Bank of America® Business Advantage Unlimited Cash Rewards 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 Unlimited Cash Rewards offers 1.5% unlimited, fixed-rate cash back on all purchases, regardless of spending categories. It also grants 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. Finally, it doesn’t charge annual fees and has an interest-free financing option on purchases.
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 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.
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards, we first considered the ongoing and introductory rewards. We also took into account the annual fee, introductory and ongoing annual percentage rates (APRs), and other card benefits.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Ongoing Rewards | 20 | 30 |
Introductory Rewards | 15 | 20 |
Annual Fee | 15 | 15 |
Additional Features | 6 | 15 |
Introductory APR | 8 | 10 |
Ongoing APR | 7 | 10 |
Total Score | 71 | 100 |
Who the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Is Best For
- Those looking for fixed-rate rewards: The card offers 1.5% unlimited, fixed-rate cash back on all purchases, regardless of spending categories.
- Those with an existing business checking account with Bank of America®: You can earn up to 75% more cash back on every purchase if you qualify for the highest Preferred Rewards for Business tier.
- Those who want flexible redemption options: You can redeem your cash back as a deposit in your Bank of America checking or savings account, card statement credit, or check mailed to you.
If this doesn’t fit your needs, see our recommended alternatives below.
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Fees
APR
- Introductory: 0% APR on purchases for the first nine billing cycles after opening an account
- Ongoing and balance transfers: 16.74% to 26.74% variable, which will adjust with the prime rate
- Cash advance: 28.74% variable, which will adjust with the prime rate
- Penalty: None
Fees
- Annual: $0
- Balance transfer and cash advance: 4% of the amount of each transaction
- Foreign transaction: 3% of the US dollar amount of each transaction
- Late payment:
- $0 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 from your statement closing date.
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Rewards
- $300 welcome offer via statement credit when you spend at least $3,000 in net purchases within 90 days after opening an account
- 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
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 mailed to you. If you’re interested in a checking account with the provider, learn more about it in our in-depth Bank of America business checking review.
Bank of America’s Preferred Rewards for Business Tiers
You can become a Preferred Rewards for Business member for free. Simply apply online if you have
- An active Bank of America business checking account
- A three-month average combined daily balance of $20,000 or more in either Bank of America business deposit accounts or Merrill business investment accounts
There are three reward tiers. You can move to a higher tier after any month when your balances qualify for the next level of rewards. You can keep your benefits as long as you can maintain your qualification for the program. Should you no longer meet the eligible business checking account and/or balance requirements, you’ll have a three-month grace period to restore your eligibility.
Gold | Platinum | Platinum Honors | |
|---|---|---|---|
Required Balance | $20,000 | $50,000 | $100,000 or more |
Cash Back Bonus | 25% | 50% | 70% |
Example of a $100 Purchase That Earns 1.5% Cash Back ($1.50) | $1.875 = $1.50 + 37.5 cents | $2.25 = $1.50 + 75 cents | $2.625 = $1.50 + $1.125 |
Learn more about each Preferred Rewards tier level and corresponding rate discounts.
How To Make Payments on the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card
- Bank of America® mobile app: Log in to the iOS or Android 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 find an ATM location 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:
Bank of America Business Card
PO Box 15710
Wilmington, DE 19850-5710
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Features
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.
- Customer support: Call (800) 732-9194 to request assistance on your credit card accounts—this can be confirming the status of your application, checking your account balance, redeeming your earned cash back rewards, submitting disputes, and requesting action on credit card fraud.
- Travel and emergency services: Bank of America offers $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, lost luggage assistance, and legal and medical referrals while away from home.
Security
- 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.
- 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.
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Alternatives
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
17.74% - 25.74% 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, 17.74% - 25.74%, 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
17.74% - 25.74% 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, 17.74% - 25.74%, 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.
- 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’s 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 $50,00 per calendar year, then 1% cash back when the $50,00 cap is met
- Is our leading cash back business credit card and one of our best small business credit cards
Bank of America® Business Advantage Customized Cash Rewards
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.
- Is an excellent card if you an alternative Bank of America business credit card that lets you earn a higher cash back reward on the category of your choice
- Lets you earn 3% cash back on your selected category; choose from gas, office supplies, travel, TV or telecommunication services, computer services, and business consulting services
- Has a 0% introductory APR on purchases for the first nine billing cycles
- Doesn’t charge annual fees
- Is one of our top cash back business credit cards and 0% APR business credit cards
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
BEST FOR:
0% APR for 15 billing cycles
Intro APR
Regular APR
18.49% - 27.49% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard® the card that gives back on all your eligible business needs.
- Earn 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants.
- 1% cash back on all other eligible net purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center.
- No limit on total cash back earned.
- Rewards never expire.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or quickbooks
- 0% Intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 18.49% - 27.49%.
- No annual fee.
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR doesn’t apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year, per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of five years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
Intro APR
Regular APR
18.49% - 27.49% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard® the card that gives back on all your eligible business needs.
- Earn 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants.
- 1% cash back on all other eligible net purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center.
- No limit on total cash back earned.
- Rewards never expire.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or quickbooks
- 0% Intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 18.49% - 27.49%.
- No annual fee.
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR doesn’t apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year, per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of five years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
- Is a great choice if you want a 0% introductory period for purchases and balance transfers
- Has a 0% introductory APR on purchases and balance transfers for the first 15 billing cycles
- Doesn’t charge annual fees
- Lets you earn 5% cash back on prepaid hotels and car rentals directly booked in the Travel Rewards Center, 3% cash back on eligible purchases at gas and electric vehicle (EV) charging stations, office supply stores, cell phone service providers, and restaurants, and 1% cash back on all other eligible purchases.
- Is our top-recommended fuel business credit card and one of our best cash back business credit cards, 0% APR business credit cards, business credit card balance transfers, and credit cards for new businesses with no credit history
For additional options, see our guides on the leading Bank of America business credit cards and best small business credit cards.
Bottom Line
Bank of America® Business Advantage Unlimited Cash Rewards card is a business credit card best suited for those wanting fixed-rate rewards, those with existing savings or checking accounts with Bank of America®, and those looking for flexible redemption options. It offers unlimited fixed-rate rewards with an interest-free financing option of 0% within the first nine billing cycles.
