Business Advantage Cash Rewards Mastercard credit card review | finder.com

Business Advantage Cash Rewards Mastercard® credit card Review – May 2018

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A solid credit card with 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
Balance Transfer Rate (not intro)12.74% to 22.74% variable
APR for Purchases ( Purchase Rate )12.74% to 22.74% variable
Annual fee$0
Cash Advance Rate25.74% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$39
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$1
Minimum Credit ScoreExcellent (740+)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$39
Late Payment Fee$49
Cash Advance Fee$10 or 4% of the amount of each transaction, whichever is greater

The Basics

As the name suggests, the Business Advantage Cash Rewards Mastercard® credit card is focused on cashback rewards. By using this card, you can earn 3% on gas and office supplies purchases for up to $250,000 annually and 1% after, 2% on restaurant purchases and 1% on every other purchase you make. If you’re a Business Advantage Relationship Rewards client you can get additional 25%–75% reward bonus on every purchase.

What is the Business Advantage Relationship Rewards program?

Potentially boost your business when you join this program and take advantage of a variety of rewards and benefits that grow as you increase your balances across your Bank of America business deposit and Merrill Edge® or Merrill Lynch® investment accounts.

To join this program you need to have an eligible Bank of America business checking account and a 3-month average combined business balances of $20,000 or more.

With the Business Advantage Relationship Rewards program you can gain benefits such as:

  • No fees on select everyday banking services
  • 25%–75% reward bonus on the base earnings for eligible business cards
  • Up to 0.75% interest rate discount on business advantage credit line, term loan and secured lending
  • Up to 0.50% interest rate discount on business advantage auto loans
  • Up to 0.50% interest rate discount on commercial real estate loans
  • Priority client service

The perks

  • Cash back.

Earn 3% cash back on gas and office supplies purchases up to $250,000 annually and 1% after that, 2% cash back at restaurants and 1% cash back on all purchases. Small companies that spend thousands of dollars on gas and office supplies may find these rewards especially useful.

  • Low intro purchase APR.

Get a 0% introductory purchase APR for the first 9 billing cycles after account opening, 12.74% to 22.74% variable after that. Business that want to make a large purchase early on could greatly benefit from the potential interest savings.

  • No annual fees.
Business Advantage Cash Rewards Mastercard® credit card has a $0 p.a. annual fee. Annual fees of $95, $175 or higher can seriously cut into the benefit of any cashback rewards.

You’ll also like

  • Signup bonus. If you spend $500 on purchases in the first 60 days of your account opening you’ll receive $200 in statement credit bonus. Other cash back cards require you to spend more to get a similar bonus. For example, the Spark® Cash Select for Business rewards you with the same bonus of $200 once you spend $3,000 on purchases in the first 90 days of your account opening.
  • No penalty APR. You don’t have to worry about a penalty APR if you miss a payment with this credit card. Other cards usually have a penalty APR, some of which can be up to 30%.
  • Travel insurance. The Business Advantage Cash Rewards Mastercard® credit card gives you a $100,000 in travel accident insurance and auto rental insurance, ticket replacement and lost luggage assistance in addition to the cashback rewards.
  • Zero liability protection. You’ll get zero liability protection for unauthorized transactions. It also includes protection from misuse by terminated employees and protection against loss, theft, damage or fire. Knowing that the money you don’t want to spend is safe can keep your mind at ease.

What to watch out for

  • Foreign transaction fees. If you’re often traveling abroad, you may want to refrain from using this card as it has 3% international transaction fee of the US dollar amount for every transaction you make.
  • Late payment fees. Business Advantage Cash Rewards Mastercard® credit card charges up to $49 for late payments. If you’re using this card, try to make your payments on time to avoid paying unnecessary fees.
  • No introductory balance transfer APR. There’s no intro balance transfer APR for this card, which means you start with 12.74% to 22.74% variable balance transfer APR.

Consider other cards if…

  • Your business doesn’t spend much money on office supplies and gas. A better card may be available if you don’t spend much money on any particular group of products. You may want to consider Spark Cash® from Capital One, which offers unlimited 2% cash back on all purchases and zero international transaction fees.
  • You want higher cashback rewards for purchasing other categories of supplies. SimplyCash® Plus Business Credit Card from American Express offers 5% cash back on office supplies and wireless telephone services, 3% on the category of your choice and 1% on everything else. Categories you can choose from include airline tickets, restaurants, gas, computer hardware and software, hotel stays, car rentals, media advertising and shipping. The 5% and 3% cashback rewards have a yearly cap of $50,000, after that 1% cash back reward applies.
  • You’re looking for travel rewards. A card like Starwood Preferred Guest® Business Credit Card from American Express can offer travel rewards such as free nights at more than 1,500 hotels worldwide and a card without international transaction fees.Another travel rewards card you can check out is Business Advantage Travel Rewards World Mastercard® credit card. With it you earn 1.5 points for every $1 spent on all purchases and 3 points for every $1 spent on travel related purchases through the Bank of America Travel Center. Points can be redeemed for a statement credit for flights, hotels, vacation packages, cruises, baggage fees or car rentals.

Compare Bank of America Credit Cards

Rates last updated May 20th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
Business Advantage Cash Rewards Mastercard® credit card
12.74% to 22.74% variable
$0
Earn up to 3% cash back on business purchases with the Business Advantage Cash Rewards Mastercard® credit card.
BankAmericard® credit card
13.24% to 23.24% variable
0% Intro APR for first 15 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
Transfer high rate balances and save on interest with an Introductory $0 balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is 3% (min. $10).
Royal Caribbean Visa Signature® Credit Card
14.24% to 24.24% variable
$0
10000 MyCruise® bonus points offer. Good for onboard credits, stateroom upgrades, discounts, cruises and more.
Asiana Visa Signature® Credit Card
16.24% to 24.24% variable
$99
No matter where you're travelling, feel free to use your Asiana Visa Signature® credit card without incurring foreign transaction fees when making purchases.
Alaska Airlines Visa Signature® Card
16.24% to 24.24% variable
$75
Buy one ticket, get one for just the taxes and fees with Alaska’s Famous Companion Fare™ offer.
Virgin Atlantic World Elite Mastercard®
16.24% to 24.24% variable
$90
Get 20000 Flying Club bonus miles after your first purchase.
MLB™ Credit Cards
14.24% to 24.24% variable
0% Intro APR for first 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
1% cash back on purchases, 2% at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.
Spirit Airlines™ World Mastercard®
14.24% to 24.24% variable
$0 annual fee for the first year ($59 thereafter)
15000 bonus miles after your first purchase–enough for up to 3 roundtrip off-peak award tickets with taxes and fees from $12 per award.
Norwegian Cruise Line® World Mastercard®
14.24% to 24.24% variable
$0
10000 bonus WorldPoints® reward points offer. That's enough for $100 off your next cruise.
Allegiant World Mastercard®
14.24% to 24.24% variable
0% Intro APR for 12 statement closing dates following the opening of your account (with whichever is greater, $10 or 3% balance transfer fee)
$59
Earn 15000 Bonus Points - equal to $150 off your next Allegiant trip, after you make $1,000 or more in purchases within the first 90 days
World Wildlife Fund Credit Card
14.24% to 24.24% variable
0% Intro APR for first 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
Online $150 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening.
BankAmericard Cash Rewards™ Credit Card
14.49% to 24.49% variable
0% Intro APR for 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
Earn more cash back for the things you buy most.
BankAmericard® Secured Credit Card
21.49% variable
$39
Help establish, strengthen — even rebuild your credit
Bank of America® Travel Rewards credit card
16.49% to 24.49% variable
$0
20,000 online bonus points offer. Ditch the restrictions of typical airline rewards cards. Any airline, any hotel, anytime. No blackout dates.
U.S. Pride® BankAmericard Cash Rewards™ Credit Card
14.24% to 24.24% variable
0% Intro APR for first 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
Online $150 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening.
Amtrak Guest Rewards® World Mastercard®
14.24% to 24.24% variable
$79
20000 bonus points offer. That’s enough points to redeem for a trip to many of our over 500 destinations.
Pink Ribbon BankAmericard Cash Rewards™ Credit Card
14.24% to 24.24% variable
0% Intro APR for first 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
1% cash back on every purchase, 2% at grocery stores and now at wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter

Compare up to 4 providers

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

Small businesses with high gas and office supplies expenses may find this card valuable with its 3% cash back on these purchases and high annual cap of $250,000 and a 1% reward rate thereafter. This means that if your business spends $20,000 on gas and office supplies a month you’ll earn $7,200 in rewards per year.

Gas and office supplies aren’t the only purchases that earn rewards. You also get 2% cash back on restaurants and 1% on all other purchases.

What should I know before I apply?

Bank of America will ask you for information about yourself, your company and about any employee you want to designate as a card holder when you apply for the Business Advantage Cash Rewards Mastercard® credit card. This information includes:

  • Business name and address
  • Federal Tax ID Number, also known as Employment Identification Number (EIN)
  • Country in which the business was legally formed
  • What type of company your business is
  • Which countries you conduct your business operations in
  • Type of industry
  • Gross annual sales
  • Date when your business was established
  • Personal information of the credit card owner, including household income, source of income and housing status

Always consider your options and your financial situation before you apply for a credit card.

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

  1. Go to the Bank of America website.
  2. Select the Business Advantage Cash Rewards Mastercard® credit card from the list and click Apply now.
  3. Complete the application form with all the requested information about your business and the employee who will receive the card.
  4. Review your application and submit it.

How long will it take to be approved?

Applications can be processed in as little as 24 hours, but generally it takes 10 to 12 business days. If Bank of America requires other documents or has questions regarding your application you will be contacted via phone.

If approved, you will receive your credit card within 7 to 10 business days from when your application was received.

I got the card. Now what?

  • Use the online cash flow management tools. Bank of America offers a set of online tools where you can set up automatic payments and transfers. You can also track your employees’ spending in the MyReport Center.
  • Avoid paying interest charges on purchases. Your due date is 25 days from your statement closing date. Try to pay your entire balance by the due date to avoid interest charges on purchases.
  • Avoid paying fees. You can avoid fees if you make timely payments. Be careful using this card for international payments or for cash advances within the US as these transactions will also incur fees.
  • Customer service. 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.

Bottom line

If your business spends thousands of dollars on gas and office supplies per year, then Business Advantage Cash Rewards Mastercard® credit card by Bank of America is a solid option to consider with its 3% cash back in these categories and no annual fee.

You may also want to take advantage of the 0% introductory APR on purchases for the first 9 billing cycles if you’re looking to make a large initial purchase for your company. Your rate will revert to 12.74% to 22.74% variable APR thereafter.

You won’t receive an introductory APR for balance transfers, so Business Advantage Cash Rewards Mastercard® credit card won’t be a good option if you’re looking to move a current balance.

Even if the Business Advantage Cash Rewards Mastercard® credit card appeals to you, compare your credit card options before you apply.

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