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

CardName Essentials

If you're a business owner who spends a lot of time on the road and finds yourself stocking up on office supplies at a good clip, this card may be just what the doctor ordered. Plus, new card members will be instantly rewarded for spending within the first 90 days of card ownership and there's no annual fee.

A combination of a small business credit card with the added benefit of cash rewards makes this card a great companion for business owners looking to save in the long run by earning cash back on everyday business expenses. And earning those rewards is pretty straightforward with a healthy dose of cardholder flexibility thrown in.

The CardName offers cardholders the opportunity to choose a category in which you earn 3% cash back. Earn 3% cash back in the category of your choice: gas stations (default), 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 get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter. Furthermore, if you're a Preferred Rewards for Business Platinum Honors tier member, you will receive a bonus of up to 75% on the base rewards you earn for each purchase. Your bonus is based on your enrolled tier – 25% for Gold, 50% for Platinum and 75% for Platinum Honors.

New cardholders can currently take advantage of a special promotion earning a $300 statement credit after you make $3,000 in purchases within the first 90 days of card ownership.

Here's a quick snapshot of some other perks the CardName offers:

• No annual fee.
• No limit to the base cash back you can earn.
• Redeem your cash rewards for statement credit, a check or apply them to a Bank of America® savings or checking account.

FEATURED CARD

 

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• Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening
• Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
• Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
• 10% Business Relationship Bonus If you have the Ink Business Cash card plus a Chase Business Checking account on your first card anniversary
• With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
• No Annual Fee
• Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
• 0% introductory APR for 12 months on purchases
• Member FDIC

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Credit Needed:

Excellent, Good

What Our Editors Like Most about CardName

The CardName makes earning rewards straightforward with defined cash back percentages that don't change each month.

Card owners can redeem their cash rewards as statement credit, a check or apply them to a Bank of America® savings or checking account, allowing you to put that money right back into your business for future expenses.

Card ownership comes with a suite of cash flow management tools to help you manage your business with options for automatic payments, transfers and the ability to download transactions into QuickBooks. Plus, you can track it all in Bank of America's MyReport Center.

The CardName also offers several options for credit security including protecting yourself from unauthorized transactions and preventing declined purchases should you go over your credit limit. These include:

• Zero liability protection for unauthorized transactions.
• An optional service of overdraft protection to help prevent declined purchases, returned checks or other overdrafts by linking your credit card to a Bank of America small business checking or savings account.
• Fraud monitoring to block potential fraud if abnormal patterns are detected and notification of suspected fraudulent activity on your account.
• The option for paperless statements to help with increasing your security.

Potential Downsides of the CardName

If you travel overseas often, this card won't be so rewarding as there's a 3 percent foreign transaction fee on purchases.

While choosing a category for your 3 percent cash back is nice, it does require you to pay attention if you're going to reap top rewards. If you are someone who would prefer a more simple approach, there are other small business cards out there for you to consider.

How CardName Compares to Other Cash Reward Cards

CardName vs. Capital One Spark Cash Plus

CardNamediscontinued cardholders don't have to remember which purchases earn them a higher or lower percentage because with this card they earn 2 percent back on every single purchase. Plus, there are no reward earning caps and cardholders can redeem their rewards in any amount at any time.

The Capital One card also has a nice welcome offer for new cardholders: Earn a one-time cash bonus of $1,200 once you spend $30,000 in the first three months.

There is an annual fee of AnnualFees to consider, but if your business takes you overseas, you'll appreciate that there are no foreign transaction fees with CardName.

CardName vs. the Ink Business Cash® Credit Card

More cash back rewards, a cash bonus based on spending within the first three months and no annual fee come with the CardName. While the CardName highest cash back reward is at 3% for purchases in your choice category, CardName cardholders can earn 5% cash back on the first $25,000 in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. Also earn 2 percent cash back on the first $25,000 in combined at gas stations and restaurants each account anniversary year. You cap out more quickly with the CardName, which only offers these deals on the first $25,000 spent. With the CardName, you have to spend $50,000 in your choice category and on dining before your rate of reward drops down to 1 percent. Take a look at the categories to determine which card is the better option for you.

CardName vs. Capital One QuicksilverOne Cash Rewards Credit Card

While the CardName has no annual fee, the CardName does have an annual fee of $39. Both cards offer straightforward rewards with no rotating categories, however the percentages earned in similar categories differ. While Bank of America card offers tiered reward categories, CardName holders earn 1.5 percent cash back on every purchase. And unlike the Bank of America card, which caps out your top reward earnings annually in your choice category and on dining, there are no caps with the CardName.

Who Should Get the CardName

This card is an easy to manage cash rewards card for small business owners. With no annual fee, ease of earning cash back rewards and no annual fee, plus added tools to help you manage your business and spending, the CardName can help small business owners save some money while growing their business without the additional cost of annual fees.