Bank of America® Business Advantage Cash Rewards Mastercard® credit card
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Bank of America customers looking for a simple way to earn cash back on business purchases can use the Bank of America® Business Advantage Cash Rewards Mastercard® to reap rewards on gas, office supplies and dining expenses.
Sometimes, your small business just needs an easy way to earn cash back rewards. That’s where the Bank of America® Business Advantage Cash Rewards Mastercard® credit card shines. Cardholders earn 3% cash back on gas and office supplies (up to a combined $250,000 each calendar year; 1% on purchases after), 2% at restaurants and 1% on all other purchases. With no annual fee and a 0% offer on purchases for 9 billing cycles (after which variable APR of 13.49% – 23.49% applies), it’s not a bad choice if you’re looking for simplicity.
Members of Bank of America’s Business Advantage Relationship Rewards program can get an additional 25%-75% rewards bonus on most purchases, which can easily add up to a sizeable bonus throughout the year. Business Advantage Relationship Rewards members also have access to a few extra perks from Bank of America.
You don’t have to have a formal business to be able to reap the rewards of this card (or any business card for that matter), either. Freelancers, consultants or online sellers can also qualify for a business credit card, which helps you keep your business and personal expenses separate.
The Business Advantage Cash Rewards card has a solid sign-up bonus, allowing you to earn a $200 statement credit after spending $500 within the first 60 days of opening your card. You’ll basically be earning 40 percent cash back on that first $500 you spend on top of the standard cash back rewards.
Perhaps the biggest disadvantage to this card is the lack of redemption flexibility. You can redeem your cash back only after you accrue $25 in rewards, and your only options are a statement credit or a direct deposit into a Bank of America® small business checking or savings account.
This card definitely isn’t as lucrative as some of the other cash back business cards on the market, but it has one of the best cash back rewards rates for gas purchases and office supplies. If those are the two categories your small business spends the most in annually, this is definitely a card worth considering.
Who should get this card
Business owners who spend the most on gas and/or office supplies will enjoy the high rewards rate in those categories. This card provides a simple way to earn cash back to lower your monthly expenses.
This card is also a nice option if you already use Bank of America credit cards or small business checking or savings accounts. With direct deposit options available for cash back rewards and integration with Bank of America’s mobile banking app, existing BofA customers might enjoy the simplicity of having all of their business accounts at the same bank.
Fees and APR
- Enjoy a 0% introductory APR for nine billing cycles on purchases, after that a variable 13.49% – 23.49% APR will apply.
- Pay no annual fee.
- There’s a balance transfer fee of $10 or 4% of the amount of each transaction, whichever is greater.
- This card has a 3% foreign transaction fee on purchases made outside the U.S.
- Up to $49 fee for late payments.
Extras, perks and using rewards
You can start redeeming your cash back after earning at least $25 in rewards. You can redeem your rewards as a statement credit or a deposit in your Bank of America checking or savings account.
Additional employee cards are free.
How this card compares
If you spend a large portion of your budget on travel every year, BoA’s more travel-focused Business Advantage card might be a better fit for your business. You can earn unlimited 1.5x points on all purchases, and 3x points when you book travel through the Bank of America Travel Center. This card also offers no annual fee and no foreign transaction fees.
The Capital One® Spark Cash for Business card is a strong option for business owners looking for a flat-rate cash back card. With unlimited 2% cash back and an impressive introductory bonus, businesses with a higher budget might prefer this card over the Bank of America® Business Advantage Cash Rewards Mastercard®.
While the Bank of America Business Advantage card offers a nice 3% rewards rate on gas and office supply store purchases, the SimplyCash® Plus Business Credit Card offers 5% cash back on the first $50,000 spent at U.S. office supply stores (and on wireless phone services purchased directly from U.S. providers). If your business has a lower annual budget that is primarily spent on office supplies and wireless phone services, this is another option if you’re looking for a no annual fee business credit card.