MoneyGeek's Take

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.

Advertising & Editorial DisclosureLast Updated: 11/18/2022
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Last Updated: 11/18/2022

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 Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Cash Back Rewards
  • Travel Rewards
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

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.

Pros

  • Benefits
    Description
  • No annual fee
    You 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 APR
    For 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 rates
    The 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 options
    You 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 offer
    If you spend at least $3,000 on purchases in the first 90 days of account opening, you receive a $300 statement credit.

Cons

  • Drawbacks
    Description
  • High credit score requirement
    The 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 rewards
    There 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 fee
    There 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.
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LOOKING FOR THE BEST CREDIT CARDS OF 2022?

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
  • 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:

1

Deposit to bank account

You can redeem for a cash deposit into your Bank of America checking or savings account.

2

Card statement credit

You get a credit on your statement, but it doesn’t change your minimum payment.

3

Mailed check

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 Feature
    Description
  • Cash flow management tools
    Automatic payments, transfers and transaction downloads into QuickBooks are a few of the options available to help you run your business.
  • Mobile and online account access
    With 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 technology
    Simply tap where the contactless symbol appears to pay. You can make purchases fast, easily and securely at millions of locations.
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MONEYGEEK QUICK TIP

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 Feature
    Amount or Rate
  • APR
    12.24% - 22.24%
  • Annual Fee
    $0
  • Cash Back Rewards
  • Rewards Rate
    1%-3% Cash Back
  • Airline Benefits
  • This is an icon

    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.

  • This is an icon

    Annual Fee

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

  • This is an icon

    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).

  • This is an icon

    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.

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WHERE TO FIND THIS INFORMATION?

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?

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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.

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WHY TRUST OUR REVIEWS:

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

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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
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Ink Business Cash® Credit Card

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.

Learn more about credit cards in general

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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.
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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