Bank of America® Business Advantage Cash Rewards Mastercard® credit card review
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.
Up to 3%
Intro purchase APR
for the first 9 billing cycles (then 12.24% to 22.24% variable)
|Product Name||Bank of America® Business Advantage Cash Rewards Mastercard® credit card|
|Purchase APR||0% intro for the first 9 billing cycles (then 12.24% to 22.24% variable)|
|Balance transfer APR||12.24% to 22.24% variable|
|Balance transfer fee||$10 or 4% of the transaction, whichever is greater|
|Cash advance rate||24.24% variable|
|Cash advance fee||$10 or 4% of the cash advance amount, whichever is greater|
|Foreign transaction fee||3% of the transaction value|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $49|
|Returned payment fee||Up to $39|
|Additional cardholder fee||$0|
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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
- Go to the Bank of America site and select the Bank of America® 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.
- 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.
- 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
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
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