Auto Rental Insurance
Bank of America provides auto rental insurance when you rent a car using your Bank of America® Business Advantage Customized Cash Rewards credit card. This insurance covers the car rental in case of an accident or theft. Refer to your guide to benefits to learn about protection coverage and exclusions.
Travel Accident Insurance
Bank of America provides travel accident insurance that covers losses, such as death or serious injuries incurred while traveling. The maximum coverage offered is $100,000. To be eligible, the entire trip must have been paid for using your Bank of America® Business Advantage Customized Cash Rewards credit card.
Travel Services
Bank of America provides other travel services, which include emergency ticket replacement and lost luggage assistance. It also offers a 24/7 hotline that provides legal and medical referrals when you’re away from home.
Overdraft Protection
Overdraft protection is an optional service available for Bank of America business credit card customers who also have a Bank of America business checking account. You can link the two accounts through Balance Connect™ to help prevent declined purchases, returned checks, or other overdrafts. If you request overdraft protection, Bank of America will transfer funds from your account automatically in multiples of $100 to cover any overdrafts.
Zero Liability Protection
With zero liability protection, you can stay protected against unauthorized transactions. Bank of America also offers additional protections that cover certain purchases against loss, damage, theft, or fire and provide extended warranty coverage.
Fraud Monitoring
Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if the bank suspects any fraudulent activity.
Pros & Cons of the Bank of America® Business Advantage Customized Cash Rewards World Credit Card
| PROS | CONS |
|---|---|
| Flexible redemption options: Your cash rewards don’t expire and can be redeemed as a deposit to your Bank of America checking or savings account, as a card statement credit, or as a check by mail. | Premium rewards are capped at $50,000 each year: You can earn 3% and 2% cash back only on the first $50,000 in combined choice category and dining purchases each calendar year, then 1% thereafter. |
| No annual fee: You can enjoy cash back rewards on all purchases without having to pay annual fees. | Earns top rewards in one spending category only: The highest cash back reward of 3% is available only in one spending category of your choice, which you can change only once per calendar month. |
| Sign-up bonus: You can earn a $300 statement credit after you meet the purchase requirements. | Short 0% APR period: You can only enjoy interest-free financing for nine months from opening an account—this promo period is shorter compared to other business credit cards that offer a 0% introductory APR. |
Bank of America® Business Advantage Customized Cash Rewards Credit Card Alternatives
Chase Ink Business Cash® Credit Card
The Chase Ink Business Cash® card is an excellent alternative if you have significant expenses for office supplies, internet, cable, and phone services, as you can earn 5% cash back on the first $25,000 spent in combined purchases in these categories. This is also a great option if you plan to finance a large purchase, as it offers a 0% introductory APR for the first 12 months after opening an account.
Ink Business Cash® Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Office-based businesses that want top cash back rewards
Intro APR
0% Intro APR on Purchases
Regular APR
13.49% - 19.49% Variable
Annual Fee
$0
Credit Needed
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
- Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- 0% introductory APR for 12 months on purchases
Pros
- Top rewards for office supply spending
- Introductory APR on purchases
- Cash sign-up bonus
Cons
- 0% APR doesn’t apply to balance transfers
- High balance transfer fee of 5%
- Designed mainly for office-oriented companies
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the United States and abroad.
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year.
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of 3 years or less.
Intro APR
0% Intro APR on Purchases
Regular APR
13.49% - 19.49% Variable
Annual Fee
$0
Credit Needed
Good, Excellent
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
- Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- 0% introductory APR for 12 months on purchases
Pros
- Top rewards for office supply spending
- Introductory APR on purchases
- Cash sign-up bonus
Cons
- 0% APR doesn’t apply to balance transfers
- High balance transfer fee of 5%
- Designed mainly for office-oriented companies
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the United States and abroad.
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year.
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of 3 years or less.
American Express® Business Gold Card
The American Express® Business Gold Card is a better alternative if you spend at least $150,000 on two select categories including airfare, advertising, computer hardware, software, cloud solutions, gas, restaurants, and shipping expenses. You can earn 4x points on the first $150,000 on the top two categories where your business spends the most each month. This is also a good option if you travel frequently, as it doesn’t charge foreign transaction fees on purchases made outside of the United States.
American Express® Business Gold Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Maximizing rewards in the two categories where you spend the most
Intro APR
N/A
Regular APR
14.99% - 22.99% Variable
Annual Fee
$295
Credit Needed
Good, Excellent
- Welcome Offer: Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.*
- MORE REWARDS: Get 4X Membership Rewards® points on the 2 select categories where your business spent the most each month. 1X is earned for other purchases. **
- **4X points apply to the first $150,000 in combined purchases from these 2 categories each calendar year.*
- AIRLINE BONUS: Get 25% points back after you use points for all or part of an eligible flight booked with Amex Travel, up to 250,000 points back per calendar year.*
- PAY OVER TIME OPTION: Decide whether you want to pay eligible purchases in full each month—or pay over time with interest.*
- *Terms Apply
Pros
- Earn 4x points in two categories every month
- Pay eligible charges over time with interest, or pay your balance in full monthly
Cons
- You’ll pay a high annual fee of $295
- No interest-free financing opportunities
- Premium roadside assistance: Free of charge up to four times a year. You can receive towing up to 10 miles, winching, jump starts, flat tire change, lockout service when the key is in the vehicle, and delivery of up to two gallons of gas
- Return protection: American Express will refund you for eligible purchases when the store doesn’t accept returns of undamaged items. Coverage is limited to 90 days from purchase, up to $300 per item, and up to a maximum of $1,000 per year.
- Baggage insurance: If your baggage is lost, damaged, or stolen, you’re eligible for coverage of up to $1,250 for carry-on luggage and $500 for checked bags
- Extended warranty: Receive one additional year of coverage on purchases with eligible warranties of five years or less
- Purchase protection: Covers new purchases against damage or theft within 90 days of purchase. Coverage is limited to $1,000 per incident.
Intro APR
N/A
Regular APR
14.99% - 22.99% Variable
Annual Fee
$295
Credit Needed
Good, Excellent
- Welcome Offer: Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.*
- MORE REWARDS: Get 4X Membership Rewards® points on the 2 select categories where your business spent the most each month. 1X is earned for other purchases. **
- **4X points apply to the first $150,000 in combined purchases from these 2 categories each calendar year.*
- AIRLINE BONUS: Get 25% points back after you use points for all or part of an eligible flight booked with Amex Travel, up to 250,000 points back per calendar year.*
- PAY OVER TIME OPTION: Decide whether you want to pay eligible purchases in full each month—or pay over time with interest.*
- *Terms Apply
Pros
- Earn 4x points in two categories every month
- Pay eligible charges over time with interest, or pay your balance in full monthly
Cons
- You’ll pay a high annual fee of $295
- No interest-free financing opportunities
- Premium roadside assistance: Free of charge up to four times a year. You can receive towing up to 10 miles, winching, jump starts, flat tire change, lockout service when the key is in the vehicle, and delivery of up to two gallons of gas
- Return protection: American Express will refund you for eligible purchases when the store doesn’t accept returns of undamaged items. Coverage is limited to 90 days from purchase, up to $300 per item, and up to a maximum of $1,000 per year.
- Baggage insurance: If your baggage is lost, damaged, or stolen, you’re eligible for coverage of up to $1,250 for carry-on luggage and $500 for checked bags
- Extended warranty: Receive one additional year of coverage on purchases with eligible warranties of five years or less
- Purchase protection: Covers new purchases against damage or theft within 90 days of purchase. Coverage is limited to $1,000 per incident.
Costco Anywhere Visa® Business Card
If you’re a member of Costco, the Costco Anywhere Visa® Business Card by Citi is best for you as this card is exclusively for Costco members. This is also a great alternative if you spend up to $7,000 in gas expenses annually as it offers 4% cash back for the first $7,000 per year.
Costco Anywhere Visa® Business Card by Citi
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Existing or new Costco members
Intro APR
N/A
Regular APR
15.24% Variable
Annual Fee
0
Credit Needed
Good - Excellent
- 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter
- 3% cash back on restaurant and eligible travel purchases worldwide
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
Pros
- No annual fee
- Generous cash-back categories
- No foreign transaction fees
Cons
- Inflexible cashback redemption system
- Benefits are only applicable to Costco members
- No sign-up bonus
- Car rental insurance: Offers primary coverage, which means you won’t need to use your personal auto insurance or accept insurance offered by the rental agency. Coverage is limited to $50,000.
- Purchase protection: The issuer may repair or reimburse for items purchased with your business Costco card ― or your reward certificate ― that are damaged or stolen within 120 days of purchase or 90 days for New York residents.
Intro APR
N/A
Regular APR
15.24% Variable
Annual Fee
0
Credit Needed
Good - Excellent
- 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter
- 3% cash back on restaurant and eligible travel purchases worldwide
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
Pros
- No annual fee
- Generous cash-back categories
- No foreign transaction fees
Cons
- Inflexible cashback redemption system
- Benefits are only applicable to Costco members
- No sign-up bonus
- Car rental insurance: Offers primary coverage, which means you won’t need to use your personal auto insurance or accept insurance offered by the rental agency. Coverage is limited to $50,000.
- Purchase protection: The issuer may repair or reimburse for items purchased with your business Costco card ― or your reward certificate ― that are damaged or stolen within 120 days of purchase or 90 days for New York residents.
For other Bank of America credit card alternatives, visit our guide to the best Bank of America business credit cards.
Bottom Line
The Bank of America® Business Advantage Customized Cash Rewards Credit Card is an excellent cash back credit card for business owners who have existing accounts with Bank of America. If this card isn’t what you’re looking for, check out our Credit Card Marketplace and our guide to the best small business credit cards to find other options.
