Skip to Main Content

Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card review: A boon for small businesses

Small businesses that bank with Bank of America might find their match.

 /  10 min
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for and how we rate our cards . The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Snapshot

3.9

Bankrate rating
Info
Rating: 3.9 stars out of 5

Bottom line

Bank of America’s Business Advantage Unlimited Cash card may not be the most rewarding option to use as your primary business card, especially if most of your expenses are covered by popular business bonus categories. Still, its flat-rate cash back and minimal costs make it an excellent supporting card in a pair or for using to cover expenses from a side hustle. In addition, the Preferred Rewards for Business program offers one of the best flat cash back rate of all business cards if you qualify.

Best for Bank of America customers

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

Apply now Lock
on Bank of America's secure site
  • Rewards value
    Rating: 1 stars out of 5
    1 / 5
    APR
    Rating: 4 stars out of 5
    4 / 5
    Rewards flexibility
    Rating: 4 stars out of 5
    4 / 5
    Features
    Rating: 4 stars out of 5
    4 / 5
Excellent (740 – 850)
Info
Recommended Credit

Intro offer

Info

$300

Offer valuation

Info

1.5%

Rewards Rate

Info

Annual fee

Regular APR

Bank of America Business Advantage Unlimited Cash Overview

Bank of America’s Business Advantage Unlimited Cash Rewards Mastercard is an excellent small business credit card, whether you’re a loyal Bank of America customer or simply prefer the convenience of a rewards program that keeps your business expenses simple.

While the card isn’t the most rewarding Bank of America business credit card, it’s also not trying to be. The Business Advantage Unlimited Cash card offers 1.5 percent flat-rate cash back, so it isn’t the most rewarding standalone business card. However, it could be a wise pick if you have a small startup or side hustle with specialized expenses. It’s also an excellent candidate to partner with a bonus category card that packs a bigger punch on your highest spending categories.

  • Credit Card Cash Back

    Rewards

    • 1.5 percent cash back on all purchases
    • Up to 2.62 cash back if cardholder has a Bank of America business checking account and qualifies for the Preferred Rewards for Business Platinum Honors tier, boosting their cash back by up to 75 percent

    Expert Appraisal: Typical
    See our expert analysis

  • Rewards

    Welcome offer

    •  $300 online bonus cash rewards after spending $3,000 within the first 90 days

    Expert Appraisal: Typical
    See our expert analysis

  • Credit Card Apr

    0% intro APR offer

    • 0 percent intro APR on purchases for 9 months
    • 18.49% to 28.49% ongoing APR

    Expert Appraisal: Typical
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • No annual fee
    • 3 percent foreign transaction fee
    • 4 percent cash advance fee
    • 4 percent balance transfer fee
    • Up to $49 late fee

    Expert Appraisal: Typical
    See our expert analysis

  • Congrats

    Other cardholder perks

    • Up to $100,000 in travel accident insurance
    • Zero Liability Protection
    • Online banking 
    • Contactless payments

    Expert Appraisal: Weak
    See our expert analysis

What are the pros and cons?

Pros

  • Checkmark

    Boost your unlimited, flat-rate cash back from 1.5 percent back up to 2.62 percent with the top Preferred Rewards for Business program rate

  • Checkmark

    No annual fee, so no need to worry about offsetting this extra cost with reward earnings

  • Checkmark

    There is an intro APR on purchases

Cons

  • Likely not as rewarding as other Bank of America business cards, depending on your expenses

  • The $300 online cash sign-up bonus (after spending $3,000 within 90 days) isn’t very competitive

  • No intro APR on balance transfers, and the intro APR on purchases is short compared to similar business card offers

Why you might want the Bank of America Business Advantage Unlimited Cash

The true potential of this card, however, is unlocked by issuer loyalty. Thanks to Bank of America’s Preferred Rewards for Business program, the Business Advantage Unlimited Cash card could be one of most valuable flat-rate cash back cards on the market if you maintain a high average balance across your savings and investment account.

Rewards rate: A boost for Preferred Rewards program members

The Business Advantage Unlimited Cash is a flat-rate cash back card, which makes it an excellent choice if you want a simple rewards program, cash back on expenses that aren’t usually rewarded by typical bonus categories or if your business expenses exceed beyond normal category spending limits.

The Preferred Rewards program is a standout benefit that distinguishes Bank of America as the best cash back card provider for members who have established savings. Preferred Rewards for Business is the version for business cardholders that has the same cash back boost and account balance requirements.

Maintaining an eligible Bank of America business checking account and an average daily balance of at least $20,000 across your qualifying Bank of America business deposit and/or Merrill business investment accounts can magnify your rewards based on the following status tiers:

  • Preferred Rewards Gold (at least a $20,000 balance): 25 percent boost for 1.87 percent cash back on all purchases
  • Preferred Rewards Platinum (at least a $50,000 balance): 50 percent boost for 2.25 percent cash back on all purchases
  • Preferred Rewards Platinum Honors (at least a $100,000 balance): 75 percent boost for 2.62 percent cash back on all purchases

Attaining Preferred Rewards status may be even more valuable for business cardholders, since you’ll also get a range of other perks including reduced banking fees, cash back on payroll services and boosted or discounted interest rates on select Business Advantage accounts (including savings accounts, commercial real estate loans, credit line financing and auto loans) that improve with your status.

Fees: A low-cost option for business owners

The Business Advantage Unlimited Cash Rewards card is a low-cost business card. It doesn’t charge an annual fee, so you won’t have anything cutting into your rewards unless you accrue interest or purchase anything abroad. The foreign transaction fee is 3 percent, but carrying a balance or missing a payment will lead to stiffer costs.

Fortunately, the card’s 0% intro purchase APR will keep interest at bay for your first 9 billing cycles, but you’ll take on an 18.49% to 28.49% variable APR afterward. Even still, that’s below the current average credit card rate and makes this card a surprisingly low-interest option for a business.

Why you might not want the Bank of America Business Advantage Unlimited Cash

No-annual-fee cash back cards usually aren’t known for offering bountiful benefits — especially for business cards in this vein. Bank of America’s Business Advantage cash back cards are no exception. Otherwise, the travel services and optional Balance Connect™ overdraft protection service may be handy for the unlimited employee cards you can request, but aren’t very substantial.

Current welcome offer: Low reward for high risk

You’ll be able to earn a $300 online cash bonus by spending $3,000 in combined purchases during your first 90 days with the card. This welcome offer is a solid payday that compliments the card’s flat-rate rewards structure. That said, it’s far from the most rewarding intro cash bonus you’ll find on a no-annual-fee business card. For example the Bank of America Business Advantage Customized Cash credit card has a welcome bonus of $200 online cash rewards after you make at least $1,000 in purchases in the first 90 days of account opening. Depending on the type of business, the required spend amount could be a bit of a stretch for some without the best pay off.

Redemption: Limited options

Redeeming your rewards is also simple. By logging into your online Bank of America account or via mobile banking access, you can redeem your rewards balance for a:

  • Direct deposit to your business’ Bank of America checking or savings account
  • Statement credit
  • Mailed check

There’s no minimum rewards redemption requirement to worry about and your rewards won’t expire for the life of your account.

This is a very limited list of redemptions options, especially when considering many business cards have options to redeem for gift cards, travel, merchandise or credit with brand partners. It’s also a bit disappointing that the automatic cash back redemption feature for consumer cards isn’t available on their business card equivalents, as it helped set Bank of America apart for busy cardholders looking for the smoothest rewards experience possible. However, automated rewards aren’t a common perk for business cards since employee card spending and tax tracking may require more detailed accounting. If automatic rewards redemption is a must-have feature for you, some Capital One business cards are also known for this benefit.

Perks: Card benefits are slim to none

While the Bank of America Business Advantage Unlimited Cash card’s potentially high rewards rate can make you consider it, the lack of benefits may change your mind. The card comes with very common benefits, such as contactless payments, zero fraud liability and access to cash flow management software and account monitoring. You can get a few more perks if you become a Preferred Rewards member, but that requires signing up for a business checking account with Bank of America.

There are a few travel benefits that could be appealing, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, legal and medical referrals while traveling. You also have up to $100,000 in travel accident insurance, which is amazing for emergencies.  

How the Bank of America Business Advantage Unlimited Cash compares to other business cards

While the Bank of America Business Advantage Unlimited Cash covers many bases with its flat rewards rate, there are other business cards on the market that could offer some entrepreneurs a little more, depending on the size of the business and specific business needs. 

Image of Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card
Bankrate Score
Apply now Lock
on Bank of America's secure site

Annual fee

$0

Intro offer

$300
Info

Rewards rate

1.5%
Info

Recommended Credit Score

Excellent (740 – 850)
Info
Image of Capital One Spark Cash Plus
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Capital One's secure site

Annual fee

$150

Intro offer

Up to a $3,000 cash bonus
Info

Rewards rate

2% - 5%
Info

Recommended Credit Score

Excellent (740 – 850)
Info
Image of Ink Business Unlimited® Credit Card
Bankrate Score
Apply now Lock
on Chase's secure site

Annual fee

$0

Intro offer

Earn $750 bonus cash back
Info

Rewards rate

1.5%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info

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

As a flat-rate card, the Bank of America Business Advantage Unlimited Cash pairs well with business cards that reward your biggest spending categories. If there are categories that you regularly use, pairing this card with a tired rewards card can maximize your spending.

Who is the Bank of America Business Advantage Unlimited Cash Card right for?

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

The initial rewards you’d earn with the Bank of America Business Advantage Unlimited Cash Rewards Mastercard make it a far cry from the most rewarding option for a primary business card. But, it’s well worth it if you prefer streamlined rewards or if your expenses extend well beyond normal bonus category cards’ spending categories.

However, the most noteworthy angle to consider is the Preferred Rewards cash back boost if your business already banks with Bank of America. In fact, achieving Platinum Honors status would make the Business Advantage Unlimited Cash perhaps the most lucrative flat-rate cash back card on the market with unlimited 2.62 percent back on all purchases.

Frequently Asked Questions

Written by
India Davis
Editor, Credit Cards

India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has lived and worked in three different countries and hopes to explore more of the world post-pandemic.

Edited by Senior Editor, Credit Cards
Reviewed by Senior Editor, Credit Cards

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.