Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card review: A basic business card that lets you choose where you earn most

The Bank of America Business Advantage Customized Cash Rewards Mastercard credit card is an incredibly flexible business credit card with plenty of benefits. You’ll earn your highest cash back rate on a spending category of your choice, giving cardholders a new level of control over their earning power. It’s an excellent card for small businesses and freelancers going solo to tailor their earnings to their spending habits.

This card notably has no annual fee, which is a plus, especially for a business card. However, it has an annual spending limit of $50,000 in combined choice category/dining purchases each calendar year, 1 percent thereafter. This cap may limit the benefits available for bigger businesses that spend a lot. There isn’t much more to write home about on this card outside of the standard business benefits, but it’s an excellent pick to earn cash back on your business spending. 

Quick highlights

• Rewards rate: 3 percent cash back in the category of your choice. 2 percent cash back on dining purchases (on the first $50,000 in combined choice category/dining purchases each calendar year, 1 percent thereafter)
• Welcome offer: $300 statement credit online bonus after spending $3,000 in the first 90 days of your account opening
• Annual fee: None
• Purchase intro APR: 0 percent APR for the first nine billing cycles
• Balance transfer intro APR: N/A
• Regular APR: 18.24% - 28.24% variable APR

Current welcome bonus

The Business Advantage Customized Cash Rewards Mastercard has an easily accessible welcome bonus. If you spend $3,000 in net purchases within the first 90 days of account opening, you earn a $300 statement credit online bonus. The required spend is reasonable and could be easy to hit when racking up your business expenses. The bonus is relegated to statement credit only, which limits the cash rewards’ flexibility.

Rewards rate

The best feature of this Bank of America Business credit card is the ability to personalize how you earn.

Earning cash back

Cardholders can earn 3 percent cash back 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 3 percent category once each calendar month if you’d like, giving you even more flexibility. Also, the Business Advantage Customized Cash Rewards Mastercard includes a 2 percent cash back category for dining purchases. For all your other purchases, you earn 1 percent cash back.

Remember that the Business Advantage Customized Cash Rewards Mastercard limit on combined 3 percent reward category and 2 percent dining category purchases is $50,000 in combined choice category/dining purchases each calendar year. 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:

• A check
• Direct deposit into any eligible Bank of America® checking or savings account
• A statement credit online bonus

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

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

Customizable rewards

Customizable rewards are not totally 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 once a month.

Excellent welcome offer

A $300 statement credit online bonus for spending $3,000 within 90 days of card opening is fairly achievable, especially when making purchases for a business.

Introductory interest for nine billing cycles

If you are looking to make a major purchase, this Bank of America credit card could be helpful. Using it lets you avoid interest charges for the first nine billing cycles thanks to the 0 percent intro APR on purchases. After this promotional period, the ongoing APR becomes 18.24% - 28.24% variable.

The Business Advantage Customized Cash Rewards Mastercard does not have an annual fee. Additionally, the credit score requirement is excellent, which is a FICO score of 740 or higher.

If you’re interested in paying off debt with this card, the balance transfer fee is 4 percent of each transaction (including convenience checks). 

The Business Advantage Customized Cash Rewards Mastercard also has a 3 percent foreign transaction fee.

Though the Business Advantages Customized 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 Plus and the American Express Blue Business Cash™ Card.

Bank of America Business Advantage Customized Cash Rewards Mastercard vs. Capital One Spark Cash Plus 

The Capital One Spark Cash Plus may be the ideal alternative to the Bank of America Business Advantage Customized Cash Rewards Mastercard if your business spending spans different categories. You’ll earn a 2 percent flat-rate on all purchases you make with the Capital One Spark Cash Plus, removing any extra strategizing you’d have to do with the Bank of America Business Advantage Customized Cash Rewards Mastercard. The Capital One Spark Cash Plus also makes up for what the Business Advantage Customized Cash Rewards Mastercard misses in terms of travel rewards and perks. For example, you’ll earn 5 percent cash back on hotels and rental cars booked through Capital One Travel and you won’t be charged foreign transaction fees with the Capital One Spark Cash Plus.

You will have to decide how much you’re willing to stomach on affordability. The Capital One Spark Cash Plus is a charge card, so it’s required that you pay your balance in full each month and there is no ongoing APR because of this fact. You’d also pay a $150 annual fee, which could be steep for some, especially if you’re a smaller business. However, you’d pay this price for a bit more flexibility overall.

If you prefer the opportunity to tailor your spending to earn the most rewards or you’re a smaller business and can avoid the annual spending cap, you may find more to love with the Bank of America Business Advantage Customized Cash Rewards Mastercard. If you’re willing to pay more to get more, especially in terms of flexibility and no-hassle earning structures, you might give the Capital One Spark Cash Plus a look.

Bank of America Business Advantage Customized Cash Rewards Mastercard vs. American Express Blue Business Cash™ Card

The Amex Blue Business Cash mixes the low-hassle, flat-rate rewards of the Capital One Spark Cash Plus and the spending cap on the Bank of America Business Advantage Customized Cash Rewards Mastercard to find a steady middle ground. If you don’t want to strategize your earnings, you get one of the best flat earning rates on the market with the Amex Blue Business Cash. However, you’ll only earn the flat 2 percent rewards on all purchases on the first $50,000 you spend per year. Anything over that will earn you 1 percent cash back.

Where the Amex Blue Business Cash pulls ahead is in its intro APR offer on purchases. It beats the promotional purchase APR on the Bank of America Business Advantage Customized Cash Rewards card by offering a 12-month zero percent intro offer. After the intro offer ends, the Amex Blue Business Cash has an ongoing APR of 18.24 percent to 26.24 percent variable.

Once again, your final choice may come down to how much control you want over your earning potential and if you think your business spending will stay under the designated spending caps. The Bank of America Business Advantage Customized Cash Rewards Mastercard may be the best pick for the small business owner who knows they spend most heavily in one of the card’s choice categories and wants to maximize those earnings. The Amex Blue Business Cash might be the choice for the business owner that wants to earn consistent rewards across all purchases, and can benefit from some time to pay down larger purchases thanks to the intro APR offer.

Best cards to pair with the Bank of America Business Advantage Customized 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 the Bank of America Business Advantage Customized Cash Rewards Mastercard has a spending limit, it’s a good idea to pair it with cards that have a flat reward rate for every purchase. If you’re loyal to Bank of America, the Bank of America® Travel Rewards credit card  earns 1.5 points on all purchases. Unlike with the Business Advantage Customized Cash Rewards Mastercard, you won’t be charged a foreign transaction fee with the Bank of America Travel Rewards and you can redeem your points for gift cards, cash or statement credits to cover travel purchases.

This card might not be for everyone, but it’s a solid option for a cash back business credit card. The reward rates are good enough, though the spending cap can put a damper on your earning potential if you’re not careful. Overall, if you’re not worried about hitting the spending cap and you know you have very specific needs in your business budget and want to capitalize on those, the Bank of America Business Advantage Customized Cash Rewards Mastercard is worth a look.

For rates and fees of the American Express Blue Business Cash™ Card , please click here.

*All information about the Capital One Spark Cash for Business has been collected independently by Bankrate and has not been reviewed or approved by the issuer.