Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Review

By Christina Majaski. Last updated 8 August 2017. 0 comments

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Despite being a relative newcomer to the small business credit card scene, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card provides a number of helpful business-related perks and benefits as well as a rewards program that offers points on everyday business purchases. If you are a small business owner whose purchases fall into this card’s bonus categories, the cash rewards earned with this card can add up quickly. (See also: The 5 Best Credit Cards for Small Businesses)

How This Card Works

This card awards 3% cash back on purchases made at gas stations and office supply stores on up to $250,000 in combined purchases annually. After that, gas station and office supply store purchases earn 1% cash back. You also earn 2% cash back at restaurants including purchases made at fast food restaurants, bars, discos, and lounges, and 1% cash back on all other purchases. 

Online Exclusive Offer: Receive a $200 statement credit bonus after making at least $500 in purchases in the first 60 days of your account opening. 

You can redeem your cash rewards for cash back or request deposits into a Bank of America® checking or savings account, starting at $25.

Other Benefits

Overdraft protection. You can request to link your card to your Bank of America® business checking account for overdraft protection, which allows the bank to cover overdrafts and automatically transfer funds in multiples of $100. This benefit can save you in returned check fees and overdraft fees.

Account management tools. This card also includes tools for organizing and managing your business easier. The MyReport Center provides online services that adapt to your business needs, plus you can download your card transactions into QuickBooks for recordkeeping and taxes. 

Costs

  • $0 Annual Fee
  • 0% intro APR on purchases for the first 9 billing cycles, 12.24% - 22.24% Variable APR on purchases and balance transfers
  • 4% Balance Transfer Fee ($10 minimum)
  • 3% Foreign Transaction Fee

Pros

Online exclusive bonus. This card offers an opportunity to earn a $200 statement credit if you make at least $500 in purchases with your card within the first 60 days of opening the account. Although this isn't the highest bonus, it only requires spending $500 in about two months, which is fairly low among these types of offers. (See also: 5 Best Credit Cards That Offer Bonus Cash for Sign Up)

High rate of rewards. Although this card caps the 3% category at $250,000 per year, it allows you to spend almost $21,000 per month in gas stations and office supply stores. This is one of the highest rates of rewards for these categories, even with the annual cap. Plus, you earn unlimited 2% cash back in the restaurant and dining category, which can add up especially if your business requires you or your employees to eat frequently in restaurants. (See also: 5 Best Credit Cards for Office Supply Purchases)

Cons

Not for travel rewards. Unlike other business credit cards that award travel purchases, this card focuses more on business-type purchases. If your business requires airfare or hotel stays, you can earn more rewards with cards that focus specifically on those types of purchases. (See also: Best Business Travel Reward Credit Cards)

Foreign transaction fee. Another reason this card isn't ideal for travel is the 3% foreign transaction fee. If your business requires frequent travel outside the United States or making foreign transactions with the credit card, the foreign transaction fee of 3% can become quite costly. (See also: Best Credit Cards with No Foreign Transaction Fees)

Who This Card Is Best For

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers numerous business benefits, as well as an opportunity to earn cash back on some of the most common types of small business purchases. This card is most ideal for small business owners whose spending falls most often in the restaurant, gasoline, and office supply categories, and it's even more ideal if your gasoline and office supply purchases don't exceed $250,000 per year due to the cap on the 3% category.

Click here to learn more and apply for the Bank of America® Business Advantage Cash Rewards Mastercard® credit card today!


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