Bank of America® Business Advantage Cash Rewards Mastercard® credit card review

If you or your employees spend a lot of time traveling by car for business, you know just how quickly gas expenses can add up and take a painful bite out of your company’s budget. The Business Advantage Cash Rewards Mastercard can help you lower those monthly maintenance costs by delivering 3 percent cash back on all your gas purchases (up to $250,000 in purchases per year, 1% thereafter).

This basic cash back card also offers a healthy 3 percent cash back bonus on office supplies and 2 percent cash back on restaurants. Those bonuses alone could add up to a significant amount of savings – especially if you maintain a large office or spend a lot on business lunches.

You won’t get nearly as far with this card if you don’t spend a lot on the card’s bonus categories, though. All other purchases earn just 1 percent cash back. It’s also a poor choice to use abroad or for other international transactions, since it charges a substantial foreign transaction fee.

Here’s what else you should know about the Business Advantage Cash Rewards Mastercard:

A standout gas card

Compared to other business cards, the Business Advantage Cash Rewards Mastercard offers one of the most robust gas rewards programs around. Many competitors offer just 2 percent cash back or 2 points for every dollar spent on gas. The Business Advantage card awards 3 percent cash back on up to $250,000 in gas purchases each year (1 percent thereafter), which is one of the highest rewards rates you can get to fuel your car.

If you or your employees spend a lot of time on the road, that 3 percent rewards rate can add up quickly. For example, if your company typically spends around $500 a month on fuel, you’ll earn as much as $180 by the end of the year just for gas purchases.

Business-friendly rewards

The Business Advantage Cash Rewards card also offers substantial cash back on other common business expenses, such as office supplies and restaurants. Depending on your business, you may not spend a huge amount on office supplies. But even if you spend just $50 a month, the Business Advantage card’s 3 percent cash back rate will net you $18 in savings by the end of the year.

Meanwhile, the Business Advantage card’s 2 percent cash back bonus on restaurants could yield significantly more – especially if you frequently treat clients or spend a large amount on catering. If your company typically budgets around $1,000 a month on restaurant spending, for example, you’ll earn roughly $360 per year.

A good sign-up bonus

You won’t have to wait long to net a significant benefit from this card either. Bank of America will award a $200 cash bonus if you charge $500 within the first 60 days of opening your card. That’s not the biggest sign-up bonus on the market. However, it’s a notable sum for a no-annual-fee card.

Affordable terms

The Business Advantage Cash Rewards Mastercard also charges a lower minimum APR than many of its competitors, making it a less risky choice for businesses that occasionally have to carry a balance. Businesses with the best credit scores could earn an APR as low as 13.24 percent, which is well below average for a business card.

According to our Weekly Rate Report, for example, the average business credit card charges a minimum APR of 14.43 percent. The Business Advantage card’s maximum APR of 23.24 percent is also lower than what many competitors charge.

A limited selection of benefits

The Business Advantage card doesn’t offer as many business-friendly benefits as some of its competitors. But it does offer key perks, such as free employee cards and expense management tools that allow you to monitor company spending and download your card’s transaction history into Quickbooks.

It also offers a limited selection of ancillary benefits, such as travel protection, price protection and extended warranty.

Why get the Business Advantage Cash Rewards Mastercard?

• You or your employees are often on the road and would benefit from a gas rewards card.
• Your company also spends a lot on office supplies and restaurants.
• You want a traditional cash back card rather than a points rewards card.
• You want significant rewards, but don’t want to pay an annual fee.

How to use the Business Advantage Cash Rewards Mastercard:

• To maximize your rewards spending, use your card for all your restaurant, gas and office supply purchases (up to $250,000 for gas and office supplies).
• If you want cash rather than a statement credit, open a Bank of America checking account if you don’t already have one.
• Leave this card at home when you travel abroad: It charges a significant foreign transaction fee.

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