Business Advantage Cash Rewards Mastercard card review | finder.com

Business Advantage Cash Rewards Mastercard® credit card review

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Business Advantage Cash Rewards Mastercard® credit card

A solid card backed by Bank of America and offering cashback rewards on gas and office supplies.

  • Get this card if your business spends thousands of dollars on office supplies and gas.
  • 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.
Product NameBusiness Advantage Cash Rewards Mastercard® credit card
Card typeMastercard
Annual fee$0
Standard purchase APR13.49% to 23.49% variable
Intro purchase APR0% for the first 9 billing cycles (then 13.49% to 23.49% variable)
Standard balance transfer APR13.49% to 23.49% variable
Intro balance transfer APR

N/A

Balance transfer fee$10 or 4% of the transaction, whichever is greater
Cash advance rate26.49% 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 fee$49
Returned payment fee$39
Additional cardholder fee$0
Minimum Age18 years of age
Welcome Offer$200 after spending $500 in the first 60 days
Rewards% cash back on a chosen business category and 2% on dining on up to $50,000 combined each year, then 1% after that and on all other purchases
Base Rewards1% cash back
Rewards Points ExpiryNever

The basics

As the name suggests, Bank of America’s Business Advantage Cash Rewards Mastercard® credit card is focused on cashback rewards. Use this card to earn 3% on up to $250,000 you spend on gas and office supplies annually, reverting to 1% after. Earn 2% on restaurant purchases and 1% on every other purchase you make.

If you’re a member of Business Advantage Relationship Rewards, you’re eligible for an additional 25% to 75% reward bonus on every purchase.

Another cashback category card

SimplyCash® Plus Business Credit Card from American Express

  • Special offer: save on interest with a 0% intro APR on purchases for 15 months; after that your APR will be a variable rate, currently 14.49% - 21.49%
  • No annual fee
  • Reinvest in your business with automatic cash back in the form of a monthly statement credit. Plus take control by choosing the 3% category that best fits your business
  • Earn 5% cash back on the first $50,000 spent at wireless telephone services purchased directly from U.S. service providers and U.S. office supply stores.
  • Earn 3% cash back on the first $50,000 spent in the category of your choice from a list of eight and 1% cash back on other purchases
  • With Expanded Buying Power you can spend beyond your credit limit* to make bigger purchases for your business plus earn cash back on those purchases too
  • *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
  • Terms apply
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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

The perks

  • Tiered cash back.  
    Rewards categories can benefit small companies. Earn 3% cash back at select gas stations and office supply retailers on up to $250,000 annually (then 1%), 2% cash back at restaurants and 1% cash back on all other purchases.
  • Intro APR.  
    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 13.49% to 23.49% variable .
  • No annual fees.
     
    Maximize your cashback benefits by avoiding the $95 to $175 fees that come with other cards. This one comes with $0 annual fee.

You’ll also like

  • Signup bonus.  
    Receive $200 in statement credit after you spend $500 on purchases in the first 60 days your account is open. In contrast, the Capital One® Spark® Cash Select for Business rewards you with a $200 bonus, but only after you spend $3,000 on purchases in the first 90 days after opening your account.
  • No penalty APR.  
    You won’t have to worry about paying a higher APR if you miss a payment. Other cards apply penalty APRs of up to 30% if you pay late.
  • Travel insurance.  
    Take advantage of up to $100,000 in travel protection, auto rental insurance, ticket replacement and lost luggage assistance.
  • Zero liability protection.  
    Get peace of mind with protection against potential employee misuse and other fraud on phone, online and mobile transactions.

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.
  • High late payment fees.  
    You face a $49 fee for each late payment.
  • No balance transfer intro APR.  
    A 13.49% to 23.49% variable APR applies immediately to all balances you transfer to your card.

Best fuel cards for small business

Compare business credit cards

Name Product Rewards Purchase APR Annual fee
5% back at US office supply stores and on US wireless telephone services on up to $50,000 annually (then 1%). 3% on a chosen category on up to $50,000 annually, then 1% after and on everything else
0% intro for the first 15 months (then 14.49% to 21.49% variable)
$0
Save on interest with a 0% intro APR on purchases for 15 months. After that your APR will be variable. Rates & fees
3% cash back on gas, cell phone services, and office supply stores and 1% back on all other purchases
0% intro for the first 15 billing cycles (then 14.24% to 25.24% variable)
$0
Earn $500 cash back after you spend $4,500 on purchases in the first 150 days from account opening.
2x points on everyday business purchases on up to $50,000 annually, then 1x points
0% intro for the first 12 months (then 15.49% to 21.49% variable)
$0
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions. Rates & fees
12x points at Hilton, 6x points on select business and travel and 3x points on all other purchases
17.99% to 26.99% variable
$95
Earn 125,000 Hilton Honors Bonus Points after you spend $3,000 in eligible purchases on the card within the first 3 months of card membership. Rates & fees
2x miles on Delta purchases and 1x miles on all other purchases
17.99% to 26.99% variable
$0 intro annual fee for the first year ($95 thereafter)
Earn 30,000 bonus miles after you make $1,000 in purchases on your new card within your first 3 months. Plus earn $50 after you make your first Delta purchase in the same timeframe. Rates & fees

Compare up to 4 providers

Top 4 Bank of America business cards

What size business is the Business Advantage Cash Rewards Mastercard® credit card good for?

Small businesses with high gas and office supplies expenses might find this card’s 3% cash back on up to $250,000 in this category helpful. After you hit the spending cap, you’ll continue earning 1% on gas and supplies.

This means if your business spends $20,000 on gas and office supplies each month, you’ll see $7,200 in rewards each year.

You also get 2% cash back at restaurants — great for client lunches and dinners — and 1% on all other purchases.

What should I know before I apply?

To apply for Bank of America’s Business Advantage Cash Rewards Mastercard® credit card, you must be at least 18 years old.

You’ll need to submit information about yourself, your business and any employees you’re looking to designate as a cardholder, including:

  • Your business founding date, name, address and industry
  • Your Federal Tax ID or Employment Identification Number
  • The country in which you legally formed your business
  • Your business’s gross annual sales
  • Personal contact and financial information, including your household income, sources of income and your housing status

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

  1. Go to the Bank of America site and select the 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.

How long will I wait for approval?

Applications are processed in as little as 24 hours but generally take 10 to 12 business days. If Bank of America requires more information or has questions, a representative will call you.

If approved, you’ll receive your new credit card within 10 business days after the bank receives your application.

I got the card. Now what?

  • Manage your account online. Set up automatic payments and transfers and track employee spending in the MyReport Center.
  • Avoid interest on purchases. You have a grace period of 25 days after your statement’s closing date to pay off your purchases without accruing interest.
  • Avoid fees. Late payments come with hefty fees of $49. Also note there are fees for foreign transactions, cash advances and balance transfers.
  • Get help. If you have questions, call Bank of America at 800-732-9194, email using an online secure form or connect through social media on Twitter @BankofAmerica or Facebook @BankofAmerica.

Top cash back business cards

Bottom line

If your business regularly spends on gas and office supplies throughout the year, it could benefit from the Business Advantage Cash Rewards Mastercard® credit card by Bank of America. Paying $0 annual fee, you’ll earn 3% cash back in these categories.

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 13.49% to 23.49% variable APR thereafter.

Apply today if the 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

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