Business owners can earn valuable cash back rewards on their business expenses with the Bank of America® Business Advantage Customized Cash Rewards Mastercard®. This business credit card earns up to 3% in the category of your choice plus 2% on dining and 1% on everything else. For those with larger deposit and investing balances, you can also earn up to 75% more cash back on your purchases. Learn more about this Bank of America business credit card and how you can maximize your rewards.
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Annual fee: None
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Welcome offer: $300 cash back after spending $3,000 within 90 days
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Rewards: Earn 3% on the category of your choice plus 2% on dining on the first $50,000 in combined purchases. All other purchases earn 1% cash back.
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More details: Free employee cards. Earn 75% more cash back with Preferred Rewards. Intro APR on purchases for the first nine billing cycles.
APR
The standard APR of 18.49% to 28.49% variable applies to purchases and balance transfers. Balance transfers and cash advances incur a fee of 4% of the transaction amount. Your interest rate is determined by your personal and business creditworthiness when you open your account.
Cash advances are charged a 29.49% variable rate. However, this Bank of America business credit card does not charge a penalty rate if you miss a payment.
Annual fee
The Business Advantage Customized Cash Rewards credit card does not charge an annual fee. With no annual fee, you don’t have to worry about earning cash-back rewards just to break even.
If you travel internationally, the card charges a 3% foreign transaction fee. This hidden fee increases the total cost of purchases made outside the U.S.
Late payment fees apply if you miss a payment. The fees vary from $0 to $49, depending on your statement balance.
Welcome offer
In addition to cash-back rewards on purchases, your business expenses can also help you earn a welcome bonus. When you spend at least $3,000 in the first 90 days, you’ll earn a $300 online statement credit. This credit applies to your outstanding balance and reduces the total amount owed.
Intro offer
For the first nine billing cycles, you’ll get interest-free financing on purchases. This gives business owners extra time to pay off their purchases without incurring interest charges. After the promo period expires, the standard APR of 18.49% to 28.49% variable applies. This 0% intro APR offer applies only to purchases and does not include balance transfers.
Rewards rate
This Bank of America business credit card offers rewards that business owners can customize based on their spending patterns. The 3% cash back category can change once a month to match the business’ highest spend category to maximize rewards.
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3% cash back on your choice of gas stations and EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services.
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2% cash back on dining purchases.
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Bonus cash back is available on the first $50,000 you spend each year.
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1% cash back applies to all other purchases.
How to earn rewards
You’ll earn cash-back rewards automatically with the Business Advantage Customized Cash Rewards credit card. To maximize the cash back you’ll receive, determine which of the six bonus categories you spend the most. Select that category, and change it up to once a month (as needed) if your spending habits fluctuate.
Additionally, the card gives 2% cash back on all dining purchases. Bonus cash-back rewards are earned on the first $50,000 in combined purchases between your chosen 3% category and the 2% dining category. Any purchases that don’t qualify for a bonus earn an unlimited 1% cash back.
Customers who have larger deposit and investment balances with Bank of America and Merrill can qualify for Preferred Rewards. This free program boosts your cash-back rewards by up to 75% on every purchase. At the highest tier, your chosen category can earn up to 5.25% cash back, while the dining category earns up to 3.5% and everything else earns 1.75%.
How to redeem rewards
This Bank of America business credit card offers simple redemption options for your cash-back rewards. If you have business bank accounts with Bank of America, you can deposit cash rewards into a checking or savings account. Rewards can be used to reduce your credit card balance with a statement credit. Alternatively, you can request that a check be mailed to you so you can deposit it with another bank.
Your cash-back rewards do not expire as long as your credit card is open and in good standing. This means that there’s no rush to make a choice for redeeming rewards. However, there’s no benefit to waiting either. A good strategy is to redeem rewards frequently to reduce debt, boost savings or use the money to grow your business.
Additional benefits
The Customized Cash Rewards Bank of America business credit card has limited benefits beyond its ability to earn cash-back rewards. Here are a few of the features that could add value to your business.
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Cash flow management tools. Use Bank of America’s complimentary tools to make automatic payments and transfers to other accounts. Account activity can be downloaded into Quickbooks to reduce manual entry.
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Free business credit score. View your business credit score from Dun & Bradstreet for free through the bank’s online dashboard.
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Overdraft protection. Link the Business Advantage Customized Cash Rewards credit card to your checking account for overdraft protection. This service can avoid declined purchases and returned checks.
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Travel accident insurance. When you use your Bank of America business credit card to book travel, you’re covered with $100,000 in travel accident insurance at no charge.
Who is the Bank of America Business Advantage Customized Cash Rewards Mastercard best for?
This Bank of America business credit card is best for business owners who want to earn cash back without paying an annual fee. Their expenses may fluctuate throughout the year, and different categories of purchases may be larger from month to month. The Business Advantage Customized Cash Rewards card allows them to switch their 3% cash back category to take advantage of their business expenses.
The $50,000 annual cap on bonus cash back is also beneficial for business owners who have large purchases throughout the year. An annual limit instead of a monthly or quarterly cap ensures that they can maximize rewards without hitting a ceiling on their cash-back rewards.
Business owners with larger deposit and investment balances can benefit even more. They’ll earn up to 75% more cash back if they qualify for Preferred Rewards. This bonus applies to every purchase, including bonus categories, which allows them to earn up to 5.25% cash back.
Bank of America Business Advantage Customized Cash Rewards Mastercard benefits
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Choose a bonus category. Business owners can choose their 3% bonus category among six options. They can change their selection once a month to match their upcoming expenses.
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Earn up to 75% more cash back. Businesses with larger relationships are rewarded with extra cash back on every purchase when they sign up for Preferred Rewards.
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No annual fees. There are no annual fees, so you don’t have to worry about earning enough rewards to offset the fees.
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Free employee cards. Earn rewards on employee purchases without paying extra fees for adding them to your account.
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Intro APR offer. Business owners get a 0% intro APR offer on purchases for the first nine months. This gives them extra time to pay off their balance and maximize their cash flow.
Bank of America Business Advantage Customized Cash Rewards Mastercard potential drawbacks
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Annual cap on bonus categories. Bonus cash back applies on the first $50,000 spent on the combined 3% and 2% cash back categories. Once you’ve reached that limit, rewards are reduced to 1% until the limit resets each year.
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Can only select one bonus category. Competing credit cards often have multiple bonus categories that apply at the same time. This Bank of America business credit card requires that you choose one at a time.
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Limited redemption options. Customers have limited options for how to redeem their cash back rewards. There are no options to book travel, transfer to partners or redeem for a higher value.
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No balance transfer promotion. While this card does offer an intro APR purchase promotion, it doesn’t offer the same benefit for balance transfers.
Where can you use the Bank of America Business Advantage Customized Cash Rewards Mastercard?
As a Mastercard, the Bank of America Business Advantage Customized Cash Rewards card can be used anywhere Mastercard is accepted. Visa and Mastercard are widely accepted throughout the U.S. and internationally.
Beware of paying international vendors or traveling internationally with this Bank of America business credit card. While many stores will accept it for payment, the bank charges a 3% foreign transaction fee on purchases made outside of the U.S.
How to make a Bank of America Business Advantage Customized Cash Rewards Mastercard payment
Pay your Bank of America business credit card using one of the following options.
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Online. Log into your Bank of America account and select “Bill Pay,” then follow the instructions.
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Mobile app. Customers can make credit card payments through the bank’s mobile app.
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At a financial center. Bank of America has 3,800 branches where customers can make payments in person with a teller.
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By phone. Call (888) 306-4949 to make a payment by phone. There are no fees for making payments over the phone.
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By mail. Mail payments to PO Box 15710, Wilmington, DE 19850-5710.
Business credit card payments are not currently supported through the bank’s ATMs.
Bank of America Business Advantage Customized Cash Rewards Mastercard customer service info
Alternative cards to consider
If you’re still unsure whether the Business Advantage Customized Cash Rewards credit card is right for you, consider these other rewards credit cards for business.
American Express® Business Gold Card
The Business Gold Card from American Express offers 4x points on your two top eligible spending categories each month. You don’t need to select them ahead of time. Amex automatically applies the 4x points where you spend the most. It also earns 3x points on flights and pre-paid hotels booked through Amex Travel, and 1x points on everything else (terms apply; see rates and fees).
The card charges a $295 annual fee ($375 starting February 1, 2024), but it includes up to $395 in value in statement credits at select merchants and Walmart+ monthly memberships. The Business Gold Card includes cell phone protection, purchase protection, and an extended warranty on eligible purchases. For travelers, there are no foreign transaction fees, and you’re protected with baggage insurance, rental car coverage, and trip delay insurance.*
*Eligibility and benefit level varies by card. Terms, conditions, and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
Capital One Spark Cash Plus
Business owners with large purchases will love the Capital One Spark Cash Plus. It earns an unlimited 2% cash back on every purchase and 5% when booking cars and hotels through Capital One Travel. With a flat cash-back structure, you don’t have to worry about bonus categories or activating limited-time offers.
You can earn up to a $3,000 cash bonus $1,500 when you spend $20,000 in the first three months, and another $1,500 once you spend $100,000 in the six 6 months. With such a large minimum spending requirement, only high-volume businesses should consider applying. This is a charge card, so the balance must be paid in full each month. Additionally, it charges a $150 annual fee, which is refunded when you spend $150,000 or more each year.
Ink Business Unlimited
The Ink Business Unlimited is a cash-back credit card that earns an unlimited 1.5% cash back for your business. New customers can earn a $750 bonus after spending $6,000 within three months and take advantage of a 0% intro APR on purchases for 12 months (18.49% – 24.49% variable APR after that). Business owners can add employee cards at no cost and enjoy complimentary benefits, like primary rental car coverage, purchase protection, and an extended warranty on eligible purchases.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers.