Bank of America® Business Advantage Unlimited Cash Rewards 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.
The 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.
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.
Business Advantage Unlimited Cash Rewards
Intro APR
0% on purchases for the first 9 billing cycles
Regular APR
13.74% to 23.74% variable
Annual Fee
$0
Credit Needed
Excellent
- Get a $300 statement credit after you spend $3,000 in purchases in the first 90 days of opening an account.
- Earn unlimited 1.5% cash back on all purchases. No annual cap and cash rewards don't expire.
- Earn 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.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem your cash rewards as a deposit into your Bank of America checking or savings account, as a card statement credit, or as a check by mail.
Pros
- No annual fee
- Flexible redemption options
- Sign-up bonus
Cons
- Low cash back rewards
- No zero foreign transaction fee
- Short 0% APR period
- Travel & emergency services: This includes $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when you’re away from home.
- Online & mobile access: Manage your account anytime and anywhere through online and mobile banking.
- Balance Connect™ for overdraft protection: You have the option to link your credit card to a Bank of America® business checking account for overdraft protection to help prevent declined purchases, returned checks, or other overdrafts.
Intro APR
0% on purchases for the first 9 billing cycles
Regular APR
13.74% to 23.74% variable
Annual Fee
$0
Credit Needed
Excellent
- Get a $300 statement credit after you spend $3,000 in purchases in the first 90 days of opening an account.
- Earn unlimited 1.5% cash back on all purchases. No annual cap and cash rewards don't expire.
- Earn 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.
- 0% Introductory APR on purchases for your first nine billing cycles.
- Redeem your cash rewards as a deposit into your Bank of America checking or savings account, as a card statement credit, or as a check by mail.
Pros
- No annual fee
- Flexible redemption options
- Sign-up bonus
Cons
- Low cash back rewards
- No zero foreign transaction fee
- Short 0% APR period
- Travel & emergency services: This includes $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when you’re away from home.
- Online & mobile access: Manage your account anytime and anywhere through online and mobile banking.
- Balance Connect™ for overdraft protection: You have the option to link your credit card to a Bank of America® business checking account for overdraft protection to help prevent declined purchases, returned checks, or other overdrafts.
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards like the Bank of America® Business Advantage Unlimited Cash Rewards, 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 | 10 | 10 |
Total Score | 74 | 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: 1) deposit in your Bank of America checking or savings account; 2) credit to an eligible Merrill® investment account; 3) card statement credit; or 4) check mailed to you.
If you think this card doesn’t fit your business needs, then check out our guides to the best Bank of America business credit cards and top small business credit cards.
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Fees
APR
- Introductory APR: 0% APR on purchases for the first nine billing cycles after opening an account
- Ongoing APR for purchases and balance transfers: 14.49% to 24.49% variable, which will adjust with the prime rate
- Cash advance APR: 26.49% variable, which will adjust with the prime rate
- Penalty APR: None
- Due date: At least 25 days from your statement Closing Date
Fees
- Annual fee: $0
- Balance transfer and cash advance fees: Either $10 or 4% of the amount of each transaction, whichever is greater
- Foreign transaction fee: 3% of the US dollar amount of each transaction
- Late payment fees:
- $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
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 tier
To qualify for the additional 75% cash back, you need to 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.
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 on the Bank of America® Business Advantage Unlimited 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 Unlimited Cash Rewards Credit Card Features
- Zero Liability Protection: Gives cardholders protection against unauthorized transactions. Additional protection is provided by Bank of America®, which includes coverage on purchases against loss, damage, theft, and fire.
- Fraud monitoring: Bank of America® blocks potential fraud if abnormal patterns are detected.
- Balance Connect® for overdraft protection: This is an optional service available for cardholders with an existing Bank of America® business checking account. Through Balance Connect®, you can link both accounts to help prevent declined purchases, returned checks, and other overdrafts.
- Travel and emergency services: Bank of America® offers $100,000 in travel accident insurance and other services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when you’re traveling.
- Cash flow management tools: Manage automatic payments and transfers and download transactions using QuickBooks.
Pros & Cons of the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card
| PROS | CONS |
|---|---|
| No annual fee: You can earn cash back rewards on your purchases without having to pay annual fees. | Has foreign transaction fees: If you plan to use your card to make purchases outside of the United States, you’ll pay a 3% foreign transaction fee. |
| Flexible redemption options: You have the option to redeem your cash back as a statement credit, check by mail, or deposit to your Bank of America checking or savings account. | Short 0% APR period: This card offers no-interest financing for nine months, which is shorter compared to other credit cards’ 0% introductory APR period. |
| Sign-up bonus: You can earn a $300 statement credit after you meet the purchase requirements. | |
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Alternatives
Bank of America® Business Advantage Customized Cash Rewards
Bank of America® Business Advantage Customized Cash Rewards is a great alternative if you want to earn premium cash back rewards on your chosen spending category. It offers 3% cash back on the category of your choice and 2% cash back on dining on the first $50,000 in your combined choice category and dining purchases for every calendar year. This makes it one of our best business credit cards with no annual fee and leading 0% APR business credit cards.
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.
Capital One® Spark Cash Plus
Capital One® Spark Cash Plus is an excellent option for those who can pay their balance in full every month and those who want an approval decision within minutes after their application. It isn’t surprising that this card made it in our evaluation of the top instant approval business credit cards. It also offers unlimited 2% cash back and doesn’t have a preset credit limit—your credit limit is based on your spending behavior, payment history, and credit profile. While it doesn’t have a regular APR for purchases, it charges 2.99% of the unpaid portion of your minimum payment if you make a late payment.
Capital One® Spark® Cash Plus Card
BEST FOR:
Businesses that want purchasing power and can pay their balances in full every month
Intro APR
None
Regular APR
None. There's no APR because your balance is due in full every month. Otherwise, you'll be charged a 2.99% monthly late fee
Annual Fee
$150
Credit Needed
Excellent
- Earn unlimited 2% cash back for your business on every purchase, everywhere, no limits or category restrictions.
- Earn up to $1,000 in the first six months; $500 once you spend $5,000 in the first three months, and $500 once you spend $50,000 in the first six months.
- Earn an annual $200 cash bonus every year you spend $200,000 or more.
Pros
- No preset spending limit
- Up to $1,000 cash bonus
- Unlimited 2% cash back on all purchases
- Opportunity to earn annual cash bonus
Cons
- Requires an annual fee
- Need to pay in full every month
- Requires excellent credit
- $0 foreign transaction fee: No foreign transaction fees on purchases made outside of the United States
- $0 fraud liability: Advance emergency replacement for lost and stolen card plus cash advance
- Roadside assistance: Emergency services such as jump-starting, tire changing, and towing
Intro APR
None
Regular APR
None. There's no APR because your balance is due in full every month. Otherwise, you'll be charged a 2.99% monthly late fee
Annual Fee
$150
Credit Needed
Excellent
- Earn unlimited 2% cash back for your business on every purchase, everywhere, no limits or category restrictions.
- Earn up to $1,000 in the first six months; $500 once you spend $5,000 in the first three months, and $500 once you spend $50,000 in the first six months.
- Earn an annual $200 cash bonus every year you spend $200,000 or more.
Pros
- No preset spending limit
- Up to $1,000 cash bonus
- Unlimited 2% cash back on all purchases
- Opportunity to earn annual cash bonus
Cons
- Requires an annual fee
- Need to pay in full every month
- Requires excellent credit
- $0 foreign transaction fee: No foreign transaction fees on purchases made outside of the United States
- $0 fraud liability: Advance emergency replacement for lost and stolen card plus cash advance
- Roadside assistance: Emergency services such as jump-starting, tire changing, and towing
Commerce Bank Visa Business Platinum Card
Consider the Commerce Bank Visa Business Platinum Card if you want fixed-rate rewards and zero charges on annual and foreign transaction fees. The business credit card offers unlimited cash back on all purchases, which can be redeemed as a statement credit. Aside from that, you can enjoy a welcome offer of $150 cash back after spending $1,000 on purchases within the first three months after account opening.
Commerce Bank Visa Business Platinum Card
Intro APR
N/A
Regular APR
10.90% variable
Annual Fee
$0
Credit Needed
Good, Excellent
- Our Business Platinum Card is designed to give you the ability to adapt to your ever-changing needs as a business owner.
- No annual fee
- Low APR and an extended grace period
- Set individual credit limits for employees
Pros
- No annual fees
- No foreign transaction fee
- Has lower than average regular APR
Cons
- No sign-up bonus
- No introductory APR
- Only serves customers in selected states
- Doesn’t have many features
- Suspicious Card Activity Alert: After signing up for Suspicious Card Activity Alerts in Online Banking, a text message will be sent if your Commerce Bank credit card transaction is flagged due to potentially suspicious activity
- Lock Your Card: Can temporarily block new purchases and ATM withdrawals, without interrupting recurring payments
- Zero Liability Coverage: You’ll be protected from unauthorized transactions via Visa Zero Liability at no additional cost
Intro APR
N/A
Regular APR
10.90% variable
Annual Fee
$0
Credit Needed
Good, Excellent
- Our Business Platinum Card is designed to give you the ability to adapt to your ever-changing needs as a business owner.
- No annual fee
- Low APR and an extended grace period
- Set individual credit limits for employees
Pros
- No annual fees
- No foreign transaction fee
- Has lower than average regular APR
Cons
- No sign-up bonus
- No introductory APR
- Only serves customers in selected states
- Doesn’t have many features
- Suspicious Card Activity Alert: After signing up for Suspicious Card Activity Alerts in Online Banking, a text message will be sent if your Commerce Bank credit card transaction is flagged due to potentially suspicious activity
- Lock Your Card: Can temporarily block new purchases and ATM withdrawals, without interrupting recurring payments
- Zero Liability Coverage: You’ll be protected from unauthorized transactions via Visa Zero Liability at no additional cost
Bottom Line
The 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. It also grants a $300 statement credit when you spend $3,000 within the first three months after opening an account.
If this card isn’t right for you, visit our credit card marketplace to find one that’s a better fit.
