Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

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

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

Earn 3% and 2% cash back on the first $50,000 in the combined choice category or dining purchases each calendar year, and 1% thereafter.

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

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

Learn More

Earn 3% and 2% cash back on the first $50,000 in the combined choice category or dining purchases each calendar year, and 1% thereafter.

Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Introduction

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is a remarkable financial tool designed specifically for small business owners. This card stands out due to its customizable cash-back rewards, allowing cardholders to choose from a variety of categories to earn 3% cash back, making it highly adaptable to the diverse needs of different businesses. Additionally, the card offers 2% cash back on dining, up to a combined annual spending cap, and 1% cash back on all other purchases. With no annual fee, it presents an appealing option for businesses looking to maximize their cash back on everyday expenses.

One of the most enticing features of this card is the welcome bonus: a $300 online statement credit after making at least $3,000 in purchases within the first 90 days of account opening. This initial offer provides a substantial incentive for new cardholders, helping to offset business costs right from the start.

For businesses seeking flexibility in their credit card rewards, the Bank of America® Business Advantage Customized Cash Rewards Mastercard® offers an excellent opportunity to align rewards with spending patterns, all while keeping costs low with no annual fee.

The Welcome Bonus for the Bank of America® Business Advantage Customized Cash Rewards Mastercard® Credit Card is a standout feature that immediately captures the attention of prospective cardholders. This bonus is specifically designed to benefit new users by offering a $300 online statement credit. To qualify, cardholders are required to make at least $3,000 in net purchases within the first 90 days of account opening. This strategic move by Bank of America not only incentivizes potential customers to sign up but also encourages substantial spending on the card right from the start.

This initial spending requirement is calculated to align with the natural outlay of many businesses, making the bonus attainable without necessitating excessive or out-of-ordinary spending. For businesses planning to make significant purchases or looking to consolidate their spending onto one card, this welcome offer can provide a meaningful rebate on those initial expenses. The $300 statement credit can effectively offset a portion of those early costs, making it an attractive proposition for businesses aiming to optimize their financial strategies from the outset.

Moreover, the welcome bonus serves a dual purpose. It not only acts as an immediate financial incentive but also introduces new cardholders to the benefits and rewards structure of the card. Engaging customers with such an offer can enhance customer satisfaction and loyalty from the beginning of the cardholder journey. This approach underscores Bank of America’s commitment to supporting businesses with competitive and rewarding financial products.

In evaluating this welcome bonus, businesses need to consider their anticipated spending patterns and financial plans. Given the three-month timeframe to meet the spending requirement, businesses should assess their upcoming expenses to ensure they can comfortably achieve this threshold without straining their budgets. This careful planning can maximize the benefit received from the bonus, ensuring that it complements the business’s overall financial strategy.

Earning rewards with the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is tailored to fit the unique spending habits of small businesses. This card offers a dynamic rewards structure that allows cardholders to earn cash back in categories that best suit their business needs. Here’s how it breaks down:

  • 3% Cash Back: Cardholders can earn 3% cash back in one category of their choice from a list that includes gas stations & EV charging stations, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services. This customization feature is particularly beneficial as it allows businesses to align their rewards with their highest spending categories.
  • 2% Cash Back on Dining: On top of the selected category, cardholders earn 2% cash back on dining, which can include business lunches or dinners with clients.
  • 1% Cash Back on All Other Purchases: All other purchases outside of these categories earn 1% cash back.

The combined 3% and 2% cash back rewards apply to the first $50,000 in combined choice category and dining purchases each calendar year, after which the rate drops to 1% cash back. This cap ensures businesses can earn significant rewards on their most common expenses before the standard rate applies.

The ability to choose and change the 3% cash back category monthly adds a layer of flexibility unmatched by many other cards. This feature ensures that as a business’s spending habits change, the card can adapt to continue offering maximum rewards.

Additionally, businesses that bank with Bank of America and qualify for Preferred Rewards for Business can earn even more. Eligible businesses can increase their rewards by up to 75%, elevating the 3% cash back rate to as much as 5.25% in the chosen category, making it an incredibly lucrative option for those who qualify.

This rewards structure is designed to cater to the diverse needs of small businesses, offering them the flexibility to adapt their rewards to fit their evolving spending patterns and maximize their cash back on the most significant expenses.

Redeeming rewards with the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card offers simplicity and flexibility, allowing businesses to make the most out of their cash back. The rewards earned with this card can be redeemed in several ways, enhancing its utility for small business owners:
  1. Statement Credit: One of the most straightforward ways to use your cash back is as a statement credit, directly reducing your credit card balance. This method provides immediate financial relief to your business, helping to lower operational costs.
  2. Deposit into a Bank of America Checking or Savings Account: If you have a Bank of America checking or savings account, you can deposit your cash back rewards directly into your account. This option adds to your business’s cash flow, giving you the flexibility to use the funds as needed.
  3. Reinvest in the Business: Some businesses choose to reinvest their cash back into purchasing more supplies, covering travel expenses, or even as rewards for employees. This reinvestment strategy can help in further reducing future business expenses or as a way to incentivize and reward staff.

The redemption process is designed to be user-friendly, with options that cater to different business needs and preferences. Whether you’re looking to directly reduce your card balance, boost your bank account, or reinvest in your business, the Bank of America® Business Advantage Customized Cash Rewards Mastercard® provides the flexibility needed to support your business’s financial management strategy.

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card offers a range of perks and benefits tailored to meet the needs of small businesses. These features are designed not just to reward spending but to provide practical tools for managing business finances and operations.

  1. Free Employee Cards: Businesses can issue cards to employees at no extra cost, enabling easier expense tracking and budget management. This feature also allows businesses to accumulate rewards faster by consolidating business-related spending.
  2. Expense Management Tools: Cardholders have access to MyReportCenter, a robust tool for tracking company and individual employee spending. This feature aids in budgeting and financial planning, providing insights into spending patterns and helping to identify areas for cost savings.
  3. Integration with QuickBooks: The card offers easy download capabilities into QuickBooks, simplifying accounting and tax preparation by automatically syncing purchase data. This integration helps businesses maintain accurate financial records without manual data entry.
  4. Overdraft Protection: This optional service can help prevent declined transactions, returned checks, or other overdrafts when linked to a Bank of America business checking account, providing peace of mind and operational continuity.
  5. Automatic Bill Payment: Cardholders can set up automatic payments for recurring business expenses, ensuring timely payments and avoiding late fees. This feature supports efficient cash flow management.
  6. Price Protection and Extended Warranty: These benefits offer additional value on purchases made with the card. Price protection may refund the difference if you find a lower price on a new item within a certain period after purchase, while the extended warranty extends the manufacturer’s warranty on items bought with the card, providing extra security and savings on potential repair or replacement costs.
  7. Digital Wallet Compatibility: The card is compatible with major digital wallets, enhancing convenience and security for online and in-store transactions. This feature is especially useful for businesses that prioritize digital and contactless payment options for their operations.
  8. Online and Mobile Banking: With high ratings on both the Google Play Store and Apple Store, the Bank of America mobile app allows cardholders to manage their account seamlessly from anywhere, offering features like transaction monitoring, payment scheduling, and reward redemption​​.

These perks and benefits underscore the card’s value proposition, beyond just earning rewards. They provide a suite of tools and protections designed to support the operational, financial, and strategic needs of small businesses.

Pros:

  • Customizable Cash Back Categories: The ability to choose your own 3% cash back category from a list of options allows businesses to tailor rewards to their spending patterns, ensuring maximum returns on their most significant expenses​​​.
  • No Annual Fee: This feature makes the card accessible to all businesses, from startups to established enterprises, by eliminating the cost barrier to entry and maximizing the net value of rewards earned​​​.
  • Introductory APR Offer: A 0% introductory APR on purchases for the first nine billing cycles can aid businesses in managing cash flow by allowing them to make larger purchases without immediate interest charges​​​.
  • Bank of America Relationship Rewards: For businesses banking with Bank of America or Merrill, the potential to earn up to 75% more cash back on every purchase greatly increases the rewards rate, making it a highly lucrative option for these customers​.

Cons:

  • Rewards Cap: The combined 3% and 2% cash-back rewards are capped at $50,000 in combined choice categories or dining purchases each calendar year, which might not suffice for businesses with higher spending​​​.
  • Foreign Transaction Fees: The presence of foreign transaction fees makes this card less suitable for businesses that make frequent international purchases or travel abroad​.
  • Limited Additional Perks: Compared to some competitors, the card offers fewer travel and luxury perks, which might be a drawback for businesses looking for more comprehensive benefits.
When comparing the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card to other business credit cards, it’s clear that this card offers unique advantages and some limitations. Here’s how it stacks up:

Advantages Over Competitors

  1. Customizable Cash Back Categories: Unlike many other business credit cards that offer fixed cash back categories, this card allows cardholders to choose their own 3% cash back category from a list of options. This flexibility can lead to higher rewards if your business’s spending aligns with these categories​​​.
  2. No Annual Fee: This is a significant advantage over many competitors, especially those offering similar or lower reward rates but charging annual fees. It reduces the cost of holding the card and increases the net reward value for businesses​​​.
  3. Introductory APR Offer: The card offers a 0% intro APR on purchases for 9 billing cycles, which is beneficial for businesses planning large purchases or those needing to manage cash flow effectively without incurring interest charges for a period​​​.
  4. Rewards for Banking Customers: For businesses that are also Bank of America or Merrill customers and qualify for the Preferred Rewards for Business program, the card offers an increased rewards rate, boosting the cashback percentage significantly depending on the balance in the qualifying accounts​.

Limitations Compared to Competitors

  1. Capped Bonus Categories: The combined 3% and 2% cash back rewards are capped at $50,000 in the combined choice category/dining purchases each calendar year, after which the rate drops to 1%. For businesses with high spending, this cap can limit the reward potential compared to some cards without such caps​​.
  2. Foreign Transaction Fees: This card charges foreign transaction fees, making it less ideal for businesses that travel internationally or make purchases in foreign currencies. Some competitors offer cards with no foreign transaction fees, which could be more appealing to these businesses.
  3. Limited Additional Perks: While the card offers essential business tools and protections, some competitors may offer a broader range of additional benefits, such as more comprehensive travel insurance, higher-end customer service, or access to business lounges.
  4. Reward Redemption Flexibility: While the card offers a straightforward cash-back redemption process, some business owners might prefer cards that offer more options for rewards redemption, such as converting to points for travel or merchandise.

In conclusion, the Bank of America® Business Advantage Customized Cash Rewards Mastercard® is well-suited for small to medium-sized businesses with spending patterns that align with the card’s bonus categories, especially those who value flexibility in their rewards program and are looking to avoid annual fees. However, businesses with significant foreign transactions, very high spending in bonus categories, or those seeking premium travel benefits might find better options elsewhere.

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® is an excellent choice for small to medium-sized businesses that prioritize flexibility and efficiency in their credit card rewards. Its unique feature of customizable cash-back categories, combined with no annual fee and valuable introductory offers, make it a standout option for businesses looking to maximize their rewards on everyday spending. However, companies with high spending beyond the rewards cap or those needing extensive travel perks may want to consider other options. Overall, for businesses banking with Bank of America or those whose spending aligns with the card’s rewards structure, this card offers compelling value and utility.

How does the customized cash back category work for the Bank of America® Business Advantage Customized Cash Rewards Mastercard®?

You can choose one category from a list to earn 3% cash back. The options include gas stations, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services. You can change your choice category for future purchases once each calendar month to adapt to your spending​​​.

Is there a limit to the cashback I can earn with this card?
Yes, the 3% and 2% cash-back rewards are limited to the first $50,000 in combined choice categories or dining purchases each calendar year. After reaching this cap, all purchases earn 1% cash back​​​.

What are the benefits of having a Bank of America business checking account in conjunction with this credit card?
Holding a Bank of America business checking account and qualifying for the Preferred Rewards for Business program can significantly increase your cash-back earnings. Depending on your account balance, you could earn up to 75% more cash back on every purchase, potentially increasing your cashback rate up to 5.25% in your chosen category​.

Can I use this card for international transactions?
Yes, you can use the card for international transactions, but be aware that it charges a foreign transaction fee. This makes it less ideal for businesses that frequently travel abroad or make purchases in foreign currencies​.

Are there any sign-up bonuses or introductory offers?
New cardholders can earn a $300 online statement credit after making at least $3,000 in net purchases in the first 90 days of account opening. Additionally, the card offers a 0% intro APR on purchases for the first 9 billing cycles, which can be particularly useful for businesses planning significant expenses or looking to manage cash flow effectively​​​.

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