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

Best for small business perks

• Rewards rate: 3 percent on one select category, 2 percent on dining (you’ll get 3 percent and 2 percent cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1 percent thereafter) and 1 percent on all other purchases.
• Welcome offer: $300 online statement credit after spending $3,000 in the first 90 days
• Annual fee: None
• Purchase intro APR: 0 percent for the first nine billing cycles
• Balance transfer intro APR: N/A
• Regular APR: 12.24 percent to 22.24 percent variable

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card is an incredibly flexible business credit card with plenty of benefits. With it, you can earn 3 percent cash back on your chosen category. It is an excellent card for small businesses and freelancers going solo, giving them rewards tailored to their spending habits.

This card notably has no annual fee. However, it has an annual spending limit of $50,000 on the 3 percent and 2 percent cash back categories, combined. This may limit the benefits available for companies that spend a lot. There is not much more to this card, but it is an excellent pick to earn cash back on your business spending.

Current welcome bonus

One of the benefits of the Business Advantage Cash Rewards Mastercard is the welcome bonus. If you spend $3,000 within the first 90 days, you earn a $300 online statement credit. This is a very reasonable target to hit, and a nice bonus to collect.

Cash back

As a candidate for the best Bank of America business credit card, it has an excellent rewards structure in which you can personalize how you earn.

Earning cash back

Cardholders can earn 3 percent rewards in their selected category, which can be any of the following:

• Travel
• Office supply stores
• Gas stations
• Computer services
• Telecom and wireless services
• Business consulting services

You can change your 3 percent category on a monthly basis if you’d like, giving you even more flexibility. Also, the Business Advantage Cash Rewards Mastercard includes a 2 percent cash back category for dining at restaurants. For all your other purchases, you earn 1 percent cash back.

Remember that the Business Advantage Cash Rewards Mastercard limit on combined 3 percent reward category and 2 percent dining category purchases is $50,000 annually. If you reach this limit, you will earn 1 percent cash back on everything for the rest of the year.

Redeeming cash back

You can redeem your cash back rewards in the following ways:

• Get it mailed to you as a check
• Have it deposited to any eligible Bank of America account
• Add it to your credit card account as a statement credit

No matter which redemption method you pick, you will receive the same cash back value.

Benefits

Despite being a no-annual-fee business card, the Business Advantage Cash Rewards Mastercard has some quality benefits.

Travel and emergency services

This card provides $100,000 of protection in auto rental and travel insurance, lost luggage assistance, emergency ticket replacement and extended protection.

Customizable rewards

Customizable rewards are not uncommon, but they’re an appealing benefit since you can match your cash back rewards to your spending habits. Moreover, you can change the category on a monthly basis.

Excellent welcome offer

A $300 online statement reward for spending $3,000 within 90 days of card opening is a very achievable and rewarding bonus. This is especially true considering this card has no annual fee.

Introductory 0% interest for nine billing cycles

If you are looking to make a major purchase, this Bank of America credit card could be very helpful. Using it lets you avoid interest charges for 9 billing cycles from account opening thanks to the 0 percent intro APR. After this, the regular variable APR rate becomes 12.24 percent to 22.24 percent.

Rates and fees

The Business Advantage Cash Rewards Mastercard does not have an annual fee. Additionally, the credit score requirement is excellent, which is a score of 750 or higher.

If you’re interested in paying off debt with this card, the balance transfer fee is either 4 percent of the transaction or $10, whichever is greater. These fees are the same for cash advances, which feature a variable APR of 24.24 percent.

The Business Advantage Cash Rewards Mastercard also has a 3 percent foreign transaction fee when buying items in a currency other than the U.S. dollar.

Lastly, you’ll be charged $39 for any returned payment fee. This card doesn’t have a penalty APR, but the late fee can be as much as up to $49.

How the Bank of America Business Advantage Cash Rewards Mastercard compares to other business credit cards

Though the Business Advantages Cash Rewards Mastercard is a solid business card option, it’s not for everyone. Two other credit cards you could also consider are the Capital One Spark Cash for Business and the American Express Blue Business Cash™ Card.

With the Spark Cash for Business, you earn flat-rate rewards on your purchases. It also does not have any cap on the rewards you can earn. There is no annual fee for the first year, but you are charged $95 each subsequent year. With a regular APR of 20.99 percent (variable), this card requires you to have excellent credit.

The advantage of the Amex Blue Business Cash is its multifaceted rewards structure. Like One Spark Cash for Business, you earn cash back at a flat rate of 2 percent, but there’s an annual limit of $50,000 in purchases, then 1 percent. There is also no annual fee, and for the first 12 months, you have an introductory 0 percent APR on purchases. After that, it follows the regular APR rate of 13.24 percent to 19.24 percent (variable).

Best cards to pair with the Bank of America Business Advantage Cash Rewards Mastercard

The cash back you earn from this credit card is solid, but there are better cash back credit cards out there. Since it has a spending limit, it is a good idea to pair it with cards that have a flat reward rate for every purchase. This will help you earn greater rewards throughout the year.

Bankrate’s Take—Is the Bank of America Business Advantage Cash Rewards Mastercard worth it?

This card might not be for everyone, but it is a solid option for a cash back business credit card. The reward rates are good enough, though it is disappointing that there is a spending limit. Other than the $50,000 reward limit, it doesn’t have any huge downfall.

Pros

• Excellent rewards structure
• Decent welcome bonus
• No annual fee

Cons

• Too few redemption options
• $50,000 spending cap every year

All information about the Bank of America® Business Advantage Cash Rewards Mastercard® and Capital One Spark Cash for Business has been collected independently by Bankrate and has not been reviewed or approved by the issuer.