Bank of America® Business Advantage Cash Rewards Mastercard® credit card
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Rates updated on 10/01/2018.
If you spend big, like up to $250,000 annually big, in combined gas and office supplies purchases, the Bank of America Business Advantage Cash Rewards Mastercard will give you the best rewards out of the small business card bunch.
But unless your spending is targeted primarily in those areas, other cards have the potential for greater rewards.
If you’re the type of business owner that has a small fleet of vehicles and spends a lot on office supplies, you can take this card to the bank — literally.
Not only does this card pay 3% cash back at gas stations and office supply stores, it has one of the highest annual spending caps in a bonus category among small business credit cards — $250,000 in combined spending before your rewards rate drops down to 1%. This means you could earn back as much as $7,500 on your spending before your rewards rate drops.
You’ll also earn 2% cash back on purchases at restaurants and 1% on all other purchases.
Business Advantage also boasts a nice sign-up bonus. Bank of America also gives you a $200 statement credit when you make at least $500 in net purchases within the first 60 days of opening an account.
Who should get this card
Any business owner who spends heavily on gas and office supplies can benefit from owning this card.
Fees and APR
- Enjoy a 0% introductory APR offer for nine billing cycles on purchases, after that a variable APR of 13.24% – 23.24%.
- 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.
- Late payments won’t affect your APR, but you may be subject to a late fee of up to $49.
- This card comes with a variable APR of 13.24% – 23.24%.
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.
This card comes with travel and emergency protections, including travel accident insurance, auto rental insurance and lost luggage assistance.
How this card compares
The Capital One Spark Cash Select for Business ranks among the best on the market, particularly because of its unfussy rewards program that doesn’t pay different rates for different categories of spending. To us, that kind of program is the most flexible.
Although anyone looking at this card should also consider the Capital One Spark Cash for Business, which charges an annual fee after the first year, but also offers a slightly higher rewards rate and a more lucrative sign-up bonus.
The Capital One Spark Cash for Business card pays an unlimited 2% cash back on all spending and waives the first year fee. If you find it cumbersome to track which categories you’re spending or your expenditures exceed the bonus category caps set by some cash-back business credit cards, this might be a more favorable choice for you.
SimplyCash Plus Business Credit Card from American Express is among the very best business rewards credit cards on the market. In just about every respect — from rewards to the annual fee — this card stands tall among the elite business cards on the market.
The only reasons to shy away from this card would be if your work requires significant overseas travel or if your biggest expenses don’t match up with the bigger cash-back savings categories.