Reviews

Bank of America® Business Advantage Customized Cash Rewards Mastercard® Credit Card Review: Tailor Your Rewards

Optimize business spending with customizable cash back with no annual fee.

Rickie C. Keys, Ph.D., MPH

Mar 30, 2024 — 2 min read

Features

Cash Back Rates: Earn 3% cash back in a category of your choice, 2% on dining (up to $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), and 1% on all other purchases.
Annual Fee: $0, making it cost-effective for business owners.
Welcome Bonus: $300 statement credit after spending $3,000 in the first 90 days.
Intro APR: 0% on purchases for the first 9 billing cycles, then a variable APR of 18.49% - 28.49%.
Choice Category: Changeable once each calendar month through Mobile Banking or Business Advantage 360.

Benefits

Customizable Rewards: Tailor your cashback to fit your business expenses.
Preferred Rewards for Business: Earn up to 75% more cashback, translating to up to 5.25% on your chosen category and up to 3.5% on dining.
No Expiration on Rewards: Cash rewards remain valid once the account opens.
Multiple Redemption Options: Cash back can be deposited into a Bank of America® checking or savings account, applied as a statement credit, or received as a check.
Contactless Payments: Offers the convenience and security of tap-to-pay.

Drawbacks

Cap on Higher Cash Back Rates: The enhanced cashback rates on choice category and dining are capped at $50,000 in combined purchases yearly.
Variable APR Post-Intro Period: The interest rate after the introductory APR period can be high, depending on creditworthiness.
Complexity for Higher Rewards: Maximizing rewards requires having a business checking account with Bank of America and qualifying for the highest Preferred Rewards for Business tier.

Product Summary

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card stands out for its flexible cash back categories, allowing business owners to align rewards with their spending patterns. With no annual fee and a substantial welcome bonus, it presents an appealing option for businesses looking to optimize cash back. The card's customizable features and Preferred Rewards for Business program elevate its value, offering the potential for significant returns on business expenses. However, the cap on higher cash-back rates and the post-introductory variable APR merit consideration. Ideal for businesses seeking adaptability in rewards with the added benefits of a 0% intro APR and multiple redemption options.

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