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 Unlimited Cash Rewards Mastercard® Credit Card Review

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

Earn 1.5% cash back on all purchases, with no annual fee. Plus, get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days!

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

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

Learn More

Earn 1.5% cash back on all purchases, with no annual fee. Plus, get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days!

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 Unlimited Cash Rewards Mastercard® credit card presents a straightforward, efficient way for business owners to manage their expenses while earning consistent rewards. Tailored for simplicity, this card offers an uncomplicated rewards structure, making it a suitable choice for entrepreneurs who prefer a no-frills approach to credit card benefits. With its flat-rate cash-back program, this card ensures that every purchase contributes to your business’s bottom line.

Additionally, it boasts attractive features like a 0% introductory APR on purchases for the first nine billing cycles and no annual fee, making it an appealing option for businesses looking to streamline their financial operations and maximize cash flow. Whether you’re a small business owner or manage a larger enterprise, the Business Advantage Unlimited Cash Rewards Mastercard® offers a blend of simplicity and value that can suit a range of business needs.

Welcome Bonus

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card offers a compelling welcome bonus that can be particularly appealing for new cardholders looking to get a quick start on their rewards earnings. The bonus is structured as follows:

  • Sign-Up Offer: Cardholders can earn a $300 online statement credit.
  • Qualifying Purchases: To unlock this bonus, you must make at least $3,000 in net purchases.
  • Time Frame: These purchases must be made within the first 90 days of account opening.

This welcome bonus is designed to incentivize early spending, and it’s quite attainable for most small businesses. The spending requirement of $3,000 within three months is reasonable for regular business expenses, making it a practical goal for many entrepreneurs.

This initial bonus can be a significant boon, especially for businesses that plan to use their card regularly for operational expenses. It effectively offers a 10% return on the first $3,000 spent, which is a substantial rate of return. However, it’s important to balance the pursuit of this bonus with the need to manage business finances responsibly.

The welcome bonus is a one-time offer, so it’s also worth considering how the card’s ongoing rewards and benefits align with your business needs beyond the initial spending period.

In comparison to other business credit cards, this welcome bonus is competitive, especially considering there’s no annual fee associated with the card. While some cards may offer higher bonuses, they often come with larger spending requirements or annual fees, which might not be suitable for all businesses.

Earning Rewards

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card simplifies the process of earning rewards, making it an excellent choice for business owners seeking an easy-to-understand rewards structure.

  • Flat-Rate Cash Back: The card offers a straightforward 1.5% cash back on every purchase, with no categories to track and no caps on the amount of cash back you can earn. This flat rate ensures that all your business spending is rewarded, regardless of the category.
  • No Expiration on Rewards: The cash back earned does not expire as long as the account remains open and in good standing, providing flexibility in how and when you choose to redeem your rewards.
  • Preferred Rewards for Business Program: For businesses that maintain qualifying balances in Bank of America or Merrill accounts, the card’s rewards potential increases significantly. Under the Preferred Rewards for Business program, depending on the tier (Gold, Platinum, Platinum Honors), you can earn up to 75% more cash back on every purchase. This enhanced rate can elevate the cashback rate to as high as 2.62% per dollar spent, significantly boosting the reward potential for eligible businesses.
    • Gold Tier: 25% bonus, effective cashback rate of 1.87%.
    • Platinum Tier: 50% bonus, effective cashback rate of 2.25%.
    • Platinum Honors Tier: 75% bonus, effective cashback rate of 2.62%.
  • Impact of Preferred Rewards Status: The additional cash back for Preferred Rewards members makes the card particularly lucrative for businesses that already bank with Bank of America or Merrill. For example, spending $100,000 annually on the card at the Platinum Honors tier would yield $2,620 in cash back, significantly more than the standard rate.

This rewards structure is ideal for businesses looking for a hassle-free way to earn consistent cash back on their spending. It’s especially advantageous for those who already have a banking relationship with Bank of America, as they can leverage their existing balances to amplify their rewards.

Redeeming Rewards

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card offers versatile and straightforward options for redeeming the cash back you earn, adding to the card’s appeal for business owners.

  • Redemption Options: Cardholders have several choices when it comes to redeeming their rewards:
    • Deposit into a Bank of America Checking or Savings Account: You can directly deposit your cash back into a Bank of America checking or savings account.
    • Credit to an Eligible Merrill Investment Account: Alternatively, you can opt to credit your rewards to an eligible Merrill investment account.
    • Statement Credit: You can apply your cash back directly to your credit card statement.
    • Check Mailed to You: If you prefer a physical check, you can have one mailed to you.
  • Flexibility and Ease of Redemption: These options provide a high level of flexibility, allowing you to choose the most convenient or beneficial method for your business. Whether you want to reinvest the cash back into your business, offset card balances, or take it as a check, the process is designed to be hassle-free.
  • No Expiration: The cash-back rewards do not expire as long as the account remains open and in good standing. This feature ensures that you can accumulate rewards and redeem them at a time that best suits your business needs.

The redemption process of the Business Advantage Unlimited Cash Rewards card is particularly beneficial for businesses looking for straightforward and flexible cash-back usage. It caters to various preferences, whether it’s reinvesting in the business or reducing outstanding balances.

Perks and Benefits

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card offers a range of perks and benefits that enhance its value proposition for business owners.

  • 0% Introductory APR: A key feature of this card is its introductory 0% APR on purchases for the first nine billing cycles. This offer can be particularly beneficial for businesses planning significant expenditures or needing to manage cash flow more effectively in the short term. After the intro period, the APR shifts to a variable rate of 18.49% to 28.49%, which is competitive in the current market​.
  • Cash Flow Management Tools: The card includes features that aid in managing business finances. These tools can be invaluable for tracking expenses, managing budgets, and planning for future expenditures. The accessibility and user-friendliness of these tools can significantly simplify financial management for business owners​.
  • No Annual Fee: The absence of an annual fee adds to the card’s appeal, particularly for small businesses and startups that are mindful of their expenses. This feature makes the card a cost-effective choice for businesses looking for a primary or additional credit card option.
  • Foreign Transaction Fees: The card does charge a foreign transaction fee of 3%, which is a consideration for businesses that engage in international transactions​.
  • Security Features: The card includes standard security features like fraud protection, making it a safe option for everyday business transactions.

The combination of these benefits makes the Business Advantage Unlimited Cash Rewards card a compelling choice for businesses looking for a simple, effective way to manage finances and earn rewards. The card’s features are designed to support the diverse needs of modern businesses, from managing cash flow to ensuring security in transactions.

Pros and Cons

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card comes with its own set of advantages and drawbacks, making it suitable for certain business owners while less ideal for others.

Pros:

  1. Simple Rewards Structure: The card’s flat 1.5% cash back on all purchases is easy to understand and manage, with no need to keep track of spending categories or caps​.
  2. No Annual Fee: This makes it a cost-effective option for small businesses and startups that are budget-conscious​.
  3. Introductory APR Offer: The 0% intro APR for the first nine billing cycles can be beneficial for businesses planning significant purchases or wanting to manage cash flow effectively in the short term​.
  4. Preferred Rewards for Business Program: For businesses with qualifying Bank of America or Merrill account balances, the rewards rate can be significantly higher, reaching up to 2.62% cashback.
  5. Flexibility in Redemption: Offers multiple options for redeeming rewards, including deposits into bank accounts, statement credits, or checks​.

Cons:

  1. Lower Base Rewards Rate Compared to Some Competitors: At a base rate of 1.5% cash back, there are cards available that offer higher reward rates, particularly for businesses with specific spending patterns​​​.
  2. Foreign Transaction Fees: The 3% foreign transaction fee may be a drawback for businesses that engage in international transactions​.
  3. Rewards Boost Requires Banking Relationship: The enhanced rewards rates under the Preferred Rewards for Business program are only available to businesses with qualifying balances in Bank of America or Merrill accounts​.
  4. Limited Bonus Categories: Unlike some other business cards, it doesn’t offer higher cash-back rates in specific spending categories like office supplies or travel​.

In conclusion, the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® is ideal for businesses seeking a simple, straightforward cash-back credit card with no annual fee and the opportunity for increased rewards through a banking relationship with Bank of America. However, businesses with higher spending in specific categories or those that require more robust rewards may find better value in other cards.

Comparison to Other Cards

When evaluating the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card, it’s important to compare it with similar offerings to determine its relative strengths and weaknesses.

  1. Comparison with Capital One Spark Cash Plus:
    • Rewards Rate: The Capital One Spark Cash Plus offers a higher flat-rate cashback of 2% on all purchases compared to the 1.5% offered by the Bank of America card​.
    • Annual Fee: The Spark Cash Plus has a $150 annual fee, whereas the Bank of America card has no annual fee.
    • Break-Even Analysis: For businesses spending more than $30,000 annually, Spark Cash Plus may offer more value despite its annual fee due to the higher cash-back rate​.
  2. Comparison with the Ink Business Preferred® Credit Card:
    • Rewards Structure: The Ink Business Preferred® offers 3 points per dollar in select business categories (on the first $150,000 spent annually) and 1 point per dollar on other purchases. This contrasts with the flat-rate cashback of the Bank of America card.
    • Rewards Flexibility: Ink Business Preferred® points are versatile and can be redeemed for travel, cash back, or transferred to airline and hotel partners, offering potentially higher value than straightforward cash back.
    • Annual Fee: The Ink Business Preferred® has a $95 annual fee​.
  3. Comparison with The American Express Blue Business Cash™ Card:
    • Rewards Rate: This card offers 2% cash back on all eligible purchases of up to $50,000 per calendar year, then 1%, potentially offering higher rewards for lower spending levels compared to the Bank of America card​.
    • Annual Fee: Like the Bank of America card, there is no annual fee.
  4. Comparison with Bank of America® Business Advantage Customized Cash Rewards Mastercard®:
    • Rewards Flexibility: Offers 3% cash back in a chosen category and 2% on dining (on the first $50,000 in combined choice category/dining purchases annually), potentially more lucrative for businesses with high spending in specific categories​.

Each card has its own unique set of features, reward structures, and fees. The best choice depends on the specific needs and spending patterns of the business. While the Bank of America card is excellent for its simplicity and no annual fee, other cards may offer higher rewards or more tailored benefits for certain types of spending.

Conclusion

In summary, the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card is an excellent choice for business owners seeking a straightforward, no-annual-fee credit card with a consistent cash-back rate on all purchases. Its simplicity, combined with the benefits of the Preferred Rewards for Business program for qualifying account holders, makes it a strong contender for businesses already banking with Bank of America or Merrill.

However, those with specific spending patterns or seeking higher reward rates in certain categories may find more tailored value in other business credit cards. Ultimately, this card shines for its ease of use, flexible rewards redemption options, and potential for increased rewards through Bank of America’s banking relationship​​​​​.

Frequently Asked Questions

1. How can a business maximize the rewards earned with the Bank of America Business Advantage Unlimited Cash Rewards Mastercard? Businesses can maximize rewards by using this card for all their spending, given its flat 1.5% cash-back rate. Additionally, businesses with qualifying balances in Bank of America or Merrill accounts can enhance their cash back through the Preferred Rewards for Business program.

2. Are there any specific categories that earn higher cash back with this card? No, the Bank of America Business Advantage Unlimited Cash Rewards Mastercard offers a uniform 1.5% cash back on all purchases, without any specific categories that earn higher rates.

3. Can the cash back earned with this card expire? No, the cash-back rewards do not expire as long as the card account remains open and in good standing.

4. Is there an annual fee associated with the Bank of America Business Advantage Unlimited Cash Rewards Mastercard? No, this card does not have an annual fee, making it a cost-effective option for businesses.

5. What are the redemption options for the cash back earned on this card? Cardholders can redeem their cash back as a deposit into a Bank of America checking or savings account, a credit to an eligible Merrill investment account, a statement credit, or they can opt to receive a check.

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