Bank of America® Business Advantage Cash Rewards Mastercard® credit card
Best For: Up to 3% cash back in a spending category of your choice
| Intro APR ?0% APR for nine billing cycles on purchases | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|
| 0% 9 billing cycles | 13.74% - 23.74% Variable APR on purchases | $0.00 | Excellent |
The Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a great cash back business card for owners with a strong existing bank relationship. Your deposits could increase your card rewards by 75%. Without those bonuses, this is just an average rewards card. The ongoing APR is as low as 13.74%.
The best cash back business credit cards pay up to 5% cash back on bonus category spending. They also offer introductory rewards of as much as $500. This Bank of America business card falls short on rewards—unless you have $100,000 or more on deposit with the bank. Then you can earn up to 5.25% cash back. We give this card 3.5 stars out of 5 stars possible.
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How We Evaluated the Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card
The Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers decent introductory rewards and ongoing rewards on several spending categories. However, we consider this card’s rewards second tier—unless you have thousands of dollars on deposit—when compared with some other small business credit cards. The Chase Ink Business CashSM, for example, pays up to 5% cash back and offers a larger introductory bonus.
We considered the following criteria when grading this cash back business credit card based on business owner wants and needs:
- Introductory APR: Whether the card offers a period of no-interest financing on purchases or balance transfers. The Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers 0% introductory APR for 9 billing cycles on purchases.
- Ongoing APR: How much it will cost to finance purchases on the card. This card charges an ongoing APR as low as 13.74%, which is several percentage points lower than the average small business credit card APR.
- Annual fee: How much you’ll pay each year to own the card. The Bank of America® Business Advantage Cash Rewards Mastercard® credit card charges no annual fee.
- Additional benefits: Whether the card comes with free perks that may increase its value. The Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers only a few benefits, including travel and emergency services.
- Ongoing rewards: The cash back or points you’ll earn by using the Bank of America® Business Advantage Cash Rewards Mastercard® credit card. This small business credit card pays up to 3% cash back on the category of your choice (higher if you have money deposited with the bank).
- Introductory rewards: The cash back you’ll earn by reaching minimum spending requirements over the first few months of card ownership. The Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers a $300 bonus when you spend $3,000 within 90 days.
If you need to transfer a balance, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card isn’t the right card for you, as it offers no 0% introductory APR on balance transfers. Instead, choose one of our picks for the best 0% interest business cards, like the American Express Blue Business® Plus, which offers 0% interest on purchases and balance transfers for 12 months (see rates & fees).
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards like the Bank of America® Business Advantage Cash Rewards Mastercard® credit card, we weigh ongoing rewards heaviest. We rate introductory rewards as slightly less important, but they still are the second biggest factor in grading a card. We also take into account the annual fee, introductory and ongoing APRs, and card benefits.
We graded the Bank of America® Business Advantage Cash Rewards Mastercard® credit card using the following methodology:
| Grading Criteria | ||
|---|---|---|
| Ongoing Rewards | ||
| Introductory Rewards | ||
| Annual Fee | ||
| Additional Features | ||
| Introductory APR | ||
| Ongoing APR | ||
| Total Score |
Based on our 5-star rating system, where 20 points equals 1 star, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card doesn’t earn quite enough points to reach 4 stars. In cases where cards receive excellent scores in most categories, we may award bonus points to boost the card’s rating by half a star.
This card can best be described as adequate. It offers good, but not great, introductory and ongoing rewards.
Who the Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Is Right For
The Bank of America® Business Advantage Cash Rewards Mastercard® credit card is best for owners with thousands of dollars on deposit at Bank of America. You can join the Business Advantage Relationship Rewards program to earn bonus rewards. You’ll qualify by keeping a three-month average combined daily balance of $20,000 in business deposits or Merrill Lynch investment accounts.
The tiered rewards system offers 75% credit card rewards bonus, along with other benefits like loan discounts and free ATM transactions at non-Bank of America machines. If you have at least $100,000 on deposit, you’ll earn 5.25% cash back on one of six spending categories and 1.75% cash back on everyday spending. You’ll earn 2% cash back on all spending with the Capital One® Spark® Cash for Business without any deposit requirements.
Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Costs
The Bank of America® Business Advantage Cash Rewards Mastercard® credit card includes introductory 0% APR for 9 billing cycles on purchases. If you have to carry a balance, other credit cards offer lower ongoing APRs. The U.S. Bank Business Platinum Card, for example, offers an APR as much as 2.25 percentage points lower.
Financing costs and fees on the Bank of America® Business Advantage Cash Rewards Mastercard® credit card include:
- Introductory APR: 0% APR for 9 billing cycles on purchases
- Ongoing APR: A variable 13.74% – 23.74%, which will adjust 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
- Late payment fee: Up to $49
- Returned payment fee: $39
- Penalty APR: None
If you pay late, Bank of America will assess different fees based on the size of your balance. You’ll owe $19 if your balance is $100 or less, $29 if your balance is greater than $100 and up to $1,000, $39 if your balance is greater than $1,000 and up to $5,000, and $49 if your balance is greater than $5,000. None of the business credit cards we’ve reviewed offer a sliding scale fee.
This card also charges a foreign transaction fee on all purchases made outside the United States. If you travel internationally, carry a card that charges no foreign transaction fee to save yourself some money, like the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card. All of the best travel business credit cards waive foreign transaction fees.
Your payment due date on the Bank of America® Business Advantage Cash Rewards Mastercard® credit card is at least 25 days after the close of the business cycle (when you receive your bill). Pay your balance in full by the due date to avoid interest charges. If you are charged interest, the minimum charge will be at least $1.
The potential due date on this Bank of America small business credit card could be longer than other cards, like the Chase Ink Business UnlimitedSM, which has a due date at least 20 days after the cycle closes.
Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Rewards
The Bank of America® Business Advantage Cash Rewards Mastercard®Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers bonus category rewards on dining and one of six categories you pick, including consulting services. It also offers introductory rewards worth $300. We have not reviewed any other business card that offers bonus rewards on consulting services, such as accounting and tax preparation help.
Introductory Rewards
You’ll earn a $300 statement credit when you spend $3,000 within the first 90 days after account opening. The introductory rewards on this Bank of America small business credit card are lower than what some of the best small business credit cards offer. The Capital One® Spark® Miles for Business offers a one-time bonus of 50,000 miles – equal to $500 worth of travel – once you spend $4,500 within the first three months from account opening.
Ongoing Rewards
You will earn the following ongoing rewards when using your card:
- 3% cash back on the category of your choice, including gas stations, office supply stores, travel, TV and telecommunications services, computer services, or business consulting services.
- 2% cash back on dining.
- 1% cash back on all other purchases.
You’ll earn the 3% and 2% cash back on up to $50,000 in combined purchases each year, then 1% thereafter. The ongoing rewards fall short—unless you have significant cash on deposit at the bank—of what other cards offer. You can earn 4x points on U.S. restaurant purchases, for example, with the American Express® Business Gold Card.
Business Advantage Relationship Rewards
You can earn credit card rewards of up to 5.25% cash back on your Bank of America® Business Advantage Cash Rewards Mastercard® credit card if you join the bank’s Business Advantage Relationship Rewards program. The program is free of charge, but you must have three-month average combined balances of at least $20,000 in a Bank of America business deposit account or Merrill Lynch business investment account.
The program offers tiered rewards and benefits that increase when you reach the $20,000 (Gold) deposit level, $50,000 (Platinum) deposit level, and $100,000 (Platinum Honors) deposit level. In addition to enhanced card rewards, you’ll earn higher interest rates on your savings account and discounts on auto loans.
You will earn the following benefits by enrolling in Business Advantage Relationship Rewards:
| Credit card bonus | |||
| Merchant services discount | |||
| Savings account interest rate boost | |||
| Small business financing interest rate discount | |||
| Auto loan interest rate discount | |||
| Commercial real estate loan interest rate discount | |||
| Monthly payroll services discount | |||
| Business line of credit and term loan discount | |||
| No-fee ATM transactions per month |
Depending on how much you have on deposit, you could increase your top earning rate on this small business credit card to 3.75%, 4.5%, or 5.25%. Among small business credit cards, only the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card offers similar relationship rewards.
Rewards Restrictions
The Bank of America® Business Advantage Cash Rewards Mastercard® credit card won’t offer cash back rewards for the following:
- Balance transfers
- Cash advances
- Fees
- Finance charges
- Fraudulent transactions
Unredeemed rewards never expire as long as your account remains open and in good standing. You have 90 days after the date of issue to cash a rewards check before it expires. You’ll lose your unredeemed rewards if you or the issuer closes the account. Other business rewards credit cards have similar restrictions on the types of purchases that won’t qualify for rewards.
How to Redeem Your Rewards
You can redeem your cash back as a deposit into your Bank of America checking or savings account, as a card statement credit, or via check. You can redeem rewards at any time, and there is no annual cap on rewards redemption. Other cash back credit cards, including Chase Ink Business CashSM, offer more redemption options, including gift cards and travel.
Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Additional Features
The Bank of America® Business Advantage Cash Rewards Mastercard®> credit card includes several benefits, like travel and emergency services and overdraft protection. In general, Bank of America offers significantly fewer perks than other issuers, like Chase, which offers extended warranty protection, cell phone insurance, and other benefits not found here.
Also unlike other issuers, Bank of America doesn’t publish benefits details prior to application. We’ll show you the types of benefits you’ll receive, but for coverage levels and exceptions, look to the guide to benefits you’ll receive upon approval.
You’ll receive the following additional benefits with your Bank of America small business credit card:
Auto Rental Insurance
When you rent a car using your Bank of America® Business Advantage Cash Rewards Mastercard® credit card, you’re covered in case of accident or theft. You’ll need to refer to your guide to benefits to learn about protection coverage and exclusions. The best small business credit cards, like the CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®, offer primary coverage, which means you can avoid a claim on your personal insurance.
Travel Accident Insurance
The Bank of America® Business Advantage Cash Rewards Mastercard® credit card provides travel accident insurance if you die or are seriously injured while traveling on a ticket paid for with your card. The coverage is capped at $100,000, which is significantly less than the $500,000 in coverage offered by the American Express Business Platinum Card®. Once you’re approved, refer to your guide to benefits to learn about coverage and exclusions.
Overdraft Protection
This optional coverage is available for Bank of America® Business Advantage Cash Rewards Mastercard® credit card customers who have a Bank of America business checking account. Linking the two accounts could help prevent declined purchases, returned checks, or other overdrafts. No other issuer with cards we’ve reviewed advertises this type of feature.
If you request overdraft protection, Bank of America will automatically transfer funds from your account to cover any overdrafts in multiples of $100. You must have sufficient available credit to cover the transaction.
You will be charged an overdraft protection cash advance fee on your card account of $10 or 3% of the transaction, whichever is greater. You’ll also accrue interest on the advance at a variable APR of 13.74% – 23.74%.
Adding Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Employee Credit Cards
Bank of America® Business Advantage Cash Rewards Mastercard® credit card employee credit cards are available at no additional cost. Most issuers charge no fee on employee credit cards, even if the primary card carries an annual fee. Bank of America does not restrict the number of employee credit cards you can open; when you apply online, you can add up to nine employee cards. After application, call the bank to add more cards.
However, if your business exceeds annual revenue of $4 million and annual card spending of $250,000, you may be better off with a corporate credit card. The primary benefit of a corporate credit card is that company owners have no personal liability. You’ll also pay no interest, since the balance must be paid in full each month.
What Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Is Missing
The Bank of America® Business Advantage Cash Rewards Mastercard®> credit card offers bonus rewards in several spending categories, but—unless you have a lot of money deposited in the bank—you’ll find other cards offer better returns on nearly all bonus categories. If gas is your main expense, consider the Costco Anywhere Visa® Business Card, which offers 4% cash back on gas purchases on up to $7,000 per year.
Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Reviews
Users offer mixed online assessments for the Bank of America® Business Advantage Cash Rewards Mastercard® credit card. Some customers like the 0% introductory APR, the lack of an annual fee, and the 3% cash back on gas purchases. Other users say the introductory rewards, which the bank increased by $100 in April 2019, aren’t as high as other cards offer. Even after the increase, that complaint remains true.
How to Apply for Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card
Apply for the Bank of America® Business Advantage Cash Rewards Mastercard® credit card online. To get a business credit card, fill out a basic application containing both business and personal information, and you could be approved instantly. If not, the process could take 10 to 12 business days to complete. Once you’re approved, you’ll receive your card in the mail within seven to 10 days.
How to Log In to Your Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Account
Login to your Bank of America® Business Advantage Cash Rewards Mastercard® credit card account by providing your user ID and password. You can also contact customer service from the number on the back of your card.
Other Bank of America Business Credit Cards
Bank of America offers three other small business credit cards, which cater to frequent business travelers or owners who frequently carry a balance. You may consider one of these cards if the rewards mix or ongoing APR on the Bank of America® Business Advantage Cash Rewards Mastercard® credit card doesn’t appeal to you.
The Bank of Ameria business cards include the:
- Bank of America® Business Advantage Travel Rewards World Mastercard® credit card: This card is best for frequent business travelers as it pays top rewards on car, hotel, and airline spending.
- Alaska Airlines Visa® Business credit card: This card is best for owners who frequently fly on Alaska Airlines. You’ll get a free checked bag on each flight and one companion fare certificate per year.
- Bank of America® Platinum Plus® Mastercard® Business card: This card is best for owners who frequently carry a balance. It offers one of the lowest ongoing APRs on the market today.
Alternatives to Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card
Other cash back business credit cards offer better rewards than the Bank of America® Business Advantage Cash Rewards Mastercard® credit card. You can find cards that offer top rewards of 4% to 5% in similar categories to what this Bank of America card offers.
3 Alternatives to Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card
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For rates and fees on the American Express® Business Gold Card, please click here.
For rates and fees on the American Express Blue Business® Plus, please click here.
