The Bank of America® Business Advantage Cash Rewards Mastercard® is a versatile and rewarding credit card tailored for small business owners. Offering a robust cashback program, no annual fee, and an array of additional benefits, this card stands out as a valuable tool for managing business expenses while earning significant rewards.

With flexible redemption options and enhanced cashback opportunities for Preferred Rewards for Business members, this card is designed to cater to the diverse needs of business owners. One of the key highlights of the Business Advantage Cash Rewards Mastercard® is its customizable cashback categories, allowing cardholders to choose where they earn the most rewards.

Combined with an enticing introductory APR offer and extensive security features, this card provides both financial benefits and peace of mind, making it an ideal choice for small business owners seeking to maximize their spending power.

Key information about the Bank of America® Business Advantage Cash Rewards Mastercard®

The Business Advantage Cash Rewards Mastercard® from Bank of America offers a straightforward and lucrative cashback program. Cardholders can earn 3% cash back in a category of their choice, which includes gas stations, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services.

Additionally, they earn 2% cash back on dining purchases and 1% cash back on all other purchases. These cashback rates apply on the first $50,000 in combined choice category and dining purchases each calendar year, with 1% back thereafter.

Moreover, the card comes with a $300 online statement credit bonus offer for new cardholders who spend at least $3,000 in the first 90 days of account opening. This bonus, combined with the customizable cashback program, makes the Business Advantage Cash Rewards Mastercard® a highly attractive option for business owners looking to optimize their expenses.

How does the annual fee work?

One of the significant advantages of the Business Advantage Cash Rewards Mastercard® is that it has no annual fee. This means cardholders can enjoy all the benefits and rewards of the card without worrying about an obligatory yearly payment.

The absence of an annual fee ensures that all earned rewards directly contribute to savings and benefits, rather than offsetting an additional cost. This feature makes it easier to enjoy the full range of perks and rewards without any financial burden, enhancing the overall value of the card.

How is the credit limit determined?

The credit limit for the Business Advantage Cash Rewards Mastercard® is determined based on the creditworthiness of the business and the business owner. Bank of America evaluates several factors, including the credit score, income, and overall financial health of the applicant. For conventional credit cards, this assessment helps determine the initial credit limit.

Credit card benefits 

• Customizable cashback categories: Cardholders can earn 3% cash back in a category of their choice, providing flexibility to maximize rewards based on their spending habits.
• Dining rewards: Earn 2% cash back on dining purchases, making it beneficial for business meals and client entertainment.
• No annual fee: Enjoy all the benefits of the card without any annual cost.
• Introductory APR offer: 0% APR on purchases for the first 9 billing cycles, helping manage initial expenses.
• Enhanced rewards for preferred members: Up to 75% more cash back for Preferred Rewards for Business members, significantly boosting earning potential.
• Flexible redemption options: Redeem cash rewards as a deposit into a Bank of America checking or savings account, as a statement credit, or receive a check by mail.

Customizable cashback categories

One of the standout features of the Business Advantage Cash Rewards Mastercard® is the ability to customize your cashback category. This flexibility allows cardholders to earn 3% cash back in a category that aligns with their highest spending areas, such as gas stations, office supplies, travel, or other business-related expenses.

Disadvantages

• Spending caps: The 3% and 2% cashback rates apply only to the first $50,000 in combined choice category and dining purchases each calendar year, after which it reverts to 1%.
• Variable APR: After the introductory period, the standard APR ranges from 18.49% to 28.49%, which can be relatively high for those who carry a balance.
• Foreign transaction fee: The card may charge a fee for transactions made in foreign currencies, which can be a drawback for businesses with international dealings.

Spending caps

While the cashback program is generous, the spending cap on the 3% and 2% categories is a notable limitation. Once the combined annual spending in the chosen category and dining reaches $50,000, the cashback rate drops to 1%. For businesses with high expenses in these areas, this cap can limit the total rewards earned, making it less advantageous for larger operations that exceed this threshold.

Who can apply for this card?

To apply for the Business Advantage Cash Rewards Mastercard®, applicants must meet several criteria:

• Age requirement: Applicants must be at least 18 years old.
• Creditworthiness: A good to excellent personal credit score is generally required, as well as a solid business credit profile.
• Business requirements: The card is available to U.S.-based small business owners, including sole proprietors, LLCs, and corporations.
• Income verification: Proof of business income may be required to demonstrate the ability to repay the credit.
• Legal status: The business must be legally registered and in good standing.

How to apply for the Bank of America® Business Advantage Cash Rewards Mastercard®

Via WebSite

Applying for the Business Advantage Cash Rewards Mastercard® online is a straightforward process. To begin, visit the Bank of America official website and navigate to the Business Advantage Cash Rewards Mastercard® page. Here, you should carefully review the card details, terms, and conditions to ensure it meets your business needs.

Once you are ready, click on the “Apply Now” button to start the online application process. You will be prompted to fill in your business details, including the legal name, address, tax identification number, and annual revenue. This information helps Bank of America evaluate the financial health and legitimacy of your business.

Next, you will need to provide your personal information, such as your name, address, Social Security number, and income details. This personal data is crucial for assessing your creditworthiness as the business owner. Additionally, you will be asked to select your 3% cashback category based on your primary business expenses.

After entering all the required information, review your application thoroughly to ensure accuracy. It is essential to double-check the details and read through the terms and conditions one more time before submitting your application. Once everything is confirmed, submit your application for processing.

Bank of America will then review your application, which may take anywhere from a few minutes to a few days. In some cases, you might receive an instant decision, while in others, additional information might be requested for further evaluation. Following this process, you can successfully apply for the Business Advantage Cash Rewards Mastercard® and start leveraging its numerous benefits to manage and grow your business.