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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.

  • 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 13.74% to 23.74% 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 13.74% to 23.74% variable)
Balance transfer APR13.74% to 23.74% variable
Balance transfer fee$10 or 4% of the transaction, whichever is greater
Cash advance rate25.74% 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 fee$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’s 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% cash back after that” colour=”blue” position=”right”].

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.

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

Another cashback category card

American Express® Blue Business Cash Card

  • 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% intro APR on purchases and balance transfers for 12 months, then a variable rate, 14.74%, 17.74%, or 20.74%, based on your creditworthiness and other factors as determined at the time of account opening.
  • No annual fee
  • Terms apply
Read less
Read more
See Rates & Fees

The perks

  • 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.
  • 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.
  • 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 13.74% to 23.74% variable .
  • No annual fees.  
    Maximize your cashback benefits without paying an annual fee.
  • Signup bonus.  
    Receive in statement credit after you spend $3,000 on purchases in the first 90 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 3 months 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 13.74% to 23.74% 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
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
17.49% to 22.49% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®
American Express® Blue Business Cash Card
2% cash back on all purchases on up to $50,000 per calendar year, then 1%
0% intro for the first 12 months (then 14.74% to 20.74% variable)
$0
Earn 2% cash back on all purchases on up to $50,000 per calendar year, then 1%. Rates & fees
The Business Platinum® Card from American Express
5x points on flights and prepaid hotels through Amex Travel, 1.5x points if you spend $5,000 on a single eligible purchase on up to 1 million additional points per year and 1x points on all other purchases
N/A
$595
Earn 50,000 points after spending $10,000 and an extra 25,000 points after spending an additional $10,000 on purchases in the first 3 months from account opening. Rates & fees
The Blue Business® Plus Credit Card from American Express
2x points on everyday business purchases on up to $50,000 annually, then 1x points
0% intro for the first 12 months (then 14.74% to 20.74% variable)
$0
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions. Rates & fees
American Express® Business Gold Card
4x points on two categories on up to $150,000 combined annually, then 1x points after that and on all other purchases
15.74% to 23.74% variable
$295
Earn 35,000 points after spending $5,000 in the first 3 months from account opening. Rates & fees

Compare up to 4 providers

Compare Bank of America business cards

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

Small businesses with high expenses on either gas, office supply, travel, telecom and wireless, computer services or business consulting services on up to $50,000 annually might find this card’s rewards rate helpful. After you hit the spending cap, you’ll continue earning 1% on these categories.

You also get 2% cash back at restaurants — great for client lunches and dinners — and 1% on all other purchases. But if you’re a Preferred Rewards for Business member, you can increase your cashback rate to up to 75%.

What should I know before I apply?

To apply for Bank of America’s Bank of America® 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 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.

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 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 13.74% to 23.74% variable 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

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