A solid card backed by Bank of America and offering cashback rewards on gas and office supplies.
30-second take
- 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 Name | Business Advantage Cash Rewards Mastercard® credit card |
|---|---|
| Card Type | Mastercard |
| Annual Fee | $0 |
| APR (Annual Percentage Rate) for Purchases | 12.99% to 22.99% variable |
| Introductory Purchase APR | 0% for the first 9 billing cycles (then 12.99% to 22.99% variable) |
| Balance Transfer Fee | $10 or 4% of the transaction, whichever is greater |
| Cash Advance Rate | 25.99% 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 |
| Minimum Interest | $1 |
| Late Payment Fee | $49 |
| Returned Payment Fee | $39 |
| Additional Cardholder Fee | $0 |
| Minimum Age | 18 years of age |
|---|
| Welcome Bonus | Earn 200 cash back after spending $500 in the first 60 days |
|---|---|
| Reward Value per Dollar | 1% cash back |
| Rewards Points Expiry | Never |
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.
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 12.99% to 22.99% 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 $200 in statement credit after you spend $500 on purchases in the first 60 days your account is open. In contrast, the 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 12.99% to 22.99% variable APR applies immediately to all balances you transfer to your card.
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Consider other cards if…
You don’t spend much on office supplies and gas.
For more general rewards, consider Capital One® Spark® Cash for Business from Capital One, which offers unlimited 2% cash back on all purchases and zero foreign transaction fees.
You want higher cash back in specific categories.
SimplyCash® Plus Business Credit Card from American Express offers a strong 5% cash back on US office supplies and wireless services from US service providers, as well as 3% on a category of your choice on up to $50,000 annually. After that, your reward reverts to — which you’ll earn on all other spending too.
You’re looking for travel rewards.
A card like Starwood Preferred Guest® Business Credit Card from American Express offers complimentary nights at more than 1,500 hotels worldwide and no international transaction fees, among other travel rewards. Or take a look at the Business Advantage Travel Rewards World Mastercard® credit card which earns you 1.5x points on all purchases and 3x points on travel-related spending through the Bank of America Travel Center. Redeem points for statement credit toward flights, hotels, vacation packages, cruises, baggage fees or car rentals.
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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.
- 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.
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 12.99% to 22.99% 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
