Bank of America Business Advantage Cash Rewards Credit Card Review:

Small-business owners looking to maximize their rewards and control how they spend money can use the Bank of America Business Advantage Customized Cash Rewards Credit Card. It has no annual fee. You get a generous welcome bonus, great redemption options, and an affordable intro APR. Consider another no-annual-fee business reward card if you don’t plan to spend a lot in the bonus categories.

Review: Is the Bank of America Business Advantage Customized cash Rewards card the best choice for small businesses?

Small-business owners have many options for no-annual-fee credit card options. However, only some cards allow cardholders the freedom to select their highest earning category. The Bank of America Business Advantage Customized cash rewards credit card will give you 3% cash back in any eligible bonus category. The Bank of America Business Advantage Customized cash rewards credit card is worth looking at if you want more control over how much you earn.

You earn rewards on all purchases (1%) and higher rates for specific bonus categories, such as dining (2%) or the eligible class of choice (3%). Switching types is allowed up to once per month. This means that you can adjust your rates often to match the highest spending categories of your company.

Remember that the cashback rates only apply to the first $50,000 in combined purchases each calendar year (1% after that). Consider looking into a small-business credit card if your business exceeds this amount.

After you have made $3,000 in purchases within the first 90 days of opening your account, the Bank of America Business Advantage Cash Rewards Credit Card will give you $300 in statement credit. You also get a decent 0% intro rate on purchases (not balance transfer), standard redemption options, and travel insurance. This card is not recommended for businesses trying to consolidate credit cards and save interest using a balance transfer.

The card is even more appealing if you are a Bank of America Preferred Rewards for Business member. You can earn as much as 75% cash back on all purchases (capped at $50,000).

The Bank of America Business Advantage Customized cash rewards credit card is ideal for small businesses that want more control over their earnings and are willing to spend essentially in specific bonus categories. Consider another small-business rewards credit card if you don’t often spend in these categories or don’t want to shift your selection each month manually.

The U.S. Bank Business Triple-Cash Rewards World Elite Mastercard (r) is another card worth considering. You get 5% cash back on travel purchases through the Rewards Center. There is also a 3% cash back for eligible purchases at gas stations, EV charging stations, office supply shops, restaurants, and cell phone service providers.

The card’s intro APR for purchases and balance transfer is exceptionally long (0% intro APR for purchases and balance transfer for 15 billing cycles, then an 18.24% – 27.24% Variable). Suppose your business plans to make large purchases, such as tech equipment, travel expenses, or supplies, over multiple billing cycles. In that case, you might consider the U.S. Bank Triple Cash Rewards World Elite MasterCard(r).

How to get cash back with the Customized Cash Rewards from Business Advantage

The Bank of America Business Advantage Customized cash rewards credit card earns 3% cash back on the category of choice (from six preselected options) and 2% cash back on dining purchases. However, these rates only apply to the first $50,000 combined purchases per calendar year (then 1% back). All other purchases earn you unlimited 1% cashback.

Cardholders can change their 3% cashback category anytime during the month. One of six categories allows you to earn 3% cashback.

• Gas stations (default): Gasoline purchases in merchant categories, including automatic fuel dispensers and service stations. (Gasoline purchased at boat marinas or other businesses that primarily offer heating oil, propane, and other fuels do not count.
• Office supply stores: Supplies for offices like printing, stationery, and paper can be purchased at office supply shops (does not include merchants or drugstores that sell expensive office equipment such as computers).
• Travel: Parking, public transportation, taxis/rideshares, airfare, hotels, and car rentals
• Telecommunications, TV, and wireless: Monthly satellite, cable, mobile phone bills, online music, radio, and telegraph services, and telecommunications services.
• Computer services: These are new or ongoing expenses related to computers, such as peripheral equipment and software, cloud and network services, programming, data processing, and maintenance and repair.
• Services for business consulting: Consulting, public relations and legal, accounting, and tax preparation.

Bank of America Preferred Rewards Business members can earn up to 75% cash back on all purchases. Members can get up to 5.25% cash back in the category they choose, up to 3.5% for dining, and 1.75% for all other purchases. To be eligible for the Gold tier, your business must have at least $20,000 in eligible accounts at Bank of America and Merrill.

How to redeem rewards from the BofA Customized Cash Rewards credit card

Redeem your tips with the Bank of America Customized Cash Rewards credit card anytime. You can use them as a statement credit or checks. As long as your account is open, your rewards will stay active.

Bank of America Business Advantage Cash Rewards Benefits and Features

• Protection against liability: $0

To avoid being held responsible for unauthorized transactions or purchases made on your card, you can file a claim if you lose it.

Tools for managing cash flow

Access to an entire suite of online services will be available to you to manage your business. Access to automatic payments, transfers, and downloading transactions into Quickbooks are just a few benefits.

Emergency services and travel

Additional benefits for your business include auto rental insurance, accident ticket replacement, lost luggage assistance, legal and medical referrals, and even travel insurance.

Auto rental insurance

You can call the 24/7 Benefit Administrator to receive assistance and emergency resources.

Overdraft protection

If you link your eligible Bank of America checking account with your credit card account, Bank of America will automatically transfer funds from your account to cover an overdraft. This is as long as funds are available. There may be additional fees.

Extended warranty and purchase protection

You may be eligible for coverage against theft or fire if you buy eligible items using your Bank of America Business Advantage Customized cash rewards Credit Card. Extended warranty coverage may be available for qualified warranties.

• Fraud monitoring
• Bank of America will report and block any suspicious activity or patterns.
• Costs and fees

No-annual-fee Bank of America Business Advantage Customized, Cash Rewards Credit card offers a 0% intro APR for purchases within the first nine billing cycles. After that, there is an APR of 14.49% to 24.49%. This offer is only available for new investments. It’s not suitable for people looking for balance transfer deals.

There is a balance transfer fee and cash advance fee. The card also charges a penalty fee of up to $49. The card also charges foreign transaction fees, so it is not recommended for international travel.

Bank of America Bank of America Business Rewards Customized Cash Rewards Credit Cards

• Bank of America Credit Cards: Business Advantage Customized Cash Rewards Card vs. other Bank of America cards
• The Bank of America Business Advantage Customized Cash Rewards Credit Card offers 3% and 22% cash back for the first $50,000 you spend in these categories each year. Then, 1% cash back
• Eligible Bank of America Customized Cash Rewards Credit Cards 3% Categories are gas stations and office supply stores.
• Business Advantage Customized Cash Rewards card vs. other small-business credit or cards
• On the Bank of America Business Advantage Cash Rewards Credit Card, you can earn 3% and 2% cash back on the first $50,000 in these categories each year. Then, you get 1% cashback
• Eligible Bank of America Customized Cash Rewards Credit Cards 3% Categories are gas stations and office supply stores.