MoneyGeek’s Take

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Review

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ByDoug Milnes, CFA
Reviewed byAlene Laney
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ByDoug Milnes, CFA
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Reviewed byAlene Laney
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Updated: June 13, 2024

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Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
Credit Card logo for Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
MoneyGeek Rating
1.4/ of 5

Rewards RateEarn 3% cash back in the category of your choice (...
APR18.49% - 28.49% variable
Annual Fee$0
Recommended Credit740-850 (Excellent)
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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.

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.

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Overview

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
  • Travel
  • 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:

Quick Take

  • No annual fees
  • Earn $300 statement credit if you spend $3,000 on purchases in the first 90 days
  • 3% cash back on a category of your choice (gas stations and EV charging stations, office supplies, travel, TV/telecom and wireless, computer service and business consulting services)
  • 2% cash back on dining purchases
  • $50,000 purchase limit on combined 2% and 3% categories each calendar year, then unlimited 1% cash back
  • 1% cash back on other purchases
  • Preferred Rewards members may earn up to 75% more cash back based on their membership tier
  • 0% APR on purchases applies for the first 9 billing cycles, then a variable APR of 18.49% - 28.49% after that
  • 3% foreign transaction fees
  • Access to cash flow management tools
  • Complimentary auto rental insurance, travel accident insurance, emergency ticket replacement and lost luggage assistance
  • Purchase protection and extended warranty coverage
  • Legal and medical referrals when you’re traveling
  • $0 liability protection
  • No penalty APR

Important Card Details

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.

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    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 18.24% – 28.24%, depending on your personal or company creditworthiness at the time of application. You also have an APR for balance transfers of 18.24% – 28.24%, and for cash advances, 29.24%. The APRs do vary with the market based on the prime rate.

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    Annual Fee

    You get to earn cash back rewards on every purchase for your business without paying an annual fee.

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    Cash Back

    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).

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    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.

Additional Benefits

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:

How the 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.

How the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Compares

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Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

  • Cash back rate: 1%, 2% or 3%
  • Variable APR: 18.24% – 28.24%
  • Intro APR: 0% for the first 9 billing cycles, then a variable APR of 18.24% – 28.24%
  • Recommended Credit: 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
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Ink Business Cash® Credit Card

Frequently Asked Questions

What is the average credit score needed to get approved for the Bank of America Business Advantage Customized Cash Rewards?
Does the Bank of America Business Advantage Customized Cash Rewards card report to all three credit bureaus?
Is the Bank of America Business Advantage Customized Cash Rewards application process lengthy? Can you prequalify?
What information is needed to apply for the Bank of America Business Advantage Customized Cash Rewards card?
Does the Bank of America Business Advantage Customized Cash Rewards credit card have good customer service or satisfaction?
Does the Bank of America Business Advantage Customized Cash Rewards card have a mobile app or the option to pay or manage your account online?
Does Bank of America Business Advantage Customized Cash Rewards raise credit limits automatically or charge for limit increases?
Does the Bank of America Business Advantage Customized Cash Rewards card offer the option to freeze your credit/account or have other security features?
Does Bank of America offer other credit cards besides Bank of America Business Advantage Customized Cash Rewards?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.


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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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