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

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Recommended Credit Score

Excellent (740 - 850)

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Best business card for cash back

Annual Fee:
$0
Purchase Intro APR:
0% Introductory APR on purchases for 9 billing cycles
Regular APR:
13.99% - 23.99% Variable APR on purchases and balance transfers
Terms and Restrictions Apply

Bankrate Rating

Commonly used for: Auto Rental Insurance, Business, Cash Back, EMV, Excellent Credit, Extended Warranty Program, Gas, Lost Luggage Reimbursement, Mobile Pay Ready, No Annual Fee, Price Protection, Purchase Protection, Rewards, Roadside Assistance, Travel, Travel Accident Insurance, Unsecured credit card, Zero Fraud Liability.

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card review was last updated 10.18.2019.

Bank of America® Business Advantage Cash Rewards Mastercard® credit card: Details and benefits

Bank of America has recently made a name for itself as one of the only issuers to offer “choose your own category” rewards structures. Bank of America® Business Advantage Cash Rewards Mastercard® credit cardholders will earn 3 percent cash back in the category of your choice from the following six categories:

  • Gas stations
  • Office supply stores
  • Travel
  • TV/telecom and wireless services
  • Office supply stores
  • Computer services or business consulting services

You’ll also earn 2 percent cash back on dining, though all bonus category earning caps after spending $50,000 in those categories each calendar year (you earn 1 percent on all other purchases). With no annual fee, it’s not a bad choice if you’re looking for simplicity.

The Business Advantage Cash Rewards card has a solid sign-up bonus, allowing you to earn a $300 statement credit after spending $3,000 within the first 90 days of opening your card.

Advantages
  • The "choose your bonus category" rewards structure is relatively rare, providing cardholders with an added layer of customization
  • $300 statement credit after spending $3,000 within the first 90 days
  • No annual fee
Disadvantages
  • Inflexible redemption options for rewards
  • $50,000 cap for each calendar year on combined 3 percent and 2 percent cash back categories (earn 1 percent cash back after)

Is the Business Advantage Cash Rewards card worth it for you?

Bank of America customers looking for a simple way to earn cash back on business purchases can use the Business Advantage Cash Rewards card to reap rewards on gas, office supplies, dining expenses and even niche business expense categories like wireless services and business consulting services.

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.

Get the most value from the Business Advantage Cash Rewards card

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.

Members of Bank of America’s Preferred Rewards for Business program can get an additional 25 percent — 75 percent rewards bonus on most purchases, which can easily add up to a sizeable bonus throughout the year. Preferred Rewards for Business members also have access to a few extra perks from Bank of America.

How much are the Business Advantage Cash Rewards card rewards worth?

If you spend $2,500 a month in the 3 percent category and around $1,666.67 a month in the 2 percent category (effectively maxing out your category spending for the year), you’ll earn around $900 in the 3 percent category and $400 in the 2 percent category — equal to $1,300 in cashback rewards for the year.

Spending an additional $500 a month in the 1 percent category will earn you $60 more for the year, totaling $1,360.

Depending on the month, your cash back rewards may be worth more or less. You can check the monthly points and miles valuations of many issuers with TPG’s valuation guide.

How to redeem 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. The cap on how much 3 percent and 2 percent cash back you can earn is also a downside to the card.