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For business owners seeking a credit card that accommodates their unique overhead costs, the Bank of America(R) Business Advantage Customized Cash Rewards Mastercard(R) credit card stands out from the crowd. Unlike standard flat-rate cards, this option puts you in the driver’s seat with a tiered rewards structure: you earn 3% cash back in a category of your choice and 2% back on dining on the first $50,000 in combined choice category and dining purchases each calendar year. Once that cap is reached, you will earn 1% cash back on those purchases for the remainder of the year. All other business purchases earn an unlimited 1% cash back.
With no annual fee and a competitive welcome offer, it provides immediate value without adding to your annual operating expenses. New cardholders can also earn a signup_reward online statement credit after making at least signup_bonus_spend_amount in purchases within the first signup_bonus_timeframe of account opening.
BofA Business Advantage Customized Cash Rewards Mastercard
Customizing your earning power
The card’s flexibility is its primary selling point. You aren’t locked into your choices forever; you can update your 3% category once per month via the Bank of America app or website.
The 3% choice list
You can select one of the following for your top tier of rewards:
- Gas and EV charging stations
- Office supply stores
- Travel
- TV/telecom and wireless
- Computer services
- Business consulting services
Everyday 2% and 1% earnings
In addition to your chosen category, you’ll earn a consistent 2% cash back on dining. For all other business purchases—from insurance premiums to utility bills—you’ll earn 1% back.
Additional business advantages
Introductory 0% APR
The card features a 0% introductory APR period on purchases intro_apr_duration before reg_apr,reg_apr_type applies, giving you a window to buy expensive equipment or inventory and pay it off over time without accruing interest charges.
Management tools
To help you stay organized, Bank of America provides travel accident insurance, emergency ticket replacement, and lost luggage assistance. You can also issue cards to employees with individual spending limits, making it easier to track company-wide expenses while still earning rewards on their purchases.
Is the Business Advantage Customized Cash Rewards Mastercard® the right fit for your business?
The “best” business card often depends on how much effort you want to put into managing your rewards. This card is a precision tool for specific types of entrepreneurs.
The specialized spender
This card is a winner for businesses that have one major, recurring expense. Because you can earn 3% back on a category of your choice—ranging from gas stations to computer services—it allows you to target your most significant bill and slash its cost. It is especially popular with:
- Tech and digital firms: High spending on “computer services” or “telecom” earns maximum rewards.
- Consultants and professional services: Choosing the “business consulting” category rewards you for the professional help you hire.
Relationship banking perks
The true potential of this card is unlocked through the Preferred Rewards for Business program. If you maintain a significant balance in Bank of America business accounts, your 3% choice category can be boosted by up to 75%, resulting in up to 5.25% cash back on your chosen category.
Considerations for high volume
It’s important to note the $50,000 annual spending cap on the 3% and 2% categories. Once you cross that threshold in a calendar year, your rewards rate on those purchases drops to 1%. For very large enterprises with millions in annual spend, a card with a lower but unlimited flat rate might eventually provide more total value.
Bottom line
The Bank of America(R) Business Advantage Customized Cash Rewards Mastercard(R) credit card is ideal for the proactive business owner who wants to optimize every dollar. It offers a higher ceiling for rewards than most no-fee cards, provided your spending aligns with its specific categories.
If your business spending is varied and unpredictable, you might prefer the simplicity of the Unlimited Cash Rewards version. Though for those who can leverage the 3% categories and the Preferred Rewards program, this card is highly competitive and offers some of the strongest earning potential among no-annual-fee business cards.
