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.
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, choose a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
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
13.74% - 23.74% 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
13.74% - 23.74% 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.
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 |
If you want another credit card from Bank of America, you may want to check our best Bank of America business credit cards. Alternatively, you may also want to take a look at our roundup of the best small business credit cards to find other options.
Who the Bank of America® Business Advantage Customized Cash Rewards World Credit Card Is Best For
- Business owners wanting to maximize bonus rewards: Those who join the Business Advantage Relationship Rewards program can earn bonus rewards if they have qualifying balances (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 Customized Cash Rewards card 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.
- Business owners with existing accounts with Bank of America: Your cash back may increase if you have an existing checking account with Bank of America as you can earn up to 75% more cash back on every purchase made with this business credit card.
Bank of America® Business Advantage Customized Cash Rewards Credit Card Fees
APR
- Introductory APR: 0% APR on purchases for the first nine billing cycles from account opening
- Ongoing APR: 12.99% to 22.99% variable—adjusts with the prime rate
- Balance transfer APR: 12.99% to 22.99% variable—adjusts with the prime rate
- Cash advance APR: 24.99% variable—adjusts with the prime rate
- Penalty APR: None
Fees
- Annual fee: None
- Balance transfer fee: 4% of the amount of the transfer or $10, whichever is greater
- Cash advance fee: 4% of the amount of the transfer or $10, whichever is greater. Exemptions will be applied if overdraft protection cash advance is enrolled
- International transaction: 3% of the US dollar amount of each transaction
- Late payment fee: $19 if balance 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
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, including gas stations, office supply stores, travel, TV or telecommunication services, computer services, or business consulting services, and 2% cash back on dining on the first $50,000 in your combined choice category and dining purchases each calendar year
- 1% cash back on all other purchases
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.
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, 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 make a payment at ATMs.
- Website: 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
Auto Rental Insurance
Bank of America provides auto rental insurance, which covers the rental in case of an accident or theft when you rent a car using your card. Refer to your guide to benefits to learn about protection coverage and exclusions.
Travel & Emergency Services
Bank of America provides travel services, which include $100,000 in travel accident insurance. Additional services include emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when away from home.
Zero Liability Protection
With zero liability protection, you can stay protected against unauthorized transactions. Bank of America even 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.
Pros & Cons of the Bank of America® Business Advantage Customized Cash Rewards 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 a 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 cashback 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®
Chase Ink Business Cash® 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. It’s 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. It’s no surprise that this card is our top pick for the best LLC credit cards, best credit cards for nonprofits, and best business credit cards for startups.
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
15.49% - 21.49% 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
15.49% - 21.49% 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 great 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. It’s also a good option if you’re a real estate agent with specific expenses, which is why it’s one of our best credit cards for real estate agents. You can earn 4x points on the first $150,000 on the top two categories where your business spends the most each month. The card 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
17.24% - 25.24% 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
17.24% - 25.24% 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.
U.S. Bank Business Platinum
If you want a longer interest-free financing scheme, then you may want to consider getting the U.S. Bank Business Platinum card as it has a 0% introductory APR on purchases and balance transfers for 20 billing cycles. Note that this business credit card doesn’t have an existing rewards system for new and active business credit card owners, which is rare, even among those that charge a low APR.
U.S. Bank Business Platinum 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:
Extended 0% APR period on purchases and balance transfers
Intro APR
0% Intro APR on purchases and balance transfers for 18 billing cycles.
Regular APR
14.99% - 23.99% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Limited time offer: 0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 14.99% - 23.99%.
- U.S. Bank Business Platinum Card
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Expense management tool VISA Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- Offers a long 0% APR introductory period
- 0% APR applies to both purchases and balance transfers
- No annual fee
Cons
- No introductory and ongoing rewards
- Balance transfer fee is charged even during the introductory period
- Excellent/good credit score needed to qualify
- Extended warranty protection: U.S. Bank will double an original manufacturer’s warranty up to an additional one year for warranties of three years or less. Coverage is limited to $10,000 per item.
- Purchase protection: U.S. Bank offers purchase protection for items that are damaged or stolen within 90 days of purchase. The coverage is limited to $500 per claim and up to $50,000 per cardholder, per year.
Intro APR
0% Intro APR on purchases and balance transfers for 18 billing cycles.
Regular APR
14.99% - 23.99% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Limited time offer: 0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 14.99% - 23.99%.
- U.S. Bank Business Platinum Card
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Expense management tool VISA Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- Offers a long 0% APR introductory period
- 0% APR applies to both purchases and balance transfers
- No annual fee
Cons
- No introductory and ongoing rewards
- Balance transfer fee is charged even during the introductory period
- Excellent/good credit score needed to qualify
- Extended warranty protection: U.S. Bank will double an original manufacturer’s warranty up to an additional one year for warranties of three years or less. Coverage is limited to $10,000 per item.
- Purchase protection: U.S. Bank offers purchase protection for items that are damaged or stolen within 90 days of purchase. The coverage is limited to $500 per claim and up to $50,000 per cardholder, per year.
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. 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 more suitable options.
