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Business Advantage Cash Rewards Mastercard® credit card review
Kliment Dukovski is a writer for finder.com, working on credit cards, money transfers, home loans and more. He aims to deliver honest and accurate information to help you make the right financial decisions. Before joining Finder, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies. When he's not writing about finance-related subjects, he writes sci-fi.
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.
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
Consider this business rewards card
Universal Premium Mastercard®
Accepted at nearly 160,000 fueling locations throughout the United States
Choose the most convenient and cost saving sites for your business
Prevent unwanted non-fuel spending by limiting purchases only to the pump
Open cards to make purchases at over 400,000 maintenance locations
Save up to 6¢ per gallon with volume rebates on purchases within the Retail Savings network
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
13.99% to 23.99% 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.
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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 13.99% to 23.99% variable APR applies immediately to all balances you transfer to your card.
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
Go to the Bank of America site and select the Business Advantage Cash Rewards Mastercard® credit card. Click Apply now.
If you’re a Bank of America customer, log in to your account. Otherwise, start your application.
Complete the application with details about you, your business and any employees you authorize to use your card.
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
13.99% to 23.99% variable
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
Yes. The card earns you a statement credit bonus after you spend $3,000 on purchases in the first 90 of opening your account.
Start redeeming your cash back after you’ve earned $25.
Redeem your cashback rewards as a statement credit or cash deposit into a Bank of America small business checking or savings account.
Yes. You’ll earn 3% cash back on gas and office supply purchases of up to $250,000 annually. After that, your reward rate reverts to 1%.
Qualified purchases are limited to credit card transactions at gas stations that primarily sell fuel for consumer use.
Purchases at boat marinas or fuel dealers that primarily sell heating oil, propane, kerosene and other fuels don’t qualify.
Qualified purchases are limited to office supply stores that include wholesale distributors of printing and writing paper, stationery and office supplies.
Variety, department stores, discount warehouses, drug stores and merchants that sell high-priced computers and other office equipment likely don’t qualify.
Qualified purchases at limited to participating sit-down restaurants, fast food restaurants, bars, taverns, lounges and discos.
Purchases at bakeries, coffee shops, grocery stores and other food stores that operate a restaurant inside their premises likely don’t qualify.
Images: Bank of America
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