GET.com's Review of Bank of America® Business Advantage Cash Rewards Mastercard® credit card
|Highlights||Credit Card Feature|
|Things We Like||Signing bonus of $300|
|Our Least Favorite||3% foreign transaction fee|
|Our Verdict||Great card for 3% cash back on your choice of 1 of 6 categories|
- Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening – with no annual fee, no cap on the amount of cash rewards you can earn and they don't expire.
- Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases.
- 0% Introductory APR on purchases for your first 9 billing cycles.
- Redeem your cash rewards as a statement credit, check, or have cash deposited into a Bank of America® checking or savings account.
- Get a 75% rewards bonus on every purchase when you’re a Business Advantage Relationship Rewards Platinum Honors tier client. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75% cash back on all other purchases.
- Intro APR
0% Introductory APR on purchases for your first 9 billing cycles
- Annual Fee
No annual fee
- Regular APR
14.49% - 24.49% Variable APR
- Credit Required
Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a cash back credit card for businesses issued by Bank of America, which is one of the largest U.S. banks. This card has no annual fee and can help your business save by earning cash back in purchase categories that make sense for most businesses. It also comes with zero liability protection for unauthorized transactions, a security benefit that many other business cards do not provide. But those are really just a few of the ways this credit card can help your business, and if you are trying to pick a good credit card for your business, then this Bank of America® Business Advantage Cash Rewards Mastercard® credit card review will come in handy as we tell you all its benefits and what to look out for. We'll also reveal how it stands up against other business credit cards in the same category.
Things We Like About Bank of America® Business Advantage Cash Rewards Mastercard® credit card
You get a bonus offer. After you use your new card to make at least $3,000 in net purchases within 90 days of account opening, you can get a $300 statement credit. Spending $3,000 on purchases in 90 days is pretty easy for most businesses, so this offer can give your cash back a nice boost.
You don't pay an annual fee to use this card. One of the biggest perks of this card is that it has no annual fee. Most business cards which offer anywhere near the rate of cash back and the benefits you get with this card have a pretty high price tag.
Enjoy 0% intro APR on purchases during the first 9 billing cycles. Here's another perk that can save you a lot of money. This card has 0% intro APR on purchases for your first 9 billing cycles, so if you need capital to start your business, you can pretty much enjoy an interest free loan for that amount of time. Just make sure to pay off your balance in full by the end of the introductory APR period. After the intro period a standard 14.49% - 24.49% variable APR will apply to purchases and any balance transfers.
You earn cash back at your choice of 1 of 6 categories. Using this card to pay for your business expenses can be very rewarding since you get to choose which category of the following six categories you want to earn 3% cash back on: gas stations (default), office supply stores, TV/telecom & wireless, travel, computer services or business consulting services. You also earn 2% on purchases at restaurants. There is a cap for the first $50,000 in combined choice category/dining purchases each calendar year, after that you will keep earning at a rate of 1% cash back on all purchases
You earn 1% cash back on other purchases. That means every new net purchase you make using this card earns 1% cash back. Returns, transaction fees and adjustments don't qualify as new net purchases.
Your money is protected. This card comes with zero liability protection for unauthorized transactions, which means that your business won't be held liable to pay for unauthorized transactions made using a stolen card, for example. This card goes a step further and gives you additional protection against misuse by terminated employees.
You get Purchase Protection for things you buy using this card. When you charge purchases to this card, most purchases will be covered against loss, damage, theft, or fire.
You get fraud monitoring for better security. Bank of America monitors card transactions, and if an abnormal patter is detected, blocks potential fraud and informs you of suspected fraudulent activity.
Optional overdraft protection. Overdrafts can get expensive, which makes this optional service a nice perk for many businesses. When you link your Bank of America® Business Advantage Cash Rewards Mastercard® credit card account to a Bank of America business checking account, this optional service can help prevent returned checks, declined purchases and other overdrafts by automatically transferring money in $100 multiples from your credit card to your checking account to cover overdrafts. You pay an overdraft protection fee of either $10 or 3% of the amount of each transaction, whichever is greater.
You get $100,000 in travel accident insurance. When you use this card to pay for your travel bookings, you will be protected with up to $100,000 of travel accident insurance coverage. This perk can also save you money since you won't need to buy the optional travel accident insurance policies offered by airlines. You also get auto rental insurance, emergency ticket replacement, lost–luggage assistance, and you have the option of getting extended protection.
You get cash flow management tools which make running your business less complicated. Online services let you download transactions into Quickbooks, make automatic payments and transfers, and track all of these transaction using the MyReport Center. You get 24/7 mobile and online access to manage your account using secure online and mobile banking. You can use this access to keep tabs on all your account activity (including employee transactions), and check your balance at any time.
You can apply your cash rewards directly to a Bank of America® savings or checking account. You have the choice of redeem your cash rewards for cash back, or applying them to a Bank of America® checking or savings account. The option of redeeming cash rewards directly into a Bank of America account makes the whole process of redeeming cash back a lot less complicated. Cash rewards can be redeemed starting from $25.
If you travel outside of the U.S. on business (to Canada, for example), having a Bank of America® checking or savings account makes even more sense because Bank of America is part of the Global ATM Alliance. That means when you use your ATM or debit card to withdraw money at ATMs operated by Global Network Alliance member banks, you can avoid the $5 non-Bank of America ATM usage fee you would normally pay for each withdrawal, balance inquiry or transfer you make. The following banks are Global ATM Alliance partners:
- Scotiabank (besides Canada, this bank has ATMs in Puerto Rico, Peru, Chile, The Bahamas, Dominican Republic, Barbados, British Virgin Islands, Anguilla, Antigua & Barbuda, Cayman Islands, Dominica, Grenada, Jamaica, St. Maarten, St. Vincent & The Grenadines, Trinidad & Tobago, Saint Kitts & Nevis, Saint Lucia, Turks & Caicos Islands, and the U.S. Virgin Islands)
- Banco Santander (Mexico)
- Barclays United Kingdom (operates ATMs in England and Wales, Scotland, Northern Ireland, the Channel Islands, Jersey, and Guernsey)
- China Construction Bank (Mainland China, excluding Hong Kong)
- Deutsche Bank (in Germany and Spain)
- BNP Paribas (France)
- BNL D'Italia (Italy)
- Westpac Bank (Australia and New Zealand)
- ABSA (South Africa)
- UkrSibbank (Ukraine)
- TEB (Turkey)
Bank of America will still assess an international transaction fee equal to 3% of the converted U.S. dollar amount. But $5 savings per withdrawal is still a big plus.
No penalty APR. If something goes terribly wrong and you don't manage to make your minimum payment by the due date, your APR won't be bumped up to a penalty APR. Most other cards would slap a hefty markup onto your APR (typically around 30%) which can kill you financially if you carry a large balance. So this feature gives you a lot of peace of mind. Still, you should always make your payments on time to maintain a good credit score.
Our Least Favorite Things About Bank of America® Business Advantage Cash Rewards Mastercard® credit card
You pay a foreign transaction fee. This card has an international transaction fee equal to 3% of the U.S. dollar amount of each transaction you make in a foreign currency. When you travel outside of the U.S. on business, you could save money by using a credit card with no foreign transaction fee.
How Other Cards Compare With Bank of America® Business Advantage Cash Rewards Mastercard® credit card
|Intro APR:||0% Introductory APR on purchases for your first 9 billing cycles|
|Regular APR:||14.49% - 24.49% Variable APR|
|Annual Fee:||No annual fee|
|Intro APR:||0% intro APR on purchases for 15 months|
|Regular APR:||14.49% - 21.49% (Variable)|
|Credit Required:||Excellent Credit|
|See Rates & Fees||Terms Apply|
Bank of America® Business Advantage Cash Rewards Mastercard® credit card can be a very rewarding cash back card to use if you make a lot of purchases at office supply stores, gas stations and restaurants, especially for businesses with a bigger budget.
Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a powerful cash back tool that can potentially save your business a lot of money. But even if cash back isn't your focus, this benefits offered by this card compare well to what you get with other cards. If you use Quickbooks for your accounting, the option to download transactions directly into that format will save you time (and time is money). We highly recommend Bank of America® Business Advantage Cash Rewards Mastercard® credit card to small business owners looking for tangible cash back savings and useful benefits at no annual fee.
|Frequently Asked Questions About Bank of America® Business Advantage Cash Rewards Mastercard® credit card|
|Is this a good rewards card?|
|Do I get any special benefits from this card?|
|What are some of the features that come with this card?|
|Does this card come with low intro APR for purchases?|
|Does this card have an annual fee?|
|Is there a penalty if I pay late?|
|Can I get this card even if I have bad credit?|
|Do I get access to my credit score?|
|Who is this card for?|
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