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Is the Bank of America Business Advantage Cash Rewards Mastercard right for your business?

With its new choose-your-own bonus category option, the card is a good fit for many types of businesses

Summary

With a larger list of earning categories, the Business Advantage Cash Rewards now fits a wider range of businesses. Do your business needs match up with the card?

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Bank of America recently revamped the Bank of America® Business Advantage Cash Rewards Mastercard® credit card to make it more versatile than ever – competing with many of our top business credit cards. On top of a $300 sign-up bonus for spending $3,000 in the first 90 days, the card now lets you choose from a list of categories to earn a 3 percent cash back bonus, including: gas stations, office supply stores, travel, TV/telecom and wireless services, computer services and consulting.

With a larger list of earning categories, the Business Advantage Cash Rewards now fits a wider range of businesses. Do your business needs match up with the card? Read on to get a sampling of who can make the most out of the card:

Bank of America Business Advantage Cash Rewards Mastercard
Bank of America Business Cash Rewards card

Why should you get it?

The Bank of America Business Cash Rewards card lets you pick your own earning categories — offering a particularly high rate on gas (if gas is your chosen category) and dining purchases combined. Plus, it offers a 25-75% bonus for Business Advantage Relationship Rewards members.

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Other things to know:

  • $300 statement credit if you spend $3,000 in first 90 days
  • 3% cash back on a category of your choice
  • 2% cash back on dining
  • $50,000 combined yearly purchase limit on 3% and 2% categories, 1% thereafter
  • 1% on other purchases
  • 75% bonus on every purchase for Business Advantage Relationship Rewards Platinum Honors members
  • $0 annual fee

Small offices

If you run a business with an office, the Business Advantage Cash Rewards card’s 3 percent bonus category covers the gamut of office expenses, including office supplies, telecom and wireless services, and computer services. You can only earn a bonus on one of these categories at a time (and only on $50,000 of expenses each year), but Bank of America gives you the unique option to switch up your category each month.

See Related: Which business credit card should I use for office supplies?

So, for example, if you need to spend more than usual on computer services one month, you can opt into the computer service category for that month to maximize your cash back, and then switch to office supplies the next month to stock up on supplies.

Businesses that spend a lot on consulting

As a unique feature, the Business Advantage Cash Rewards card offers consulting services as one of the options for its 3 percent bonus category. If your vendor accepts credit as a form of payment, you could potentially earn 3 percent cash back on what is likely to be a major expense.

Businesses that entertain clients

The Business Advantage Cash Rewards card is a good option for businesses that rack up charges on business lunches and dinners. The card offers 2 percent cash back on dining purchases and, since dining falls into its own bonus category, you earn a bonus on dining regardless of what you pick for the 3 percent category (though you are limited to $50,000 in purchases each year for the 3 and 2 percent categories combined).

Businesses with a small fleet

If your employees spend a lot of time on the road, the Bank of America Business Advantage Cash Rewards card has you covered. The card offers 3 percent cash back on gas (the default for its 3 percent category) – one of the highest rates on gas purchases that you can find.

Not to mention, if you and your employees need to stop for meals on the road, you’ll earn 2 percent on your dining purchases with the Cash Rewards card. In fact, it’s one of the rare business rewards cards that offers bonuses on both gas and dining.

Business travelers

The Bank of America Business Advantage Cash Rewards card is also a good option for businesses with significant travel expenses. If you opt into travel for your 3 percent category, you can earn 3 percent on purchases including airfare, car rentals and hotels, and 2 percent on dining, for a combined total of $50,000 in purchases each year. Or, if your employees are more likely to drive than fly, you can opt into the gas category and earn 3 percent back on their gas expenditures.

Bank of America account holders

If your business already has a banking relationship with Bank of America, the Bank of America Business Advantage Cash Rewards card is an especially great option. Depending on the balance in your Bank of America account, you can earn a 25-75 percent bonus on your cash back with Relationship Rewards, boosting the earning rate as high as 5.25 percent cash back on a category of your choice. You’ll be hard pressed to find a business card that offers a higher cash back rate.

Membership levelBonusCash back rate
Gold
($20,000-$49,000 account balance)
25%
  • 3.75% on a category of your choice*
  • 2.5% on dining*
  • 1.25% on other purchases
Platinum
($50,000-$99,999 account balance)
50%
  • 4.5% on a category of your choice*
  • 3% on dining*
  • 1.5% on other purchases
Platinum Honors
($100,000+ account balance)
75%
  • 5.25% on a category of your choice*
  • 3.5% on dining*
  • 1.75% on other purchases

*For the first $50,000 in combined choice category and dining purchases each calendar year

Bottom line

With its option to choose your own bonus category, the Business AAdvantage Cash Rewards card offers the unique opportunity to match your rewards to your spending by the month. If your business spends a lot on gas, travel and dining and you’re looking for a flexible cash rewards card and – especially if you’re a Bank of America customer – you should give the card a close look. Customizing the card’s bonus categories to match your business expenses may be a great way to maximize your cash back.

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Published: April 22, 2019

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Credit Card Rate Report Updated: September 18th, 2019
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15.45%
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17.38%
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17.52%
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17.39%
Student
17.58%

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