MoneyGeek’s Take

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

The Bank of America Business Advantage Customized Cash Card offers up to 3% cash back on business purchases and lets you change your top reward category each month, giving small businesses flexible financing options.

By Doug Milnes, CFA

Reviewed by Alene Laney

Updated: November 10, 2024

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Bank of America® Business Advantage Customized Cash Rewards Mastercard® Credit Card

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Rewards Summary

Earn 1% – 3% cash back

APR

17.99% to 27.99% variable

Annual Fee

Recommended Credit

740-850 (Excellent)

PROS
- No annual fees
- Spend-based welcome bonus offer
- Preferred Rewards members may earn higher cash back
- 0% APR offer on purchases
- Purchase and travel protection
CONS
- Balance transfer fee
- Foreign transaction fee
- 0% APR offer valid only for 9 billing cycles
- Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Earn 3% cash back in the category of your choice: gas stations & EV charging 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 earn 3% cash back on purchases in the category of your choice and 2% cash back on dining purchases 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 Preferred Rewards for Business Platinum Honors tier. That means you could earn up to 5.25% cash back in your selected choice category and up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
- No annual fee.
- Choose how to redeem your cash rewards-as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you. Cash rewards don’t expire as long as your account remains open.
- To change your choice category for future purchases, you must go to the Mobile Banking app or Business Advantage 360, our small business online banking. You can change it once each calendar month, or make no change and it stays the same.
- 0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 17.99% to 27.99% will apply.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.

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For each card and category, MoneyGeek has a distinct methodology and review process in which we collect, evaluate, and compare roughly 56 different data points. Our credit card rankings and recommendations are based on a review of each card's spending data. We estimated annual spending across numerous categories of purchases using a spend profile based on the average American household from the Bureau of Labor Statistics. Each month, the results of our computations determine which credit cards appear in our best cards lists.

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is best suited for small business owners who want to earn rewards on daily expenditures. The card offers rewards on different types of purchases, like gas, office supplies, telecommunications and wireless, computer services, business consulting services and travel. The card also comes with a few valuable perks, such as an increased rewards rate for those with existing Bank of America accounts, no annual fee and a spend bonus. Our detailed Bank of America Business Advantage Customized Cash Rewards credit card review helps you decide if this credit card is right for your small business.

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

The Bank of America Business Advantage Customized Cash Rewards credit card offers multiple reward tiers and opportunities to earn rewards in categories businesses spend money in often. You can select one of the categories below to get 3% cash back on every transaction.

Gas stations
Office supply stores
Travel
TV, telecom and wireless
Computer services
Business consulting services

You also earn 2% cash back for dining-related purchases. You get 1% cash back for all other expenses you charge to the card.

To redeem your cash back rewards balance on the Bank of America Business Advantage Customized Cash Rewards card, your options include:

Quick Take

No annual fees
Earn $300 statement credit if you spend $3,000 on purchases in the first 90 days
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
Preferred Rewards members may earn up to 75% more cash back based on their membership tier
0% APR on purchases applies for the first 9 billing cycles, then a variable APR of 18.49% - 28.49% after that
3% foreign transaction fees
Access to cash flow management tools
Complimentary auto rental insurance, travel accident insurance, emergency ticket replacement and lost luggage assistance
Purchase protection and extended warranty coverage
Legal and medical referrals when you’re traveling
$0 liability protection
No penalty APR

Important Card Details

In the fine print of your agreement are important terms and details that we recommend you have a complete grasp of before deciding if the Bank of America Business Advantage Customized Cash Rewards card is a good cash back earning option for your business.

Annual Percentage Rate (APR)

The first 9 billing cycles after opening a Bank of America Business Advantage Customized Cash Rewards credit card have a 0% introductory APR. After that term, your APR ranges from 18.24% – 28.24%, depending on your personal or company creditworthiness at the time of application. You also have an APR for balance transfers of 18.24% – 28.24%, and for cash advances, 29.24%. The APRs do vary with the market based on the prime rate.

Annual Fee

You get to earn cash back rewards on every purchase for your business without paying an annual fee.

Cash Back

For card purchases, you receive cash back rewards minus any credits, returns or adjustments. For every $1 of net purchases, you earn 1% cash back (equivalent to $0.01). But, for every $1 of net purchases at qualifying dining establishments, such as restaurants and fast food, bars, taverns, clubs and discos, you receive 2% cash back. And for every $1 of net purchases at qualifying merchants in the one category you choose, you receive 3% cash back (options are gas stations, office supply stores, travel, TV/telecom and wireless, computer services and business consulting services).

Foreign Transaction Fee

If you use the Bank of America Business Advantage Customized Cash Rewards card outside of the United States, you pay a 3% foreign transaction fee on purchases.

Additional Benefits

The Bank of America Business Advantage Customized Cash Rewards credit card offers other features and benefits besides cash back on purchases. The following are some of the most notable:

How the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Compares To Other Cards

Like any other rewards card, the Bank of America Business Advantage Customized Cash Rewards credit card has its pros and cons. The pros include no annual fee, the ability to change your bonus category each month and high rewards rate. On the downside, this card charges a foreign transaction fee, has spending caps and requires excellent credit. But the card does hold a candle to other cards in the same category.

How the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Compares

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

Cash back rate: 1%, 2% or 3%
Variable APR: 18.24% – 28.24%
Intro APR: 0% for the first 9 billing cycles, then a variable APR of 18.24% – 28.24%
Recommended Credit: Excellent (750+)
Best for: Small business owners who are already doing business with Bank of America and spend money in categories offering 2% or 3% cash back

Ink Business Cash® Credit Card

Cash back rate: 1% to 5%
Variable APR: 17.99% - 25.99% Variable
Intro APR: N/A
Recommended Credit: Good to excellent (670+)
Best for: Small businesses with high monthly and travel expenses

Frequently Asked Questions

What is the average credit score needed to get approved for the Bank of America Business Advantage Customized Cash Rewards?

You need an excellent credit score to qualify for the Bank of America Business Advantage Customized Cash Rewards credit card.

Does the Bank of America Business Advantage Customized Cash Rewards card report to all three credit bureaus?

Yes, the Bank of America Business Advantage Customized Cash Rewards credit card reports to Experian, Equifax and TransUnion. So, when you use the card responsibly, you’re building your credit.

Is the Bank of America Business Advantage Customized Cash Rewards application process lengthy? Can you prequalify?

Filling out the online application for the Bank of America Business Advantage Customized Cash Rewards credit card takes about 10 minutes. The application process is faster for those enrolled in Bank of America online banking.

What information is needed to apply for the Bank of America Business Advantage Customized Cash Rewards card?

The Bank of America Business Advantage Customized Cash Rewards credit card application asks you for business-related information, like business name, business address and gross annual sales.

Does the Bank of America Business Advantage Customized Cash Rewards credit card have good customer service or satisfaction?

Online reviews from customers are generally positive, with consumers praising the card’s excellent rewards structure and lack of annual fee.

Does the Bank of America Business Advantage Customized Cash Rewards card have a mobile app or the option to pay or manage your account online?

The Bank of America Business Advantage Customized Cash Rewards card does have a mobile application that lets customers check their balance, change their 3% rewards category choice and keep tabs on account activity anytime, anywhere.

Does Bank of America Business Advantage Customized Cash Rewards raise credit limits automatically or charge for limit increases?

There is no readily available information as to whether the Bank of America Business Advantage Customized Cash Rewards card raises credit limits automatically or charges for limit increases. You may have to contact Bank of America directly to request information.

>>MORE: HOW TO INCREASE YOUR CREDIT LIMIT WITH BANK OF AMERICA

Does the Bank of America Business Advantage Customized Cash Rewards card offer the option to freeze your credit/account or have other security features?

The Bank of America Business Advantage Customized Cash Rewards credit card benefits include security features, including account freezing, zero liability protection, fraud monitoring, Balance Connect™ for overdraft protection and paperless statements.

Does Bank of America offer other credit cards besides Bank of America Business Advantage Customized Cash Rewards?

Yes, it does. Some of the other credit cards that Bank of America offers include the Unlimited Cash Rewards card, Premium Rewards card and BankAmericard® credit card.

About Doug Milnes, CFA

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

Read Full Bio »

sources

Bank of America. "Business Advantage Customized Cash Rewards credit card." Accessed November 10, 2024.
Bank of America. "Preferred Rewards for Businesses." Accessed November 10, 2024.
Bank of America. "Terms and Conditions for Business Advantage Customized Cash Rewards credit card." Accessed November 10, 2024.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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