Bank of America® Business Advantage Customized Cash Rewards Mastercard® overview
The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card offers small businesses a way to mold their rewards structure to fit changing business needs. If you qualify for the Preferred Rewards® program, this no-annual-fee card can easily earn you thousands of dollars in cash back each year. Card Rating*: ⭐⭐⭐½
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Points and miles are an integral part of maximizing your credit card rewards strategy, but there is something to be said for a strong cash-back credit card — especially when that cash-back credit card lets you customize its rewards structure to fit your business’s unique spending habits.
The Bank of America Business Advantage Customized Cash Rewards Mastercard credit card won’t win any awards for the most lucrative sign-up bonus or luxury perks, but it does have a lot to offer small-business owners. It’s one of the best cash-back business cards for existing Bank of America business customers.
The card has no annual fee, and we recommend applicants have a credit score of 740 or higher to increase their chances of getting approved. Here’s what else you need to know before applying.
BofA Business Advantage Customized Cash Rewards pros and cons
| Pros | Cons |
|---|---|
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BofA Business Advantage Customized Cash Rewards welcome offer
With the Bank of America Business Advantage Customized Cash Rewards, new cardmembers can earn a $500 online cash rewards bonus after spending $5,000 on purchases in the first 90 days of your account opening.
Cardholders will enjoy a 0% introductory APR on purchases for the first 7 billing cycles. After the intro APR offer ends, a variable APR will apply. This is currently between 16.74% and 26.74%.
Related: How to choose a credit card with 0% APR
BofA Business Advantage Customized Cash Rewards benefits
As is typical with a no-annual-fee card, the Bank of America Business Advantage Customized Cash Rewards doesn’t come with many perks or benefits. The card does come with a suite of online services to help you manage your business, including the ability to download your transactions into Quickbooks for easy organization come tax season.
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The card also offers travel accident insurance, auto rental insurance, emergency ticket replacement and lost luggage assistance. It’s unusual to see travel protections on a cash-back card, so this is a nice benefit.
Related: Why you may want a cash-back card
Earning cash back on the BofA Business Advantage Customized Cash Rewards
The Bank of America Business Advantage Customized Cash Rewards card has a somewhat unique rewards structure that mirrors the personal version. You’ll earn 3% back on the business-friendly category of your choice from the following list:
- Gas stations and EV charging stations
- Office supply stores
- Travel
- TV/telecom and wireless services
- Computer services
- Business consulting services
You’ll also get 2% back on dining and 1% on everything else. However, there is a cap on bonus category spending. You’ll get 3% and 2% back on the first $50,000 in combined spending within those categories. After you meet the $50,000 limit, you’ll earn 1% on all purchases.
You can change your 3% category from month to month, which is an excellent benefit for businesses with changing needs throughout the year. For example, you may want 3% back on computer services when upgrading your software, but two months later, you might want to switch to business consulting services. This card gives you the flexibility to earn 3% where and when you need it.
This card becomes extremely valuable when your business qualifies for Bank of America Preferred Rewards. You get a bonus on all rewards earned if you have an average combined balance of at least $20,000 in eligible Bank of America business accounts.
Take a look at what this rewards structure becomes when you qualify for each of the three Preferred Rewards tiers:
| Gold | Platinum | Platinum Honors | Diamond | |
|---|---|---|---|---|
|
Combined account balance needed:
|
$20,000 — $50,000 |
$50,000 — $100,000 |
$100,000+ |
$1,000,000+ |
|
Chosen category spending:
|
3.75% |
4.5% |
5.25% |
5.25% |
|
2.5% |
3% |
3.5% |
3.5% |
|
|
1.25% |
1.5% |
1.75% |
1.75% |
The Preferred Rewards program can turn this rewards structure into one of the most lucrative available, especially for a no-annual-fee business card. Platinum and Diamond Honors members can make up to $2,625 in cash back each year in bonus spending.
Redeeming cash back on the BofA Business Advantage Customized Cash Rewards
You can redeem your cash back as a deposit into an eligible Bank of America account, a statement credit on your credit card bill, or a check sent by mail. Because rewards are worth a flat 1 cent each, you never have to worry about subpar redemption options. No matter how you decide to redeem your rewards, you’re getting the same value.
Of course, this also means there isn’t a way to stretch the value of your rewards. For this reason, points and miles experts may not be fans of cash-back business cards, but it will still make sense for some. TPG credit cards editor Emily Thompson, for example, enjoys the simplicity of the cash-back redemption process.
Related: Cash back vs. travel rewards: How to choose a credit card
Which cards compete with the BofA Business Advantage Customized Cash Rewards?
If you aren’t a member of the Preferred Rewards program through your business accounts, you may want to look at alternatives to the Bank of America Business Advantage Customized Cash Rewards. Here are some solid options:
- If you want more general rewards: The Ink Business Cash® Credit Card (see rates and fees) earns 5% back at office supply stores and on internet, cable and phone services, plus 2% at gas stations and restaurants. This card has a lower rewards cap of $25,000 in spending each account anniversary year, but you’ll be earning rewards across all categories simultaneously. For more information, read our full review of the Ink Business Cash.
- If you spend more on travel, shipping and advertising: The Ink Business Preferred® Credit Card (see rates and fees) earns 3 points per dollar on up to $150,000 in spending each account anniversary year on travel, shipping purchases, internet, cable and phone services and advertising purchases with social media sites and search engines. For more information, read our full review of the Ink Business Preferred.
- If you don’t want any bonus categories: The Capital One Spark Miles for Business offers at least 2 miles per dollar spent on all purchases and has a $95 annual fee starting in the second year ($0 introductory annual fee in the first year). You also have access to Capital One’s 15-plus transfer partners. For more information, read our full review of the Capital One Spark Miles card.
For additional options, check out our guide to the best business credit cards.
Related: Ink Business Preferred vs. Capital One Spark Miles for Business
Is the BofA Business Advantage Customized Cash Rewards worth it?
Existing Bank of America Preferred Rewards business customers should consider the Bank of America Business Advantage Customized Cash Rewards Mastercard credit card. It offers a strong rewards structure and the flexibility to tailor it to your business needs. However, business owners who are not Bank of America Preferred Rewards members or have more consistent spending habits may prefer a different credit card.
Bottom line
While you aren’t getting any luxury perks with this card, the Bank of America Business Advantage Customized Cash Rewards card allows you to easily earn thousands of dollars in rewards each year without paying an annual fee.
There are more lucrative business cards, but this is a strong contender for small and medium-sized businesses looking for a customizable credit card to fit spending needs.
Apply here: Bank of America Business Advantage Customized Cash Rewards
