Is the Bank of America Business Advantage Customized Cash Rewards Mastercard worth it?
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- The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is best known for its flexible bonus category, which you can change up to once a month.
- The card is worth it for cardholders who also have a Bank of America or Merrill banking or savings account.
- The card is not worth it for businesses that spend well over $50,000 in a year, as it may limit their rewards potential.
The name “Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card” is quite the mouthful, but are the rewards worth the trouble? That’s a question only you can answer, but there are some compelling reasons signing up could be well worth your time.
Like similar credit cards from Bank of America, the Business Advantage Customized Cash Rewards Mastercard lets cardholders choose their top rewards earning category among several popular options for small businesses. There’s no annual fee, and new cardholders get an introductory APR offer for purchases, to boot.
If you’re wondering whether the Business Advantage Customized Cash Rewards Mastercard is worth it but are still on the fence, read on to learn everything you should consider before applying.
When is the Bank of America Business Advantage Customized Cash worth it?
If you want to earn a generous rate of cash back in a business category of your choosing, the Business Advantage Customized Cash Rewards Mastercard should be on your radar.
Categories you can choose to earn 3 percent back on include: office supply stores, gas stations, travel, computer services, telecom and wireless services and business consulting services. Further, you’ll earn 2 percent cash back on dining purchases (on the first $50,000 in combined choice category/dining purchases per calendar year, then 1 percent). Note that gas is the default option for earning 3 percent back, so you’ll begin earning this higher rate on gas station purchases until you choose a different category.
This business card is also well worth it for anyone whose small business could benefit from an introductory 0 percent APR on purchases for the first 9 billing cycles (followed by a 17.99 percent to 27.99 percent variable APR).
Finally, members of the Bank of America Preferred Rewards program should put this Bank of America business credit card at the top of their list. After all, they can earn 25 percent to 75 percent more rewards for each dollar they spend, depending on how much cash they keep on deposit with various Bank of America account types.
For those who qualify for the three highest tiers of this program (Platinum Honors, Diamond and Diamond Honors), earning 75 percent more rewards translates into earning 5.25 percent on the top bonus category and up to 3.5 percent on dining purchases (on the first $50,000 spent combined in the choice category and on dining each year). Cardholders with the top membership tiers would also earn an unlimited 1.75 percent cash back rate on all other purchases.
When is the Bank of America Business Advantage Customized Cash not worth it?
There are several reasons this card may not be the best fit for your business’ needs, including if your business spends a ton on expenses every year. The $50,000 bonus rewards cap on the 3 percent and 2 percent categories can really limit your earning potential. Also, be aware that other business credit cards offer bonus rewards up to a much higher spending limit each year.
For example, the Ink Business Preferred® Credit Card from Chase lets cardholders earn 3X points on the first $150,000 spent on travel and select business categories each account anniversary year (then 1X points).
Separately, it’s worth noting that rewards earned with the Business Advantage Customized Cash Rewards Mastercard are fairly limited, meaning they cannot be used for many of the flexible options other business cards offer. In fact, cash back earned with this card can only be redeemed for a direct deposit to a Bank of America checking or savings account, a statement credit or a check in the mail.
Should you get the Bank of America Business Advantage Customized Cash?
At the end of the day, the Bank of America Business Advantage Customized card can work well for small-business owners who want easy-to-earn (and easy-to-understand) rewards for their spending. Those who spend a lot in one or more of the card’s choice categories should also consider this card, particularly if they want the flexibility to change their bonus category each month based on their upcoming expenses.
That said, there are plenty of other business credit cards to consider, including options with higher caps on bonus category spending and more variety when it comes time to redeem your rewards. Make sure to consider all the best business credit cards on Bankrate’s list before you choose one for your small business needs.
The bottom line
You can check out Bankrate’s review of the Bank of America Business Advantage Customized Cash Rewards Mastercard for a more in-depth analysis of how this card works. From there, decide if this business card makes sense for the way your company spends each month, or if a different card might better suit your needs.
Alternatively, you can also sign up for the Business Advantage Customized card with the goal of pairing it with another card that offers more rewards on regular spending. With two business cards that earn cash back in your wallet, you can spend strategically and earn more rewards on everything you buy.