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Bank of America Business Advantage Cash Rewards Mastercard® Credit Card
The Business Advantage Cash Rewards card is a solid cashback card for small business owners. It offers a good sign-up bonus, decent earnings for everyday spending, simple cashback redemptions and a handful of other benefits. It’s not likely to be the most rewarding card available, but it’s tough to beat this card if you don’t want to pay an annual fee.
While there are other comparable cards on the market, the best one for you will depend on what you spend the most on. If most of your business expenses include gas stations, office supply stores and restaurants, you should seriously consider the Business Advantage Cash Rewards card from Bank of America.
Bonuses and Benefits
Knowing what benefits come with a credit card can help you decide if it’s a good fit for you. Here we cover the bonuses and perks that the Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers and the value of the Bank of America BankAmericard Cash Rewards™ cashback you earn.
The Bank of America Business Advantage Cash Rewards credit card offers a sign-up bonus of $200 after completing the minimum spending requirement of $500 within 60 days of account opening. Additionally, the card offers 0% APR on purchases for the first nine billing cycles that you’re a cardholder.
What You Get
- Get a $200 statement credit when you make at least $500 in net purchases within 60 days of your account opening – with no annual fee, no cap on the amount of cash rewards you can earn and they don't expire.
- 3% cash back on purchases at gas stations and office supply stores (up to $250,000 each calendar year, 1% after that), 2% on purchases at restaurants, and 1% on all other purchases.
- 0% Introductory APR on purchases for your first 9 billing cycles.
- Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
- Plus, if you're a Business Advantage Relationship Rewards client, you can get up to a 75% rewards bonus on the base earn of every purchase you make. Your rewards bonus is based on your enrolled tier – Gold 25%; Platinum 50%; or Platinum Honors 75%.
The cash rewards earned from the Business Advantage Cash Rewards card won’t expire as long as your account remains open and in good standing.
What is the value of the BankAmericard Cash Rewards™ Cashback?
Your BankAmericard cash rewards are worth exactly what you think they’re worth. If you earn $25 in cash back, that will be worth a $25 statement credit or direct deposit into your Bank of America checking or savings account.
The Best Ways to Redeem BankAmericard Cashback
The best way to redeem the cash back earned with your Business Advantage Cash Rewards card is as a statement credit or direct deposit into your Bank of America checking or savings account. You can redeem after you’ve earned at least $25.
Other ways you can redeem cashback
The Business Advantage Cash Rewards card is a cashback card. You’ll receive your rewards in $25 increments as statement credits or deposits into your bank account.
Everyday Earnings with Bank of America® Business Advantage Cash Rewards Mastercard® credit card
The Business Advantage Cash Rewards card from Bank of America offers 3.0 percent back for purchases at gas stations and office supply stores on up to $250,000 in combined purchases annually. After that, you’ll get 1 percent. You’ll also earn 2.0 percent back at restaurants and 1.0 percent on all other purchases.
Business Advantage Cash Rewards Credit Card Rewards
- Office Supply Stores
- All Other Purchases
The Business Advantage Cash Rewards card isn’t really a travel card, so it doesn’t offer many travel-related benefits.
Foreign Transaction Fee
Leave this card at home if you’re traveling abroad. You’ll have to pay a 3% fee for all transactions outside of the U.S.
Earn Elite Status Fast
The Business Advantage Card Rewards card from Bank of America does not offer the ability to earn elite status with any airline or hotel program more quickly.
Fees: the cost of Having Bank of America® Business Advantage Cash Rewards Mastercard® credit card
The Business Advantage Cash Rewards card doesn’t have an annual fee, so you don’t need to earn a certain number of rewards in order to justify keeping the card. Spending anything on the card means that you will come out ahead. You should, however, consider that there could be another card out there that is more rewarding, and you can’t earn rewards on multiple cards at the same time.
Since the Business Advantage Cash Rewards card offers a $200 sign-up bonus, you know that you’re going to come out ahead for the first year you have this card.
- Annual Fee
- Balance Transfer Fee
Either $10 or 4% of the amount of each transaction, whichever is greater
- Foreign Transaction Fee
3% of each transaction in U.S. dollars
- Late Payment Fee
$19 if balance less than or equal to $100; $29 if $100.01 - $1,000; $39 if $1,000.01 - $5,000; $49 if greater than $5,000
Does the Card Pay for Itself?
The Business Advantage Cash Rewards MasterCard is a no-fee card. You do not have to earn a certain amount of rewards in order to cover the cost since it’s free. It’s still good to know roughly how much you’ll be earning, though. We’ve broken out our estimates for the first- and second-year net earnings.
These estimates are based on an annual monthly spend of $2,000
Top 5 Benefits of the Business Advantage Cash Rewards MasterCard
The Business Advantage card is relatively simple, but that doesn’t mean it lacks benefits. Here are the top five benefits of this card:
- Great Earning Potential: 3.0% back at office supply stores and gas stations, 2.0% back at restaurants and 1.0% back on all other purchases will add up over the course of a year.
- Hassle-Free Redemptions: Rewards can be used for statement credits or deposited into your Bank of America checking or savings account with a minimum redemption of $25.
- Big Sign-Up Bonus: This card comes with a big sign-up bonus of $200 with a low minimum spending requirement of $500.
- No Annual Fee: You’ll never have to pay anything for this card. That means all the rewards you earn are essentially free.
- 0% Intro APR: Get 0% APR on purchases for your first 9 months as a cardholder.
Should You Get the Business Advantage Cash Rewards MasterCard?
The Business Advantage Cash Rewards credit card isn’t the most rewarding card out there, and it’s not packed full of premium benefits. That said, it is a solid option for a no annual fee business credit card. It offers reasonable rewards for everyday spending, and redemptions can be made simply with a $25 minimum.
If you’re looking for a card that doesn’t have an annual fee and will give you solid rewards, this is a good option. If you’re looking for the best card with a ton of extra benefits, this card probably isn’t the one for you.
The Business Advantage Cash Rewards card is best for someone with high gas and office supply store expenditures and who wants to save by skipping the annual fee. This card could also be a great option if you have a big purchase coming up because it offers 0% APR for the first nine months.
Need more info? Check out our frequently asked questions. If you have other questions, please click on “Ask Now” below.
- Most people who are approved for the Business Advantage Cash Rewards card from Bank of America report having a credit score of 690 or higher. It is possible to be approved with a lower credit score, and it is also possible to declined even if your score is higher. Bank of America will consider your entire application before deciding whether or not to approve you.
- It is not possible to convert your Cash Rewards into airline miles, but you can use your cash rewards to pay for flights, hotels and other travel related expenses. For that matter, you can use your cash rewards to pay for anything you want.
- If you close your card account, you will lose any unredeemed cash rewards. Luckily, if you are going to close your account, you can redeem your rewards before you do so as long as you have at least $25 in cash rewards available for redemption.
- Technically, yes, you do need to have a business in order to get a business credit card. However, you’ll be surprised at what counts as a business. If you sell things on eBay, at art shows, offer a gardening service or anything else that you get paid for–even if it’s a small amount–you already have a business and are eligible to get a business credit card.
Before you decide to apply for the Business Advantage Cash Rewards card, it’s worth comparing it to a couple of other cashback cards issued by Bank of America.
Other BankAmericard Cash Rewards cards
|World Wildlife Fund Credit Card||Bank of America® Cash Rewards Credit Card|
|APR On Purchases||14.49% to 24.49% Variable±||13.24% - 23.24% Variable APR on purchases and balance transfers||16.24% to 26.24% Variable APR on purchases and balance transfers|
|Second Year Value||$240||$240||$240|
The World Wildlife Fund credit card offers a sign-up bonus of $150 and 0% APR for 12 months with no annual fee. It earns 3.0 percent back on gas purchases and 2.0 percent back at grocery stores and wholesale clubs for the first $2,500 in combined spending each quarter. You’ll also get 1.0 percent back for all other purchases. This card also donates a minimum of $3 every year for each account to the World Wildlife Fund, so it does some extra good along the way.
The BankAmericard Cash Rewards credit card also offers a $150 sign-up bonus and 0% APR for the first 12 months. It even has the same bonus categories and no annual fee. The big difference is that it doesn’t donate to the WWF.
Between these two cards and the Business Advantage Cash Rewards card, you should take a look at how much you regularly spend on gas and decide if you spend more on restaurants or at grocery stores to determine which card would offer you better rewards over time.
Compare Business Advantage Cash Rewards MasterCard to Other Cards
You should also compare the Business Advantage Cash Rewards card to cashback credit cards issued by other banks, including the Plum card, SimplyCash Plus Business card and Blue Cash.
- The Plum Card®
1.5% Early Pay Discount with no cap or Extra Days to Pay with no interestRead Review
- SimplyCash® Plus Business Credit Card
5% cash back at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providersRead Review
- Blue Cash Everyday® Card from American Express
$150 cashback bonus offerRead Review
The Plum card doesn’t offer regular cashback. Instead, it offers you either a 1.5 percent discount on your bill if you pay it within 10 days of your statement closing, or 60 days of interest-free financing. The annual fee is waived the first year, but it increases to $250 for following years.
The SimplyCash Plus card offers 5 percent back at office supply stores and on wireless phone services purchased directly from U.S. service providers, 3.0 percent back on one category of your choice and 1.0 percent back for all other purchases. This card doesn’t have an annual fee and is a great choice because you can choose your 3.0 percent cashback category based on where you spend the most money.
The Blue Cash Everyday card offers 3.0 percent cash back at supermarkets on up to $6,000 per year in purchases, 2.0 percent back at gas stations and select department stores, and 1.0 percent back for all other purchases. This card also doesn’t have an annual fee.
When debating between these four cards, the Plum card is likely the worst choice unless you often need extra time to pay your bill. Between the other three, you should consider where you spend the most money, especially comparing grocery stores and restaurants. Also consider how much you spend at grocery stores in a year to see if having a higher spending limit would earn more rewards.
Whenever you apply for a credit card make sure you read the terms and conditions of the card and the rewards program to find out about minimum spend requirements and any restrictions to ensure you can successfully obtain the card and earn the rewards it offers.
Card Terms and Conditions
While it's easy to focus on the rewards offered by the Business Advantage Cash Rewards MasterCard, it's worth taking a closer look at the terms and conditions. There's a lot to consider as you think about how you're going to use the card. Will you carry a balance, get a cash advance or maybe make a big purchase? Below is a rundown of the various interest rates, purchase protections, security features and mobile banking options that come with this MasterCard.
- Intro APR:
- 0% for 9 billing cycles
- Intro APR for balance transfers:
- Ongoing APR:
- 13.24% - 23.24% Variable APR on purchases and balance transfers
- Minimum Grace Period:
- 25 days
Cash Advance Features
- Ongoing APR:
- 26.24% Variable ±
- Cash Advance Fee:
- Either $10 or 4% of the amount of each transaction, whichever is greater. Overdraft Protection Cash Advance (if enrolled): Either $10 or 3% of the amount of each transaction, whichever is greater
Security and Protections
The Business Advantage Cash Rewards card offers standard security features, including the following:
- Account alerts:
- Set up alerts to be notified when large transactions occur, if there’s an unauthorized withdrawal and when your bill’s due.
- Not Liable for Fraud:
- You’re never liable for fraudulent charges.
- EMV Chip + Signature Technology:
- Get global acceptance and enhanced security at merchants that use chip-enabled terminals.
- Overdraft Protection:
- An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your credit card to a Bank of America business checking account.
Bank of America also offers a mobile app so you can check your spending while you’re on the go. The Business Advantage Cash rewards card is compatible with Apple Pay, Android Pay and Samsung Pay.
Additional Cardholder Benefits
In addition to all of the benefits listed above, the Business Advantage Cash Rewards card has a few more to offer.
Master Card Travel Benefits
- Auto Rental Collision Damage Waiver:
- Coverage for theft and collision for most rentals in the U.S. and abroad. Coverage is secondary to your personal insurance.
- Lost Luggage Reimbursement:
- If your baggage is damaged or lost while traveling, Bank of America offers coverage. Coverage includes cardholder and immediate family members on the same travel itinerary.
- Travel Accident Insurance:
- Receive accidental death or dismemberment coverage of up to $100,000 for any air, bus, train or cruise ship transportation paid for with your card.
- Travel and Emergency Assistance Services:
- Legal and medical referrals, and other travel and emergency assistance is available any time of day. Service charges apply.