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

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

Updated: December 6, 2023

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Updated: December 6, 2023

Partner Offer

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Ratings Policy
Business Rating:
3.9 rating
3.9 rating
3.9 / 5
Rewards Value2.0
Annual Percentage Rate2.0
Rewards Flexibility4.0
Issuer Customer Experience5.0

In a Nutshell:

This is a good pick for business cardholders who are often on the road, offering a generous cash back rate in a category of your choice, as well as on dining purchases.

Learn more about this card

Rewards Rate

  • 3% cash back on a category of your choice (gas stations and EV charging stations, office supplies, travel, TV/telecom and wireless, computer service and business consulting services)
  • 2% cash back on dining purchases
  • $50,000 purchase limit on combined 2% and 3% categories each calendar year, then unlimited 1% cash back
  • 1% cash back on other purchases

Sign-up Bonus

$300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening


Annual Fee


18.49% - 28.49% Variable APR on purchases and balance transfers

Very Good

Rewards Redemption

  • Cash rewards don’t expire as long as your account is open
  • Change your bonus category once per calendar month (defaults to gas to start and previous month’s selection if you don’t update) 
  • Boost rewards rate with Relationship Rewards program 


  • You can only redeem for check, statement credit or cash deposit into a Bank of America account 
  • You can’t transfer rewards to other loyalty programs 
  • $50,000 yearly cap on 2% and 3% bonus categories 
Very Good

Bank of America Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 812 (20% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.8/5
  • Apple Store mobile app rating: 4.7/5

Other Notable Features: Free employee cards; track spending at company and employee level through MyReportCenter; easy download into QuickBooks; overdraft protection; automatic bill payment; price protection; extended warranty

If you are looking for some flexibility in your business credit card, the Bank of America Business Advantage Customized Cash Rewards Mastercard allows you to customize your cash back by choosing your own bonus category. Each calendar month, you can choose from popular business categories to bring in 3 percent cash back ($50,000 purchase cap per year on choice category and dining purchases, then 1%).  

In addition, the Business Advantage Customized Cash Rewards card offers a decent cash back rate on restaurant purchases, which can add up to significant savings if you 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 Customized Cash Rewards Mastercard: 

Customizable rewards

Though it is not uncommon among business cards, the ability to choose your own 3 percent bonus category adds to the appeal of the Business Advantage Customized Cash Rewards card. Not only can you match earnings to the category where you spend the most – between gas (including EV charging stations), office supplies, travel, TV/telecom and wireless, computer service and business consulting services – but you can update the category each month if your spending shifts. That way, you can ensure you continue to maximize rewards throughout the year.  

Meanwhile, the Business Advantage card’s 2 percent cash back bonus on dining purchases 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 $240 per year. (Note: There is a $50,000 spend cap on combined 2 and 3 percent bonus categories each year. You’ll earn 1 percent thereafter.)

Inflated rate for Bank of America account holders

Though the rewards rate on the Business Advantage Customized Cash Rewards card is not the most lucrative among no-annual-fee business cards, Bank of America offers a unique program that can boost your rewards rate. If you have a Bank of America or Merrill small business checking account, you can earn a higher percentage of cash back – based on your account balance. Here is a quick look at each Relationship Rewards tier and what you can earn:  

Tier Balance qualifications Points boost Estimated rewards rate (percentage cash back) 
No qualifying account None None 1.34 
Gold  $20,000-$49,999   25%  1.68 
Platinum  $50,000-$99,999  50%  2.01 
Platinum Honors  $100,000+  75%  2.35 

Note: To calculate the average rewards rate, we gathered data on average business spending to determine both category and overall spend. We assume the average business cardholder spends $4,000 per month with the following weighting:

  • 63% on general purchases
  • 12% on dining/entertainment purchases
  • 11% on gas
  • 3% on computer/internet services
  • 3% on office supplies
  • 3% on travel and transport
  • 2% on insurance
  • 2% on telecommunications
  • 1% on utilities

As you can see, even account holders with as little as $20,000 in a qualifying account can earn significantly better rewards.  

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 $300 statement credit if you charge $3,000 within the first 90 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. 

Save on interest for nine billing cycles

The Business Advantage Customized Cash Rewards Mastercard could also be helpful if you need to free up cash flow or finance a larger business purchase over time.  Thanks to the card’s 0% intro APR, you can carry a balance without paying interest on new purchases for nine billing cycles from account opening, after which the card’s go-to rate kicks in (18.49% to 28.49% variable APR). As long as you pay off your balance in full before the end of the promotional period, you won’t be charged interest. Just be sure to pay at least the minimum due each month to avoid damaging your credit score and racking up late fees.

Affordable terms

The Business Advantage Customized 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 18.49% to 28.49% (variable), which is well below average for a business card. 

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. 

How do businesses use the Business Advantage Customized Cash Rewards Mastercard?

Given its lower-than-average APR, the Business Advantage Customized Cash Rewards Mastercard could be a good fit for new businesses that need to finance initial growth. Here’s how one small business owner made the most of the card:

Small Business Credit Profiles

How Cheeky Monkey Home uses the Business Advantage Customized Cash Rewards Mastercard

It can be feast or famine, so it’s very helpful to have credit available for times when things are slower.

Holly Johnson of Cheeky Monkey Home, a unique home goods and decor company, used the Business Advantage Customized Cash Rewards Mastercard to get her small business off the ground. Here’s her advice to other business owners considering the card:

  • Use credit cards to pay for investments in equipment, business travel and larger supply orders that allow for quantity discounts, since these can all help grow your business.
  • Sometimes you have to scale up operations in anticipation of growth before you actually realize the results of your sales and marketing efforts.
  • Use short-term debt strategically to finance business expenses that will be offset by sales.
Read more of our Small Business Credit Profiles

Why get the Business Advantage Customized Cash Rewards Mastercard?

  • You are looking for a customizable card where you can choose your own bonus category. 
  • You are a Bank of America or Merrill small business account holder and can take advantage of the Relationship Rewards boost. 
  • 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 Customized Cash Rewards Mastercard:

  • To maximize your rewards spending, use your card for all your dining purchases and choice category purchases (up to $50,000 in purchases per year). 
  • Update your choice category regularly to match your spending.
  • Leave this card at home when you travel abroad: It charges a significant foreign transaction fee. 

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All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. It is not our partner’s responsibility to ensure all posts or questions are answered.

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