Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Review
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
CardRatings Editor's Analysis: Pros & Cons
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days after opening an account.
- Earn 3% cash back in the category of your choice: gas stations and EV charging stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services; 2% cash back on dining purchases; and 1% cash back on all other purchases. You'll earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- You can earn up to 75% more cash back on every purchase if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business tier. That means you could earn up to 5.25% cash back in your selected choice category.
- This is not a great card if you often travel abroad for business or need to make transactions in a foreign currency as the card charges a foreign transaction fee on these purchases.
If you've been looking for a credit card that offers rewards, and especially if you're a customer at Bank of America, you may be interested in the CardName.
There is a lot to like about the CardName.
Some of the benefits of this card include:
- There's a $300 welcome bonus - If you spend at least $3,000 in the first 90 days of opening the account, you'll get a $300 online statement credit.
- 3% cash rewards - You'll get 3% cash back in the category of your choice. Categories include gas stations and EV charging stations, office supply stores, travel, TV/telecom and wireless services, computer services or business consulting services.
- 2% cash rewards - Dining purchases made with the card will earn you 2% back. (You get 3% and 2% on the first $50,000 you spend each year, and then it reverts to 1% for the rest of the year.)
- 1% cash rewards - Earn 1% on all other purchases.
- You can earn even more rewards as a Bank of America customer - If you have a business checking account with Bank of America and qualify for the highest Preferred Rewards Business tier, you could earn up to 5.25% cash back on your selected choice category.
- No annual fee - Annual fees often pay for a lot of extra perks, and so an annual fee can be a sign that you've got a good card. That said, who wants to pay fees? If you're looking for a good credit card that has no annual fee, this is a good option to consider.
- 0% introductory APR offer - Enjoy introductory 0% APR on new purchases made with the card in the first 9 billing cycles. Then regular RegAPR applies.
- Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
- $0 intro annual fee for the first year, then $95.
- Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
- Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.24% - 29.99%. Variable APRs will not exceed 29.99%.
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations.
- 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
- 1% Cash Back on other purchases.
- Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
- Get up to $120 in statement credits annually when you pay for an auto-renewing subscription to Equinox+ at equinoxplus.com with your Blue Cash Preferred® Card. That's $10 in statement credits each month. Enrollment required.
- Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Preferred® Card. Enrollment required.
- Terms Apply.
Every credit card has some negatives, meaning the CardName has a few to note, though not many.
A couple of potential downsides include:
- No intro APR on balance transfers - If you were hoping to transfer credit card debt to a card and to get a break on interest for a while, this isn’t the card for that. But, again, there is a nice intro APR offer on purchases.
- Foreign transaction fee - Bank of America's website calls it an international fee. Whatever your preference, this isn't a great card for international business travel. If you use this credit card in another country or buy anything in a foreign currency, you'll pay foreign_fee.
CardName vs. CardName
The CardName is also worth considering. If these cards were siblings, they would be twins, but fraternal twins rather than identical.
Basically, if you like the CardName or think it has a lot of potential, but you're not thrilled about the idea of keeping track of how much cash you get in various categories or don't like the $50,000 cap that limits the rewards, you may prefer the CardName.
Some points that you may like include:
- A strong cash-back welcome bonus - If you spend at least $3,000 in the first 90 days of opening the account, you'll get a $300 online statement credit. That's a 10% cash-back bonus.
- Cash rewards galore - You'll earn 1.5% cash back on everything you buy - and it's unlimited.
- Even more rewards if you're a Bank of America customer - If you have a business checking account with Bank of America and if you qualify for Preferred Rewards for Business, you could earn up to 75% more cash back on your purchases, which would be an unlimited 2.62% cash back.
- No annual fee - As we've said, annual fees often pay for a lot of perks. But both of these Bank of America cards lack an annual fee, and nobody's going to complain about that.
- 0% introductory APR offer - Enjoy introductory 0% APR on new purchases made with the card for the first 9 billing cycles. Then regular RegAPR applies.
CardName vs. CardName
CardName is another credit card that goes for simplicity when it comes to cash rewards. It gives its customers 1.5% unlimited cash back.
What are some of the standout features that Chase has, that may or may not make you prefer it to the CardName?
- A generous welcome bonus - The sign-up bonus is more generous than Bank of America's offering. You can earn $900 cash back, but you have to spend $6,000 on purchases in the first three months to earn it.
- Your rewards may go further if you're a Chase member - Just as the Bank of America's credit card rewards can go further if you have a business checking account with them, the CardName rewards consumers who do a lot of business with Chase. For instance, you can transfer your rewards to other Chase accounts that earn Chase Ultimate Reward points, and that may stretch your dollars further.
- An introductory 0% APR period - Enjoy introductory 0% APR on new purchases for 12 months. (Then regular RegAPR applies.)
- No annual fee - That is also the case with the Bank of America card.
CardName vs. CardName
The CardName has a lot in common with the CardName.
Really, just to be candid, if you're already a fan of Chase, you'll probably want to gravitate toward the CardName, and if you're a fan of Bank of America, you might want to stick with Bank of America and give the CardName a hard look.
But all of that said, we'll compare the two cards. Here's what you'll probably like with the CardName:
- A lot of ways to earn cash back - You'll get 5% cash back on up to $25,000 a year in combined purchases when you spend at office supply stores as well as for cable, internet and phone services. You'll get 2% cash back (up to $25,000 a year) when you spend money at gas stations and restaurants. You'll get 1% cash back on everything else.
- A generous welcome bonus - Spend $6,000 on purchases in the first three months and you'll earn $900 cash back.
- 0% introductory APR offer - You'll get a 0% intro APR on new purchases for the first 12 months before regular RegAPR APR applies.
There are some differences, however, that might make you opt for one or the other card if you're not feeling particularly loyal to a certain brand.
For instance, CardName offers 3% cash back as its top cash-back rate; CardName offers 5%. That said, Chase offers 5% up to $25,000 spent, and Bank of America’s threshold is $50,000.
Plus they have different categories, albeit with a little overlap (for instance, they'll both allow you to get rewards on office supplies, but Chase otherwise focuses on cable, internet and phone services, while CardName has more choices, like offering 3% cash back on gas station and travel and business consulting services).
Yes, it is, if you're looking for a lot of cash back (in this case, 3%) in its top spending categories: gas stations/EV charging stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. If you spent $50,000 in one of those categories (and you get to only pick one), you could earn $1,500 back each year just on that spend alone.
Still, whether a credit card is a good card often depends on what you're looking for in a card. But if you're a business owner, and especially if you're a Bank of America customer, this is a card that's definitely worth considering.
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Compared to Other Cash back Cards
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