Mastercard® Overview with Personalized Cash Rewards from Bank of America® Business Advantage
He Bank of America® Business Advantage Personalized Cash Rewards Mastercard® Credit Card offers small businesses a way to shape 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 It is based on the opinion of TPG editors and is not influenced by the card issuer.
Points and miles are an integral part of maximizing your credit card rewards strategybut there is something to be said for a strong cash back credit card – especially when that cash back credit card allows you to customize your rewards structure to fit your company’s unique spending habits.
He Bank of America Business Advantage Personalized Cash Rewards Mastercard Credit Card It won’t win any awards for the most lucrative sign-up bonus or fancy perks, but it has a lot to offer small business owners. It is one of the best cash back business cards for existing Bank of America business customers.
The card has no annual fee and we recommend that applicants have a credit score 740 or higher to increase your chances of being approved. Here’s what you need to know before you apply.
Pros and Cons of BofA Business Advantage Personalized Cash Rewards
| Advantages | Cons |
|---|---|
|
|
BofA Business Advantage Personalized Cash Rewards Welcome Offer
With the Bank of America Business Advantage Personalized Cash RewardsNew cardholders can earn a $500 online cash rewards bonus after spending $5,000 on purchases within the first 90 days of opening their account.
Cardholders will enjoy 0% Introductory APR on purchases during the first 7 billing cycles. Once the introductory APR offer ends, variable APR will be applied. It currently stands between 16.74% and 26.74%.
Related: How to choose a credit card with 0% APR
Personalized BofA Business Advantage Cash Rewards Benefits
As is typical with a card with no annual fee, the Bank of America Business Advantage Personalized Cash Rewards It doesn’t come with many advantages or benefits. The card comes with a suite of online services to help you run your business, including the ability to download your transactions into Quickbooks for easy organization when tax season rolls around.
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The card also offers travel accident insurance, car rental insurancereplacement of emergency tickets 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 might want a cash back card
Earn cash back with personalized BofA Business Advantage cash rewards
He Bank of America Business Advantage Personalized Cash Rewards The card has a somewhat unique rewards structure that reflects the personal version. You’ll earn 3% cash back on the business category you choose from the list below:
- Service stations and charging stations for electric vehicles
- Office supply stores
- Travel
- TV/telecommunications and wireless services
- IT services
- Business consulting services
You’ll also earn 2% cash back on dining and 1% cash back on everything else. However, there is a limit on bonus category spending. You’ll earn 3% and 2% cash back on the first $50,000 in combined spending within those categories. After you reach the $50,000 limit, you’ll earn 1% on all purchases.
You can change your 3% tier from month to month, which is a great benefit for businesses with changing needs throughout the year. For example, you may want a 3% rebate on IT services when you upgrade your software, but two months later, you may want to switch to business consulting services. This card gives you the flexibility to earn 3% wherever and whenever you need it.
This card becomes extremely valuable when your business qualifies for Bank of America Preferred Rewards. You’ll earn 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 required:
|
$20,000 – $50,000 |
$50,000 – $100,000 |
$100,000+ |
$1,000,000+ |
|
Spending of the chosen category:
|
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 make this rewards structure one of the most lucrative available, especially for a business card with no annual fee. Platinum and Diamond Honors members can earn up to $2,625 in cash back each year on bonus spending.
Redeem cash back on BofA Business Advantage personalized cash rewards
You can redeem your cash back such as a deposit to an eligible Bank of America account, a statement credit on your credit card bill, or a check mailed to you. Because rewards are worth 1 cent each, you’ll never have to worry about poor redemption options. No matter how you decide to redeem your rewards, you’ll get the same value.
Of course, this also means that there is no way to increase 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 to some. TPG Credit Card Editor Emily ThompsonFor example, enjoy the simplicity of the refund redemption process.
Related: Cash Back vs. Travel Rewards: How to Choose a Credit Card
What cards compete with BofA Business Advantage Personalized Cash Rewards?
If you are not a member of the Preferred Rewards program through your business accounts, you may want to look into alternatives to Bank of America Business Advantage Personalized Cash Rewards. Here are some solid options:
- If you want more general rewards: He Ink Business Cash® Credit Card (see rates and fees) earns 5% at office supply stores and Internet, cable and telephone services, plus 2% at gas stations and restaurants. This card has a lower rewards limit of $25,000 in spending each account anniversary year, but you’ll earn rewards in all categories simultaneously. For more information, read our Ink Business Cash full review.
- If you spend more on travel, shipping and advertising: He Ink Business Preferred® Credit Card (see rates and fees) earn 3 points per dollar up to $150,000 when you spend each account anniversary year on travel, shipping purchases, Internet, cable and phone services, and advertising purchases on social media sites and search engines. For more information, read our full review of Ink Business Preferred.
- If you don’t want any bonus category: He 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 year two ($0 introductory annual fee in year one). You also have access to Capital One’s 15+ Transfer Partners. For more information, read our Capital One Spark Miles Card Full Review.
For additional options, see our guide to best business credit cards.
Related: Ink Business Preferred vs. Capital One Spark Miles for Business
Are BofA Business Advantage Personalized Cash Rewards Worth It?
Existing Bank of America Preferred Rewards business customers should consider the Bank of America Business Advantage Personalized Cash Rewards Mastercard Credit Card. It offers a solid rewards structure and the flexibility to adapt it to your business needs. However, business owners who are not members of Bank of America Preferred Rewards or who do not have more consistent spending habits may prefer a different credit card.
In a nutshell
While you don’t get any luxury benefits with this card, the Bank of America Business Advantage Personalized Cash Rewards The 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 one is a strong contender for small and medium-sized businesses looking for a customizable credit card that fits their spending needs.
Apply here: Bank of America Business Advantage Personalized Cash Rewards
