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

A business credit card can be a valuable tool if you know how to take advantage of cardholder benefits. Not only can having a business card in your wallet help you keep your personal and business transactions separate, but you can earn valuable rewards and consumer protections each time you make a purchase.

If you prefer rewards you can redeem for cash back instead of travel, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card should be on your list. This card offers a lucrative tiered earning structure, and a signup bonus, and no annual fee. Plus, you can earn even more rewards if you pair the Bank of America® Business Advantage Cash Rewards Mastercard® credit card with select banking services from Bank of America.



Bank of America® Business Advantage Cash Rewards Mastercard® credit card: Perfect for Business Owners

It’s easy to see where the Bank of America® Business Advantage Cash Rewards Mastercard® credit card shines and stands out against competing business credit cards. Not only does it offer 3% back on up to $250,000 in gas station and office supply store spending each year (then 1%), but it does so without an annual fee. Since you also earn 2% back at restaurants and 1% back on all other purchases, you can imagine how lucrative this card might be for someone who spends a lot in these categories. After all, someone who maxes out the 3% category would earn $7,500 in cash back per year at a minimum.

Of course, Bank of America provide an additional incentive to sign up for their banking services. With a program called Business Advantage Relationship Rewards, you can earn 25% to 75% more cash back for each dollar you spend.

The catch is that you’ll need to sign up for select Bank of America banking services to qualify, and that you’ll only earn the higher 75% bonus rate if you are able to keep $100,000 or more on deposit. Select banking services that may qualify for this promotion include online checking and savings accounts, and additional perks you can score include interest rate discounts on select loans, payroll services, and $0 trades on stocks and ETFs.

We love the fact that the Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers the promise of high returns without an annual fee, but it also shines when it comes to how you redeem your rewards. To keep things simple, the Business Advantage Cash Rewards Mastercard® has opted to let consumers redeem for cash back as statement credits or as cash into a Bank of America checking or savings account.

Finally, some business owners could really benefit from having nine full months with 0% APR on purchases. You could use this perk to purchase expensive equipment that you need several months to pay off as if it were a short-term loan. Keep in mind, however, that the interest rate would reset to the normal 13.99% - 23.99% Variable APR on purchases after the introductory offer is over.

Bank of America® Business Advantage Cash Rewards Mastercard® credit card: Where it Comes Up Short

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card is an easy cash back credit card with a rewards scheme that is considerably less complicated than some competing business credit card’s offerings. On the flip side, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card doesn’t offer many ways to redeem your points.

If you’re looking for a travel credit card that lets you transfer points to airlines and hotels, for example, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card is not the card for you. The same is true if you’re hoping to score premium travel benefits like airport lounge access or a credit for Global Entry or TSA Precheck.

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card doesn’t even let you redeem points for gift cards like most other cash back credit cards do, although you can buy a gift card yourself and redeem points to cover the cost. Speaking of that, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card also has a $25 minimum redemption requirement. That’s not a huge mountain to climb, but it may make it more difficult to redeem your points if you don’t spend a lot.

The Bottom Line

Business owners who use cash back credit cards have a lot to gain if they don’t carry a balance each month and never pay a dime in interest. However, the fact that the Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers 0% APR for nine billing cycles can make it lucrative for business owners who want to earn cash back and avoid interest payments for a full nine months.

Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases.

With all these factors in mind, we think this card is best for:

  • Business owners who spend a lot at gas stations and office supply stores each year
  • Anyone who wants to earn cash back without an annual fee
  • Consumers who prefer statement credits over travel rewards
  • Business owners who might also be interested in Bank of America’s online checking and savings offers

If you fit the criteria above and want to start earning cash back on your purchases, definitely consider the Bank of America® Business Advantage Cash Rewards Mastercard® credit card. However, you should also consider other business credit cards to see how they might fit with your spending style and rewards goals.

The right credit card card is different for everyone, and business owners are no exception.

Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.




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