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

Advertising Disclosure
Bankrate Score
Learn about the Bankrate score

Spend big on gas and office supplies? This card gives the best rewards of the small biz bunch.

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.

Review

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.

Advantages
  • Earn 3% cash back at gas stations and office supply stores (up to $250,000 per year, 1% on purchases after), 2% cash back at restaurants and 1% on all other purchases.
  • $200 statement credit after spending $500 within the first 60 days.
  • No annual fee.
Disadvantages
  • Inflexible redemption options for rewards.
  • $250,000 cap for each calendar year on 3% cash back categories.

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

Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
  • Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time-no matter how much you spend. Points don't expire.
  • Earn 25,000 bonus points when you make at least $1,000 in net purchases within 60 days of your account opening which can be redeemed for a $250 statement credit towards travel purchases.
  • Earn 3 points per every dollar spent on travel purchases (car, hotel, airline) booked through the Bank of America® Travel Center – powered by Expedia®.
  • No annual fee and no international transaction fees.
  • 0% Introductory APR on purchases for your first 9 billing cycles.
  • Redeem points for travel with no blackout dates, cash back or gift cards.
  • 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%.
Credit Needed

Excellent Credit

Regular APR

13.49% - 23.49% Variable APR on purchases and balance transfers

Annual Fee

$0

Purchase Intro APR

0% for 9 billing cycles

Balance Transfers Intro APR

N/A

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.

Capital One® Spark® Cash for Business
  • Earning unlimited 2% cash back could mean thousands of dollars each year going back into your business
  • Earn up to $2,000. Earn a $500 cash bonus when you spend $5,000 in the first 3 months of opening your account
  • Plus, earn $1,500 when you spend $50,000 in the first 6 months. Limited Time Offer
  • Use Spark Cash across all your business spend, with no categories to limit your purchasing
  • $0 intro annual fee for the first year; $95 after that
  • Rewards won't expire for the life of the account, and you can redeem your cash back for any amount
  • Get employee cards at no additional cost, and earn rewards from their business spend
Credit Needed

Excellent, Good

Regular APR

19.24% (Variable)

Annual Fee

$0 intro for first year; $95 after that

Purchase Intro APR

N/A

Balance Transfers Intro APR

N/A

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®.

SimplyCash® Plus Business Credit Card from American Express
  • Special offer: save on interest with a 0% intro APR on purchases for 15 months; after that your APR will be a variable rate, currently 14.49% - 21.49%
  • No annual fee
  • Reinvest in your business with automatic cash back in the form of a monthly statement credit. Plus take control by choosing the 3% category that best fits your business
  • Earn 5% cash back on the first $50,000 spent at wireless telephone services purchased directly from U.S. service providers and U.S. office supply stores.
  • Earn 3% cash back on the first $50,000 spent in the category of your choice from a list of eight and 1% cash back on other purchases
  • With Expanded Buying Power you can spend beyond your credit limit* to make bigger purchases for your business plus earn cash back on those purchases too
  • *The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors
  • Terms apply
Credit Needed

Excellent Credit

Regular APR

14.49% - 21.49% Variable

Annual Fee

$0

Purchase Intro APR

0% on purchases for 15 months

Balance Transfers Intro APR

N/A

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.

EDITORIAL NOTE

Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.