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.

• 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 Get a $300 online statement credit after you make at least $3,000 in 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 17.99% - 27.99% 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.

• 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.

 

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 20.99% to 25.99% variable APR.

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.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

The information related to the Ink Business Preferred^® Credit Card and Ink Business Cash^® Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.