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.
Benilyn has over a decade of experience as a banking officer. Her expertise is featured throughout Fit Small Business in personal finance, credit card, and real estate investing content.
This article is part of a larger series on Best Small Business Credit Cards.
The Bank of America® Business Advantage Unlimited Cash Rewards offers unlimited, fixed-rate cash back on all purchases regardless of spending categories. This small business credit card also offers 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. It charges no annual fee and offers a no-interest financing period.
Business Advantage Unlimited Cash Rewards
Intro APR
0% on purchases for the first 9 billing cycles
Regular APR
12.24% to 22.24% 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
12.24% to 22.24% 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.
Do you want to compare the features of one card to another? We’ve made it easy for you to do that—check off up to three cards on this page to add them to your cart. This will allow you to view the details in a side-by-side comparison.
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 credit card, 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 | 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 Right For
- Business owners who want fixed-rate rewards: The Bank of America® Business Advantage Unlimited Cash Rewards credit card offers unlimited, fixed-rate cash back on all purchases regardless of spending categories.
- Business owners who have an existing business checking account with Bank of America®: You can earn 75% more cash back on every purchase if you qualify for the highest Preferred Rewards for Business tier.
- Business owners who want flexible redemption options: 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 by mail.
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Fees
- Introductory APR: 0% APR on purchases for the first nine billing cycles after opening an account
- Ongoing APR: 12.24% to 22.24%
- Annual fee: $0
- Balance transfer fee: $10 or 4% of the amount of each transaction, whichever is greater
- Foreign transaction fee: 3% of the United States dollar amount of each transaction
- Cash advance fee: $10 or 4% of the amount of each transaction, whichever is greater—APR is 24.24%
How to Make Payments on the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card
- Online: You can make a one-time payment or set up automatic recurring payments by signing in to online banking. Select the Bill Pay tab, then click Go to Bill Pay and follow the instructions provided. You can transfer money from your Bank of America® checking or savings account to your Bank of America® credit card.
- Via a check or money order: You can mail your payment by sending your check or money order made payable to Bank of America to the following address:
Bank of America Business Credit Card
PO Box 15796
Wilmington, DE 19886-5796
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Rewards
- $300 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, without expiration
- 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 and a three-month average combined daily balance of $20,000 in business deposits or Merrill Lynch 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.
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Additional Features
Overdraft Protection
This is an optional service available for cardholders who also have a Bank of America® business checking account. You can link the two accounts through Balance Connect™ to help prevent declined purchases, returned checks, or other overdrafts. If you choose to opt in for this service, Bank of America® will transfer funds from your account automatically in multiples of $100 to cover any overdrafts.
Travel Accident Insurance
Bank of America provides travel accident insurance that covers losses, such as death or serious injuries incurred while traveling, with maximum coverage of $100,000. To be eligible, the entire trip must have been paid for using your Bank of America® Business Advantage Unlimited Cash Rewards credit card.
Travel Services
Bank of America provides other travel services, such as emergency ticket replacement and lost luggage assistance. You can also access a 24/7 hotline that provides legal and medical referrals when you’re away from home.
Auto Rental Insurance
When you rent a car using your Bank of America® business credit card, the car rental is covered with auto rental insurance in case of an accident or theft. Refer to your guide to benefits to learn about protection coverage and exclusions.
Zero Liability Protection
Bank of America offers zero liability protection, which protects you against unauthorized transactions. Bank of America also offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage. Bank of America will also block potential fraud if it detects abnormal patterns in your transactions and notify you if the bank suspects any fraudulent activity.
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. | Low cash back rewards: The 1.5% cash back is low compared to other fixed-rate rewards credit cards. |
| Flexible redemption options: You have the option to redeem your cash back as a statement credit, as a check by mail, or as a deposit to your Bank of America checking or savings account. | 3% foreign transaction fee: If you plan to use your card to make purchases outside of the United States, you’ll pay a 3% foreign transaction fee. |
| Sign-up bonus: You can earn a $300 statement credit after you meet the purchase requirements. | Short 0% APR period: This card offers no-interest financing for nine months only, which is shorter compared to other business credit cards that offer a 0% introductory APR period. |
Bank of America® Business Advantage Unlimited Cash Rewards Credit Card Alternatives
Business Advantage Customized Cash Rewards
The Bank of America® Business Advantage Customized Cash Rewards card is a great alternative if you want to earn premium cash back rewards on your chosen spending category. This is best for businesses that usually spend on gas, office supplies, travel, TV and telecommunication services, computer services, business consulting services, and dining.
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
12.24% - 22.24% 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
12.24% - 22.24% 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
The Capital One® Spark Cash Plus is an excellent option for those who can pay their balance in full every month. This business credit card offers unlimited 2% cash back and it doesn’t have a preset credit limit—your credit limit adapts to your needs based on your spending behavior, payment history, and credit profile.
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
Chase Ink Business Preferred®
The Chase Ink Business Preferred® is a great option if you prefer a travel rewards credit card that offers zero foreign transaction fees and you don’t need interest-free financing. Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards®. However, this business credit card doesn’t offer a 0% introductory APR.
Ink Business Preferred® 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:
Maximizing travel rewards at a lower annual fee
Intro APR
N/A
Regular APR
16.24% - 21.24% Variable
Annual Fee
$95
Credit Needed
- Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
- Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 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.
- Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
- Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
Pros
- Opportunity to boost the value of reward points
- Offers cellphone protection and trip cancellation insurance
Cons
- Doesn’t offer an interest-free financing period
- Charges an annual fee
- 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 U.S. and abroad.
- Cellphone protection: You and the employees named on the phone bill you pay for with your card are covered for up to $600 in theft or damages per claim. You are limited to three claims per 12-month period, with a $100 deductible per claim.
- Trip cancellation and delay insurance: If your trip is canceled, you can be compensated up to $15,000 for prepaid expenses such as airfare or hotels. If your trip is delayed for 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals, and transportation.
Intro APR
N/A
Regular APR
16.24% - 21.24% Variable
Annual Fee
$95
Credit Needed
Good, Excellent
- Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
- Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 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.
- Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
- Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
- Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
Pros
- Opportunity to boost the value of reward points
- Offers cellphone protection and trip cancellation insurance
Cons
- Doesn’t offer an interest-free financing period
- Charges an annual fee
- 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 U.S. and abroad.
- Cellphone protection: You and the employees named on the phone bill you pay for with your card are covered for up to $600 in theft or damages per claim. You are limited to three claims per 12-month period, with a $100 deductible per claim.
- Trip cancellation and delay insurance: If your trip is canceled, you can be compensated up to $15,000 for prepaid expenses such as airfare or hotels. If your trip is delayed for 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals, and transportation.
Find other credit card alternatives by reading our guide to the best small business credit cards.
Bottom Line
The Bank of America® Business Advantage Unlimited Cash Rewards card is a no-annual-fee credit card that offers unlimited 1.5% cash back on all purchases. This is an excellent cash back credit card for business owners who have existing accounts with Bank of America. To find other options, visit our Credit Card Marketplace.
