Bank of America® Business Advantage Customized Cash Rewards Credit Card Review for 2023
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.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
Bank of America® Business Advantage Customized Cash Rewards is a no-annual-fee credit 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.
If you wish to compare one card over another, select a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
Bank of America® Business Advantage Customized 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:
Those wanting to earn 3% cash back in a spending category of your choice
Intro APR
0%
Regular APR
16.49% - 26.49% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 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 purchases and unlimited 1% cash back on all other purchases.
- You'll earn 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 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 16.49% to 26.49% will apply.
- Redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.
- Earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% in your selected choice category and up to 3.5% on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Offers flexible redemption options
- Doesn’t charge annual fees
- With sign-up bonus
Cons
- Premium cash back rewards are capped on a selected spending category
- Charges foreign transaction fees
- Short introductory APR period
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides 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 it suspects any fraudulent activity.
Intro APR
0%
Regular APR
16.49% - 26.49% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 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 purchases and unlimited 1% cash back on all other purchases.
- You'll earn 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 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 16.49% to 26.49% will apply.
- Redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.
- Earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% in your selected choice category and up to 3.5% on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Offers flexible redemption options
- Doesn’t charge annual fees
- With sign-up bonus
Cons
- Premium cash back rewards are capped on a selected spending category
- Charges foreign transaction fees
- Short introductory APR period
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides 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 it suspects any fraudulent activity.
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, 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.
| Grading Criteria | ||
|---|---|---|
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 Best For
- Those who want to maximize bonus rewards: Bank of America gives you the option to choose the spending category where you can earn 3% cash back: gas stations (default), office supply stores, travel, TV/telecom and wireless, computer services, or business consulting services.
- Those who want flexible redemption options: You can 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.
- Those with existing accounts with Bank of America: Your cash back may increase if you have an existing checking account with Bank of America. You can earn up to 75% more cash back on every purchase made with this business credit card.
If this doesn’t fit your needs, see our recommended alternatives below.
Bank of America® Business Advantage Customized Cash Rewards Credit Card Fees
APR
- Introductory: 0% APR on purchases for the first nine billing cycles from account opening
- Ongoing and balance transfer: 16.49% to 26.49% variable—adjusts with the prime rate
- Cash advance: 28.49% variable—adjusts with the prime rate
- Penalty: None
Fees
- Annual: None
- Balance transfer and cash advance: 4% of the amount of each transaction
- International transaction: 3% of the United States dollar amount of each transaction
- Late payment:
- $19 if balance is less than or equal to $100
- $29 if $100.01 to $1,000
- $39 if $1,000.01 to $5,000
- $49 if greater than $5,000
Your due date is at least 25 days after the close of each billing cycle.
Bank of America® Business Advantage Customized Cash Rewards Credit Card 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 and 2% cash back on dining purchases on the first $50,000 in combined choice category/dining purchases each calendar year, then 1% cash back after meeting the cap
- 1% cash back on all other purchases
These are the categories where you can earn 3% cash back:
- Gas stations (default)
- Office supply stores
- Travel
- TV/telecom and wireless
- Computer services
- Business consulting services
If you have a checking account with Bank of America and qualify for its Preferred Rewards for Business tier, you can earn up to 75% more cash back on every purchase compared to what’s above. This would mean up to:
- Up to 5.25% on selected choice categories and up to 3.5% on dining purchases on the first $50,000 in those combined purchases each calendar year
- Up to an unlimited 1.75% cash back on all other purchases
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. Rewards do not expire.
How To Make Payments in the Bank of America® Business Advantage Customized Cash Rewards Credit Card
- Bank of America® mobile app: Log in to the app, available for both iOS and Android users, select your business credit card, then click “Make a payment.”
- Phone: Call (800) 236-6497 and follow the prompts. There’s no fee to make a payment by phone.
- Financial center or ATM: Drop off your payment at any Bank of America financial center or an ATM near you.
- Online: Log in to Bank of America’s Online Banking site, select the “Bill Pay” tab, and then follow the prompts.
- Mail: Pay using the following address:
Business Card Payments
Bank of America Business Card
PO Box 15710
Wilmington, DE 19850-5710
Bank of America® Business Advantage Customized Cash Rewards Credit Card Additional Features
- Access to a Business Credit Score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Balance Connect®: This helps prevent declined purchases, returned checks, or other overdrafts when you link your Bank of America® Business Advantage Customized Cash Rewards to a Bank of America business checking account for overdraft protection.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides 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 it suspects any fraudulent activity.
Bank of America® Business Advantage Customized Cash Rewards Credit Card Alternatives
Chase Ink Business Cash®
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
17.74% - 23.74% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Earn $750 bonus cash back after you spend $6,000 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
- Round-the-clock monitoring for unusual credit card purchases
- 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
- Member FDIC
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 three years or less.
Intro APR
0% Intro APR on Purchases
Regular APR
17.74% - 23.74% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Earn $750 bonus cash back after you spend $6,000 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
- Round-the-clock monitoring for unusual credit card purchases
- 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
- Member FDIC
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 three years or less.
- Chase Ink Business Cash® is an excellent alternative if you want better rewards for office supplies, internet, cable, and phone services and if you want an extended interest-free financing period
- Lets you earn 5% cash back on the first $25,000 spent in combined purchases in these categories, then 1% after the cap is met
- Has a 0% introductory APR on purchases for the first 12 billing cycles
- Is our top pick for the best limited liability company (LLC) credit cards, credit cards for nonprofits, and business credit cards for startups
Bank of America® Business Advantage Unlimited Cash Rewards
Bank of America Business Advantage Unlimited Cash Rewards Credit Card
BEST FOR:
Those with an existing business checking account with Bank of America
Intro APR
0%
Regular APR
16.74% to 26.74% Variable APR on purchases
Annual Fee
$0
Credit Needed
Excellent
- Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.
- Unlimited 1.5% cash back on all purchases with no expiration and annual cap
- Up to 75% more cash back if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business tier
Pros
- Doesn’t charge annual fees
- Flexible redemption options
- With sign-up bonus
- With 0% introductory APR on purchases
Cons
- 0% introductory APR isn’t applicable to balance transfers
- With foreign transaction fees
- Need to spend at least $20,000 to qualify for Bank of America’s Preferred Rewards for Business
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Balance Connect®: This helps prevent declined purchases, returned checks, or other overdrafts when you link your Bank of America® Business Advantage Unlimited Cash Rewards to a Bank of America business checking account for overdraft protection.
- Fraud monitoring: Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if it suspects any fraudulent activity.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage.
Intro APR
0%
Regular APR
16.74% to 26.74% Variable APR on purchases
Annual Fee
$0
Credit Needed
Excellent
- Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.
- Unlimited 1.5% cash back on all purchases with no expiration and annual cap
- Up to 75% more cash back if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business tier
Pros
- Doesn’t charge annual fees
- Flexible redemption options
- With sign-up bonus
- With 0% introductory APR on purchases
Cons
- 0% introductory APR isn’t applicable to balance transfers
- With foreign transaction fees
- Need to spend at least $20,000 to qualify for Bank of America’s Preferred Rewards for Business
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Balance Connect®: This helps prevent declined purchases, returned checks, or other overdrafts when you link your Bank of America® Business Advantage Unlimited Cash Rewards to a Bank of America business checking account for overdraft protection.
- Fraud monitoring: Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if it suspects any fraudulent activity.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage.
- Bank of America® Business Advantage Unlimited Cash Rewards is a viable option if you want a Bank of America® business credit card that lets you earn unlimited, fixed-rate cash back rewards
- Allows you to earn unlimited 1.5% cash back rewards on all purchases, regardless of spending categories.
- Has a 0% introductory APR on purchases for the first nine billing cycles
- Doesn’t charge annual fees
- Is one of our top-recommended business credit cards for nonprofits and business credit cards for real estate agents
American Express Blue Business CashTM
American Express Blue Business Cash™ 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:
Those who want better cash back rewards
Intro APR
0% on purchases
Regular APR
17.99% - 25.99% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.99% - 25.99%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter.
Intro APR
0% on purchases
Regular APR
17.99% - 25.99% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.99% - 25.99%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter.
- American Express Blue Business CashTM is an excellent card if you need to spend beyond your credit limit when needed
- Features expanded buying power, which lets you spend above your credit limit, and it is adjusted based on your credit card usage, payment history, credit record, financial resources, and other factors
- Has a 0% introductory APR on purchases for the first 12 billing cycles
- Lets you earn 2% cash back on all eligible purchases up to $50,000 per calendar year, then 1% cash back when the $50,000 cap is met
- Is our leading cash back business credit card and one of our preferred small business credit cards
For more options, see our guides on the best Bank of America business credit cards and top-recommended small business credit cards.
Bottom Line
Bank of America® Business Advantage Customized Cash Rewards is an excellent cash back credit card for business owners with existing Bank of America accounts and those wanting to maximize bonus rewards and needing flexible redemption options. It lets you earn 3% cash back on the category of your choice and 2% cash back on dining for the first $50,000 in combined choice category/dining purchases each calendar year. However, premium rewards are capped on selected categories, and other business credit cards offer a longer 0% introductory period.
