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Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Review

Bank of America<sup>®</sup> Business Advantage Customized Cash Rewards Mastercard<sup>®</sup> credit card

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Review

Rewards Rate
Earn 3% cash back in the category of your choice (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases
Sign-Up Bonus
$300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.
Rewards Redemption
Redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card best for?

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is ideal for small business owners who want a $0-annual-fee credit card to manage cash flow and earn cash back. And if your spending patterns fluctuate from time to time, you’ll love that this card lets you choose from six different cash back categories. There’s also an intro APR period that can help finance a big-ticket purchase.

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card overview

    • Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening – with no annual fee and cash rewards don't expire.
    • Earn 3% cash back in the category of your choice, 2% cash back on dining purchases and unlimited 1% cash back on all other purchases.
    • You'll earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
    • 0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 14.49% to 24.49% will apply.
    • Redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.
    • Earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% in your selected choice category and up to 3.5% on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
    • Contactless Cards - The security of a chip card, with the convenience of a tap.
    • This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
  • Credit needed:
    750 850
    Excellent
  • $100,000 in travel accident insurance
  • Auto rental insurance
  • Emergency ticket replacement
  • Lost luggage assistance
  • Legal and medical referrals when away from home
  • Cash flow management tools

Intro Purchase APR

0% Introductory APR on purchases for the first 9 billing cycles

Regular Purchase APR

14.49% - 24.49% Variable APR

Intro BT APR

N/A

Regular BT APR

14.49% - 24.49% Variable APR on balance transfers

Annual Fee

$0

Cash Advance Fee

Either $10 or 4% of the amount of each transaction, whichever is greater. Includes convenience checks.

Foreign Transaction Fee

3% of the U.S. dollar amount of each transaction

Balance Transfer Fee

Either $10 or 4% of the amount of each transaction, whichever is greater.

Pros and cons

Pros

  • Flexible cash back program
  • Sign-up bonus
  • Intro APR period
  • $0 annual fee

Cons

  • Cap on cash back rates
  • Foreign transaction fee

What we like about the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

  • Choose your 3% category

    This card’s rewards program is uniquely flexible. You’ll earn 3% cash back in the category of your choice (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases. Options for your 3% cash back category include the following:

    • Gas stations (default)
    • Office supply stores
    • Travel
    • TV, telecom and wireless
    • Computer services
    • Business consulting services

    Plus, with the Preferred Rewards for Business program, you have an opportunity to earn from 25% to 75% more cash back (enrollment required). That means with this card, you could earn up to:

    • 5.25% on your selected choice category
    • 3.5% on dining purchases
    • 1.75% on other purchases

    Note that the $50,000 annual spending cap on the elevated cash back rates still applies.

  • Chance to earn a sign-up bonus

    Earn a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening. While the spend requirement is on the high side, the payout is solid.

  • Intro APR period on purchases

    If your business needs to finance a big-ticket item, you can take advantage of a 0% Introductory APR on purchases for the first 9 billing cycles. After, a 14.49% - 24.49% Variable APR applies.

  • No annual fee

    Many business cards have annual fees around $95, with some upward of $500. The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card charges a $0 annual fee.

What to watch out for with the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

  • Cap on elevated earning rates

    There’s a $50,000 combined spending cap per calendar year on the 3% and 2% cash back rates. (You’ll earn just 1% back on all purchases after that.) That said, it’s a fairly generous cap. If you maxed out the spending cap by spending only on purchases eligible for 3%, you’d earn $1,500 in cash back at the elevated rate.

  • Charges a foreign transaction fee

    If traveling abroad, beware the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card‘s foreign transaction fee: 3% of the U.S. dollar amount of each transaction.

Alternate business card

Compare it to the Ink Business Preferred® Credit Card

| Disclosures
Ink Business Preferred® Credit Card
Ink Business Preferred® Credit Card
on Chase's secure site
N/A
18.24% - 23.24% Variable
$95
Earn 3 points per $1 on the first $150,000 spent in combined
  • Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring
  • With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information
  • Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
  • Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account
750 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

If you often have to travel for business, the Ink Business Preferred® Credit Card might be a better fit than the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card.

For one thing, the Ink Business Preferred® Credit Card has a $0 foreign transaction fee. And for another, the Ink Business Preferred® Credit Card earns flexible Chase Ultimate Rewards® points. These points are worth 25% more when you redeem them for travel through the Chase Ultimate Rewards® portal, or you can transfer them at a 1:1 rate to the following airline and hotel partners:

  • Aer Lingus AerClub
  • Air Canada Aeroplan
  • British Airways Executive Club
  • Emirates Skywards
  • Flying Blue AIR FRANCE KLM
  • Iberia Plus
  • JetBlue TrueBlue
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards
  • United MileagePlus
  • Virgin Atlantic Flying Club
  • IHG Rewards Club
  • Marriott Bonvoy
  • World of Hyatt

There’s a valuable sign-up bonus, where cardholders can earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. For ongoing rewards: Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn.

However, the Ink Business Preferred® Credit Card does charge a $95 annual fee.

There’s also no intro APR, so you’ll start off right away at the regular 18.24% - 23.24% variable APR.

Compare the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card to similar cards

Comparison of four different credit cards
Bank of America<sup>®</sup> Business Advantage Customized Cash Rewards Mastercard<sup>®</sup> credit card Ink Business Preferred<sup>®</sup> Credit Card Ink Business Cash<sup>®</sup> Credit Card Capital One Spark Cash Select - 0% Intro APR for 12 Months
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Ink Business Preferred® Credit Card Ink Business Cash® Credit Card Capital One Spark Cash Select - 0% Intro APR for 12 Months
Apply Now
on Bank Of America's secure site
Apply Now
on Chase's secure site
Apply Now
on Chase's secure site
Apply Now
on Capital One's secure site
Welcome Offer
$300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening. Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening. N/A
Rewards Rate
Earn 3% cash back in the category of your choice (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn. Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn. 1.5% Cash Back on every purchase; 5% Cash Back on hotels and rental cars booked through Capital One Travel
Intro Purchase APR
0% Introductory APR on purchases for the first 9 billing cycles N/A 0% Intro APR on Purchases for 12 months 0% on purchases for 12 months
Regular APR
14.49% - 24.49% Variable APR 18.24% - 23.24% Variable 15.49% - 21.49% Variable 17.49% - 25.49% (Variable)
Annual Fee
$0 $95 $0 $0
Recommended Credit
Excellent Excellent Excellent Good
Card Details
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Ink Business Preferred® Credit Card Ink Business Cash® Credit Card Capital One Spark Cash Select - 0% Intro APR for 12 Months

Is the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card right for you?

If you need the flexibility to change earning categories frequently, the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card may be a great card for your wallet.  For instance, let’s say that one month you have to spend a lot on computer equipment, and the next month you know you’re going to have to do a lot of driving and spend a lot on gas. In this case, being able to pick a new 3% category each month may make sense for you.

However, if business travel often takes you abroad, this might not be the best card for you due to its foreign transaction fee. In that case, consider a card such as the Ink Business Preferred® Credit Card instead.

Apply Now
on Bank Of America's secure site