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Bank of America® Business Advantage Cash Rewards Mastercard® credit card review

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Earn accelerated cash back on a category you choose each month.

finder.com’s rating: 4.4 / 5

★★★★★

  • Get this card if your business spends thousands of dollars on any of the 3% cashback categories.
  • Pick something else if you’re looking for travel rewards or a low balance transfer intro APR.
  • Apply for this card with an excellent credit score of 740 or higher.

$300

Welcome offer

Up to 3%

Cash back

$0

Annual fee

0%

Intro purchase APR

for the first 9 billing cycles (then 12.24% to 22.24% variable)

Details

Product NameBank of America® Business Advantage Cash Rewards Mastercard® credit card
Card typeMastercard
Annual fee$0
Purchase APR0% intro for the first 9 billing cycles (then 12.24% to 22.24% variable)
Balance transfer APR12.24% to 22.24% variable
Balance transfer fee$10 or 4% of the transaction, whichever is greater
Cash advance rate24.24% variable
Cash advance fee$10 or 4% of the cash advance amount, whichever is greater
Foreign transaction fee3% of the transaction value
Interest free periodUp to 25 days
Late payment feeUp to $49
Returned payment feeUp to $39
Additional cardholder fee$0

Expert review

Kliment Dukovski

Review by


Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.

Expert review

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card comes with a $0 annual fee and a rewards rate of 3% cash back on a category you choose each month and 2% cash back on dining up to $50,000 annually in combined purchases.

If you’re a member of Business Advantage Relationship Rewards, you’re eligible for an additional 25% to 75% reward bonus on every purchase, which makes this card one of the most rewarding.

Other cool benefits include a solid signup bonus of $300 and a 0% intro APR period on purchases for your first 9 billing cycles. The only downside is that you pay 3% fee every time you use your card abroad or online with foreign merchants.

All this makes the Bank of America® Business Advantage Cash Rewards Mastercard® credit card an excellent choice for your business if you spend up to $50,000 each year in any of the 3% cashback categories.

How to apply for the Bank of America® Business Advantage Cash Rewards Mastercard® credit card

  1. Go to the Bank of America site and select the Bank of America® Business Advantage Cash Rewards Mastercard® credit card. Click Apply now.
  2. If you’re a Bank of America customer, log in to your account. Otherwise, start your application.
  3. Complete the application with details about you, your business and any employees you authorize to use your card.
  4. Review and submit your application.

What credit score do I need?

Increase your chances of approval with an excellent credit score of 740 or higher.

Card benefits

  • Cash back.
    Choose one category each calendar month — gas stations, office supply stores, travel, telecom and wireless, computer services or business consulting services — to earn 3% cash back. Earn 2% cash back on dining. However, you are capped at $50,000 annually in combined purchases in both 2% and 3% categories. After that, and on all other purchases, earn 1% cash back.
  • Intro APR on purchases.
    If you’re planning to buy big items, save on interest with 0% introductory purchase APR for the first 9 billing cycles after account opening. After, the purchase APR reverts to 12.24% to 22.24% variable.
  • No annual fee.
    Maximize your cashback benefits without paying an annual fee.
  • Signup bonus.
    Receive $300 in statement credit after you spend $3,000 on purchases in the first 90 days your account is open.
  • Cashback boost.
    With the Business Advantage Relationship Rewards program, you can boost your cashback rate up to 75%. This translates to 5.25% from 3% and 3.5% from 2%. All other purchases go up to 1.75% cash back.

What is the Business Advantage Relationship Rewards program?

Bank of America offers this program to boost small businesses, helping you take advantage of rewards and benefits that grow as you increase balances across BofA business and Merrill Edge or Merrill Lynch investment accounts.

To join this program, you must own eligible Bank of America business accounts averaging a combined balance of $20,000 or more over three months.

Benefits of Business Advantage Relationship Rewards include:

  • No fees on select everyday banking services
  • A 25%–75% reward bonus on base earnings for eligible business cards
  • An interest rate discount of up to 0.75% on a business advantage credit line, term loan or secured lending
  • An interest rate discount of up to 0.50% on business advantage auto loans and commercial real estate loans
  • Priority client service and Merrill Edge advising

What to watch out for

  • Foreign transaction fees.
    If you travel abroad often, you may want to use another card. This one charges a fee equal to 3% of the US dollar amount on all foreign transactions.
  • No intro APR period on balance transfers.
    You get a long 0% intro APR period on purchases, but you don’t get the same offer on balance transfers. If that’s what you need, compare balance transfer business credit cards.

Compare business credit cards

Name Product Rewards Purchase APR Annual fee
Ink Business Preferred® Credit Card
3x points on the first $150,000 on travel and select business categories annually, then 1x after and on all other purchases
15.99% to 20.99% variable
$95
100,000 bonus points after you spend $15,000 on purchases in the first 3 months after account opening. That's $1,250 toward travel rewards when you redeem through Chase Ultimate Rewards®
Ink Business Cash℠ Credit Card
5% at office supply stores, on Internet, cable and phone up to $25,000 combined annually (then 1%), 2% on gas and dining up to $25,000 combined annually then 1% after that and on all other purchases
0% intro for the first 12 months (then 13.24% to 19.24% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months.
Ink Business Unlimited℠ Credit Card
1.5% cash back on all purchases
0% intro for the first 12 months (then 13.24% to 19.24% variable)
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening.
United℠ Business Card
2x miles on United, restaurants, gas stations, office supply stores, local transit and commuting, and 1x miles on all other purchases
16.49% to 23.49% variable
$0 intro annual fee for the first year ($99 thereafter)
Earn 75,000 miles once after spending $5,000 in your first 3 months.
Universal Premium Mastercard®
3 cents off per gallon when you buy 30,000 or more gallons in a month plus 3 cents off at the Retail Savings Network
27.24% variable
Up to $120
Earn 3 cents off per gallon when you buy 30,000 or more gallons in a month plus 3 cents off at the Retail Savings Network.
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Bottom line

If your business regularly spends on any of the 3% cashback categories, you could see a rewarding benefit with this card. A 0% intro APR on purchases for the first 9 billing cycles only sweetens the deal, especially if you have your eye on a large company purchase. Your rate reverts to a variable 12.24% to 22.24% APR thereafter.

Apply today if the Bank of America® Business Advantage Cash Rewards Mastercard® credit card sounded like a snug fit for your business. But if it didn’t, there’s likely another business credit card with tailored rewards for the way your company spends.

Frequently asked questions

Images: Bank of America

Credit card ratings

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Our team evaluates credit cards to determine their value against similar cards on the market.

We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.

Learn the details of our methodology and scoring.

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