Review: Bank of America Business Cash Rewards Credit Card

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The Bank of America Business Advantage Cash Rewards Mastercard Credit Card had recent adjustments made to its rewards program. In April 2019, Bank of America altered the card so less spending qualifies for the higher rewards rates. While a lower spending threshold is eligible, they have allowed greater customization for your cash back bonus. You’re now able to choose which category will earn the 3% cash back bonus, an aspect that wasn’t featured before. Because the cardholder is in control of which bonus category to receive cash back for, the appeal of this card relies heavily on the spending in the selected category.

Cash Back Rewards

The card allows you to select one from the following 6 categories for your 3% cash back reward: gas stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Bank of America allows you to change your bonus category once per calendar month. In the beginning, the default category is gas. Once you select your bonus category, it will remain until you decide to change it. 

Outside of 3% cash back for your selected category, you will receive 2% on dining and 1% on all other purchases. 

Cash rewards come in the form of a check, statement credit, or cash deposited into a Bank of America savings or checking account. The cash never expires.

Interest Rate

The interest rate for this card is competitive with other similar cards. With a variable purchase APR ranging from 13.74% to 23.74%, you aren’t going to find many business credit cards with lower interest rates. In addition, the APR on purchases during your first 9 billing cycles is 0%–and there’s no annual fee to have the card.

Signup Bonus

The signup bonus is identical to the Bank of America Platinum Visa Business Credit Card. It offers a $300 statement credit when you make at least $3,000 in net purchases within 90 days of opening your account. It’s not a huge bonus, but it’s very achievable.   

Drawbacks

A potential drawback for this card is the relatively low yearly cap on bonus rewards. Bank of America has put a $50,000 combined yearly cap on the 3% and the 2% cash back categories. Once you exceed $50,000 in spending, the categories decrease to 1% cash back. For smaller businesses, the $50,000 cap may not be an issue. If you’re a medium or large business, the cap might be reached quickly, reducing rewards beyond that point.

The greatest strength of this card is also the greatest weakness. Bank of America allows the cardholder to select the category they would like to receive 3% cash back for. It allows for flexibility, but if your company’s major expenses don’t fit into one of the 6 available options, the flexibility isn’t a big incentive.

Final Say: Focused Flexibility

The Bank of America Business Advantage Cash Rewards Mastercard Credit Card has below-average cash back rewards and a spending cap, but it offers flexibility. With a lower spending cap of $50,000, this card isn’t ideal for larger businesses. For smaller businesses that won’t fear exceeding the cap, the ability to focus rewards on a category that maximizes benefits is a great asset. The card’s value is found in how much is spent in the top category.

Lendio sometimes receives compensation for credit card offers. This compensation may impact how products appear on this site (including, for example, the order in which they appear.) Lendio does not include all card companies or all card offers available in the marketplace. This editorial is from the viewpoint of Lendio, and not endorsed by any 3rd party. The information is accurate at the time of publication.