Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Review
With a cash back rate as high as 3% for business-related purchases and the ability to change which category gets the highest reward every month, the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card offers small business owners flexible solutions to finance their expenses while earning a bonus.
The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is best suited for small business owners who want to earn rewards on daily expenditures. The card offers rewards on different types of purchases, like gas, office supplies, telecommunications and wireless, computer services, business consulting services and travel. The card also comes with a few valuable perks, such as an increased rewards rate for those with existing Bank of America accounts, no annual fee and a spend bonus. Our detailed Bank of America Business Advantage Customized Cash Rewards credit card review helps you decide if this credit card is right for your small business.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card at a Glance
The Bank of America Business Advantage Customized Cash Rewards credit card offers multiple cash back reward rates, depending on the purchase type, that aligns with small business expenses. For example, office supplies and computer services. Due to its relatively moderate APR, introductory offer and lack of an annual fee, it can provide value to your business.
- Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
An excellent no-annual-fee business credit card with cash back and added perks
- $0Annual Fee
- 12.24% - 22.24%APR
- 1%-3% Cash BackRewards Rate
- 3xRewards Rate on TV, Phone, Internet Services
- 2xRewards Rate on Dining
Pros & Cons Explained
It’s best to look at both the benefits and drawbacks that the Bank of America Business Advantage Customized Cash Rewards credit card brings to small business owners before deciding on whether you want to get it or not. As part of our Bank of America Business Advantage Customized Cash Rewards review, we break them down.
- No annual feeYou don’t pay an annual fee for the Bank of America Business Advantage Customized Cash Rewards card. That saves your business money every year.
- 0% Introductory APRFor the first 9 billing cycles, there is no interest charged on purchases. After the intro APR period expires, a variable APR of 15.24% – 25.24% applies.
- High cash back reward ratesThe Bank of America Business Advantage Customized Cash Rewards credit card’s cash back is its greatest benefit, allowing small business owners to select from a list of common business expense categories to get 3% cash back in. You can also earn 2% cash back from dining purchases and 1% for any other transaction.
- Flexible redemption optionsYou can redeem your cash back in a variety of ways: mailed check, a credit card statement credit or direct deposit to your savings or checking account at Bank of America. Plus, your cash rewards do not expire.
- Online statement credit bonus offerIf you spend at least $3,000 on purchases in the first 90 days of account opening, you receive a $300 statement credit.
- High credit score requirementThe Bank of America Business Advantage Customized Cash Rewards credit card credit score requirement is steep. You need to have at least an excellent credit rating before becoming eligible to apply for this card.
- Spending limit on rewardsThere is a $50,000 spending cap for the biggest cash back bonuses (3% and 2%). The succeeding transactions in those categories only earn 1% cash back.
- Foreign transaction feeThere is a 3% foreign transaction fee, which makes using this card for international business travel or international transactions not ideal as it increases the cost your business pays.
Every month, the MoneyGeek team reviews the credit cards in our database and selects our top picks for popular card categories, such as cash back rewards. The Bank of America Business Advantage Customized Cash Rewards card did not make the best-of list, but you can check out our recommendations for the best business credit cards in 2022.
Bonuses & Rewards Explained
The Bank of America Business Advantage Customized Cash Rewards credit card offers multiple reward tiers and opportunities to earn rewards in categories businesses spend money in often. You can select one of the categories below to get 3% cash back on every transaction.
- Gas stations
- Office supply stores
- TV, telecom and wireless
- Computer services
- Business consulting services
You also earn 2% cash back for dining-related purchases. You get 1% cash back for all other expenses you charge to the card.
To redeem your cash back rewards balance on the Bank of America Business Advantage Customized Cash Rewards card, your options include:
Deposit to bank account
You can redeem for a cash deposit into your Bank of America checking or savings account.
Card statement credit
You get a credit on your statement, but it doesn’t change your minimum payment.
You can redeem your cash back in the form of a check.
Other Features Explained
The Bank of America Business Advantage Customized Cash Rewards credit card offers other features and benefits besides cash back on purchases. The following are some of the most notable:
- Card FeatureDescription
- Cash flow management toolsAutomatic payments, transfers and transaction downloads into QuickBooks are a few of the options available to help you run your business.
- Mobile and online account accessWith safe online and mobile banking, you can manage your account 24/7. You and your employees can easily check your balance and keep track of account activity from anywhere at any time.
- Contactless technologySimply tap where the contactless symbol appears to pay. You can make purchases fast, easily and securely at millions of locations.
Make sure that your spending habits match with a category that provides 3% or 2% cash back before proceeding with the Bank of America Business Advantage Customized Cash Rewards credit card application. You may not get a lot of value if, for example, you don’t spend much on dining, gas, office supplies, travel or business consultation services.
Understanding the Fine Print
In the fine print of your agreement are important terms and details that we recommend you have a complete grasp of before deciding if the Bank of America Business Advantage Customized Cash Rewards card is a good cash back earning option for your business.
- Card FeatureAmount or Rate
- APR12.24% - 22.24%
- Annual Fee$0
- Cash Back Rewards
- Rewards Rate1%-3% Cash Back
- Airline Benefits
Annual Percentage Rate (APR)
The first 9 billing cycles after opening a Bank of America Business Advantage Customized Cash Rewards credit card have a 0% introductory APR. After that term, your APR ranges from 15.24% – 25.24%, depending on your personal or company creditworthiness at the time of application. You also have an APR for balance transfers of 15.24% – 25.24%, and for cash advances, 27.24%. The APRs do vary with the market based on the prime rate.
You get to earn cash back rewards on every purchase for your business without paying an annual fee.
For card purchases, you receive cash back rewards minus any credits, returns or adjustments. For every $1 of net purchases, you earn 1% cash back (equivalent to $0.01). But, for every $1 of net purchases at qualifying dining establishments, such as restaurants and fast food, bars, taverns, clubs and discos, you receive 2% cash back. And for every $1 of net purchases at qualifying merchants in the one category you choose, you receive 3% cash back (options are gas stations, office supply stores, travel, TV/telecom and wireless, computer services and business consulting services).
Foreign Transaction Fee
If you use the Bank of America Business Advantage Customized Cash Rewards card outside of the United States, you pay a 3% foreign transaction fee on purchases.
When comparing the Bank of America Business Advantage Customized Cash Rewards card to other business cards, pay close attention to the APR and any associated fees. Look over your most recent billing statement or visit your card provider's website, mobile app or online banking portal to compare it to a card you currently have. Using the credit card agreement database of the Consumer Financial Protection Bureau (CFPB) is also helpful.
Who Should & Shouldn’t Consider Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card?
Other Considerations for Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
If you’re planning to get the Bank of America Business Advantage Customized Cash Rewards credit card, check out the other considerations in MoneyGeek’s review to make a sound decision. This card may not be for everyone.
Things to Consider if This Will Be Your First or Only Credit Card
Bank of America Business Advantage Customized Cash Rewards credit card‘s 3% and 2% cash back rates are only applicable to combined purchases of up to $50,000. If you spend above the cap in the categories where the high rate applies, you will earn 1% cash back from that point on. So, this card may not be the best option for big spenders as their only credit card.
The card also only gives 3% cash back on purchases in one of six covered categories (gas stations, office supply stores, travel, computer services, telecom, wireless and TV and business consulting services). So, if you don’t spend a lot in any of those categories, you might not be able to maximize the card’s benefits.
Additionally, the card requires excellent credit for approval; it may be difficult to get as a first card if your credit history is new.
Things to Consider if This Will Be an Additional Card in Your Wallet
The Bank of America Business Advantage Customized Cash Rewards credit card may be a solid additional card if you have Bank of America and Merrill business accounts. Bank of America has a Preferred Rewards for Business program that boosts bonuses you earn with the Bank of America Business Advantage Customized Cash Rewards credit card.
Additionally, there’s no annual fee, so you can choose to use this card for high earnings on cash back in its 3% category choices and another card for others.
For each card and category, MoneyGeek has a distinct methodology and review process in which we collect, evaluate, and compare roughly 56 different data points. Our credit card rankings and recommendations are based on a review of each card's spending data. We estimated annual spending across numerous categories of purchases using a spend profile based on the average American household from the Bureau of Labor Statistics. Each month, the results of our computations determine which credit cards appear in our best cards lists.
How Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Compares to Other Cards
Like any other rewards card, the Bank of America Business Advantage Customized Cash Rewards credit card has its pros and cons. The pros include no annual fee, the ability to change your bonus category each month and high rewards rate. On the downside, this card charges a foreign transaction fee, has spending caps and requires excellent credit. But the card does hold a candle to other cards in the same category.
Quick Comparison of the Bank of America Business Advantage Customized Cash Rewards
Bank of America Business Advantage Customized Cash Rewards
- Cash back rate: 1%, 2% or 3%
- Variable APR: 15.24% – 25.24%
- Intro APR: 0% for the first 9 billing cycles
- Credit score needed: Excellent (750+)
- Best for: Small business owners who are already doing business with Bank of America and spend money in categories offering 2% or 3% cash back
Ink Business Cash® Credit Card
- Cash back rate: 1% to 5%
- Variable APR: 16.24% – 22.24%
- Intro APR: N/A
- Credit score needed: Good to excellent (670+)
- Best for: Small businesses with high monthly and travel expenses
Other Helpful Decision-Making Q&As
MoneyGeek’s Bank of America Business Advantage Customized Cash Rewards credit card review includes answering questions customers might be asking about the card, such as its credit qualifications, application and customer service. They hopefully help you make a decision for your business spending and cash back credit card rewards needs.
Still not sure about this card? Consider these options.
The Bank of America Business Advantage Customized Cash Rewards credit card can be an excellent option for small business owners with an excellent credit score that frequently spend money in covered 3% cash back earning categories or those who already have an account with Bank of America. However, if you’re still on the fence about the card, you may want to explore other cash back business card options. We also found the best business credit cards in other reward categories, like travel.
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Learn more about credit cards in general
- Bank of America. "Business Advantage Customized Cash Rewards credit card." Accessed April 14, 2022.
- Bank of America. "Preferred Rewards for Businesses." Accessed April 14, 2022.
- Bank of America. "Terms and Conditions for Business Advantage Customized Cash Rewards credit card." Accessed April 14, 2022.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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