Bank of America® Business Advantage Cash Rewards Mastercard® credit card
BEST FOR
Up to 3% cash back in a spending category of your choice
9 billing cycles
- 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 9 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
- Statement credit introductory bonus offer
- Low ongoing APR
Cons
- Highest rewards are capped at $50,000 each year
- Earns top rewards in only one spending category
Bank of American does not 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.
The Bank of America® Business Advantage Cash Rewards Mastercard® is a great cash back card designed for owners with a strong existing bank relationship with Bank of America. This small business credit card offers up to 75% more rewards on purchases for owners who are members of Preferred Rewards for Business Platinum Honors tier.
Who Bank of America® Business Advantage Cash Rewards World Mastercard® is Right For
- Owners with a significant amount of deposits with Bank of America: Existing depositors of Bank of America 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.
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®, we weigh ongoing rewards heaviest. We rate introductory rewards as slightly less important, but they are still considered as the second biggest factor in grading a card. We also take into account the annual fee, introductory and ongoing annual percentage rates (APRs), and card benefits.
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Introductory Rewards | ||
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Bank of America® Business Advantage Cash Rewards World Mastercard® Fees
- Introductory APR: 0% APR on purchases for the first nine billing cycles from account opening
- Ongoing APR: 12.24% to 22.24% variable, which adjusts with the prime rate
- Annual fee: None
- Balance transfer fee: Either 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
- 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
- Unlimited 1% cash back on all other purchases
Welcome offer: $300 statement credit after spending at least $3,000 in net purchases within 90 days of account opening
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 into your Bank of America checking or savings account, as an automatic credit to your bill, or via check.
Bank of America® Business Advantage Cash Rewards World Mastercard® Features
Auto Rental Insurance
Bank of America provides auto rental insurance when you rent a car using your Bank of America® Business Advantage Cash Rewards Mastercard®. 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 Cash Rewards Mastercard®.
Overdraft Protection
Overdraft protection is optional coverage 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 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 to cover any overdrafts in multiples of $100.
Bank of America® Business Advantage Cash Rewards World Mastercard® Alternatives
Chase Ink Business Cash® Credit Card
Ink Business Cash® Credit Card
BEST FOR
Office-based businesses that want top cash back rewards
- 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
American Express® Business Gold Card
BEST FOR
Maximizing rewards in the two categories where you spend the most
- 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: A flexible payment option with interest to help manage cash flow on purchases of $100 or more.*
- *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
Costco Anywhere Visa® Business Card by Citi
BEST FOR
Existing or new Costco members
- 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
- Top gas rewards at Costco stations
- No annual fee
Cons
- Rewards must be redeemed at a Costco location
- No introductory rewards
- 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.
Bottom Line
The Bank of America® Business Advantage Cash Rewards World Mastercard® is an excellent cash back credit card designed for business owners who have existing deposits with Bank of America. If this card is not what you’re looking for, review the best business credit cards to find other options.
