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

Madison Blancaflor  in  Business Advertising Disclosure
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Recommended Credit Score

Excellent (740 - 850)

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Best cash back for businesses that bank with BofA

Annual Fee:
$0
Purchase Intro APR:
0% for 9 billing cycles
Balance Transfer Intro APR:
N/A
Regular APR:
13.49% - 23.49% Variable APR on purchases and balance transfers
Terms and Restrictions Apply
Bankrate Score: 93 out of 100

Commonly used for: 0% APR, Business, Excellent Credit, Rewards.

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.