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Bank of America Business Advantage Unlimited Cash Rewards Mastercard benefits guide

This card doesn't come with a laundry list of perks, but it offers several key benefits that may appeal to businesses

Summary

The Bank of America Business Advantage Unlimited Cash Rewards Mastercard isn’t the flashiest business card, but it does earn cash back rewards and comes with a few benefits businesses will love.

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The Bank of America content was last updated on August 1, 2022.

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card is a business credit card that earns a modest and flat cash back rate – cardholders earn unlimited 1.5% cash back on all qualifying purchases.

It’s not the highest cash back rate you’ll find among business credit cards, but all of your purchases are rewarded the same regardless of the spending category.  There’s no cap on rewards earnings, and rewards don’t expire.

This Bank of America credit card also comes with a decent sign-up bonus. Cardholders can earn a $300 statement credit after spending at least $3,000 on their card in the first 90 days from account opening. The card also carries no annual fee, so all of your earnings stay in your pocket.

Like most flat-rate cash back cards, the Business Advantage Unlimited Cash Rewards Mastercard doesn’t come with many additional luxury perks. Still, the card holds value for businesses, with included benefits like free employee cards, access to online business tools and an introductory APR offer on new purchases.

Bank of America Business Advantage Unlimited Cash Rewards Mastercard benefits

In addition to its sign-up bonus and cash back rewards, the Bank of America Business Advantage Unlimited Cash Rewards Mastercard comes with the following benefits:

Preferred Rewards benefits

While the card earns a decent cash back rate normally, it’s especially beneficial for current Bank of America Preferred Rewards customers, who can earn up to an unlimited 2.62% cash back on all purchases. The specific rate depends on your Preferred Rewards tier. There’s no fee to become a Preferred Rewards member, but you’ll need a Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in a Bank of America business deposit account or Merrill business investment account.

Introductory APR offer

The Business Advantage Unlimited Cash Rewards Mastercard features a decent introductory APR offer. Cardholders receive a 0% intro APR on purchases for the first nine billing cycles, followed by a variable APR between 14.49% and 24.49%. Intro APR offers are perfect for businesses that want to finance large purchases, like new machinery or equipment, without paying additional charges.

Business tools

This Bank of America business card also comes with free access to several online tools to help your business track expenses and stay organized. Third-party business tools and services include QuickBooks Online, TurboTax, Microsoft 365, Expensify, Google Workspace and more. Businesses can access all of the available business tools through their online accounts.

Purchase and travel protections

While the card doesn’t offer luxury travel perks, it does come with some useful purchase and travel protections business owners would be wise to not overlook. Protections include up to $100,000 in travel accident insurance, car rental insurance, lost luggage assistance, extended warranty coverage and more.

While the card offers a few helpful travel benefits, it also carries a 3% foreign transaction fee on all international purchases, so it’s not the best card to use when traveling outside of the United States.

Flexible redemption options

Some cash back cards limit how you can redeem your rewards. The Bank of America Business Advantage Unlimited Cash Rewards Mastercard offers several redemption options, including statement credits, a mailed paper check or a deposit into your Bank of America checking or savings account. Note that cash rewards paper checks expire 90 days after the date they are issued.

Maximizing the Bank of America Business Advantage Unlimited Cash Rewards Mastercard

Although the Bank of America Business Advantage Unlimited Cash Rewards Mastercard offers minimal rewards, there are still ways business owners can make the most of their card. Here are a few ways to maximize your card’s value:

Take advantage of employee spending

Business owners can request free additional cards for employees and there’s no limit to the number you can request. As your employees use their cards, you’ll earn cash back on those company purchases, too. Giving select employees credit cards helps maximize cash back earnings.

Utilize Bank of America business tools

As mentioned, the Business Advantage card comes with access to third-party tools to help your business stay organized and efficient. Find ways to incorporate these tools into your day-to-day business to increase productivity (and your bottom line).

Use the card to finance large purchases

Use your card to fund big-ticket items in your company’s annual budget. With a 0% intro APR for nine billing cycles, you can make large purchases now and pay them off slowly over time without additional interest charges. Keep in mind that once the introductory period ends, the card carries a 14.49% to 24.49% variable APR.

Bottom line

The Bank of America Business Advantage Unlimited Cash Rewards Mastercard is a valuable business credit card that rewards all card spending. While its perks won’t bowl you over, they do provide much value, especially when utilized to their fullest.

Spend time researching all of the Business Advantage card’s benefits to understand its full value and how to get the most out of the card. Also, compare its benefits with other business credit cards to determine if it’s the right choice for your business.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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