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

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

January 30, 2019

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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.

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Bank of America® Business Advantage Cash Rewards Mastercard® credit card
Editor’s Rating: 4.4
4.4
Credit Recommended:
Excellent
Intro (Purchases)
0% for 9 billing cycles
Annual Fee
$0.00
Regular APR
13.49% - 23.49% Variable APR on purchases
Apply Now on Bank of America - Credit Cards secure website.
Intro Rewards Bonus
$200 statement credit when you make at least $500 in net purchases within 60 days of your account opening.
Product Type
Business
Credit Recommended
Excellent

Highlights

  • Get a $200 statement credit when you make at least $500 in net purchases within 60 days of your account opening – with no annual fee, no cap on the amount of cash rewards you can earn and they don't expire.
  • 3% cash back on purchases at gas stations and office supply stores (up to $250,000 each calendar year, 1% after that), 2% on purchases at restaurants, and 1% on all other purchases.
  • 0% Introductory APR on purchases for your first 9 billing cycles.
  • Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
  • Plus, if you're a Business Advantage Relationship Rewards client, you can get up to a 75% rewards bonus on the base earn of every purchase you make. Your rewards bonus is based on your enrolled tier – Gold 25%; Platinum 50%; or Platinum Honors 75%.



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 13.24% to 23.24% variable APR 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.

Earning 3% back in popular business categories like gas and office supply stores on up to $250,000 per year in spending (then 1%) can also be a huge boon to business owners who spend a lot in these categories. And while you can earn a 25% to 75% rewards bonus if you sign up for select banking services with Bank of America, it’s important to note that the 75% bonus rewards only go to those who keep at least $100,000 in their accounts.

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.




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