The Business Advantage Customized Cash Rewards Mastercard® Credit Card

The Business Advantage Customized Cash Rewards Mastercard® is a highly flexible and rewarding credit card for small business owners looking to maximize their cash back on everyday business expenses. With no annual fee, customizable reward categories, and robust business management tools, this card is an excellent choice for businesses that value versatility and cost-efficiency.

Key Features

1. Welcome Bonus:

• Earn a $300 online statement credit after spending $3,000 in purchases within the first 90 days of account opening.
• This is an excellent initial reward that can offset early business expenses.

2. Customizable Cash Back:

• 3% cash back in a category of your choice, including:
  • Gas stations and EV charging stations (default).
  • Office supply stores.
  • Travel.
  • TV/telecom & wireless.
  • Computer services.
  • Business consulting services.
• 2% cash back on dining purchases.
• 1% cash back on all other purchases.

Note: The 3% and 2% cash back applies to the first $50,000 in combined choice category and dining purchases annually, then 1% thereafter.

3. Enhanced Rewards with Preferred Rewards:

• Businesses with a Bank of America checking account that qualify for Preferred Rewards for Business can earn:
  • Up to 5.25% cash back in your selected category.
  • Up to 3.5% cash back on dining purchases.
  • Up to 1.75% cash back on all other purchases.

4. Flexible Redemption Options:

• Redeem your cash back:
  • As a deposit into your Bank of America® checking or savings account.
  • As a statement credit.
  • As a check mailed to you.
• Rewards don’t expire as long as the account remains open.

5. No Annual Fee:

• Enjoy all the benefits and rewards without an annual fee, maximizing your savings.

Interest Rates and Introductory Offers

• 0% Introductory APR on purchases for the first 9 billing cycles.
• After the introductory period, a variable APR of 17.74% to 27.74% applies.
• Cash Advance APR: 28.74% variable.

Business Tools and Features

1. Cash Flow Management:

• Manage business finances effectively with online tools, including:
  • Automatic payments.
  • Transaction downloads into accounting software like QuickBooks.
  • Online and mobile account access.

2. Free Access to Business Credit Scores:

• Access your Dun & Bradstreet business credit scores through Business Advantage 360, Bank of America’s small business online banking platform.

3. Travel and Emergency Benefits:

• Travel-related perks include:
  • Up to $100,000 in travel accident insurance.
  • Auto rental insurance.
  • Emergency ticket replacement and lost-luggage assistance.
  • Legal and medical referrals when away from home.

4. Employee Card Management:

• Issue cards to employees with customizable spending limits to maintain control over expenses while earning rewards on their purchases.

5. Security Features:

• Zero liability protection for unauthorized transactions.
• Fraud monitoring to detect abnormal patterns.
• Balance Connect® for overdraft protection when linked to a Bank of America business checking account.

How It Compares

Pros and Cons

Pros:

• Customizable 3% cash back category.
• No annual fee.
• Flexible redemption options.
• Enhanced rewards for Preferred Rewards members.
• Useful business management tools and travel perks.

Cons:

• 3% and 2% cash back capped at $50,000 annually.
• Requires active Bank of America accounts to unlock maximum rewards.
• Limited bonus categories compared to other business cards.

Who Should Get This Card?

The Business Advantage Customized Cash Rewards Mastercard® is perfect for small business owners who:

• Want flexibility in choosing rewards categories.
• Prefer no annual fee.
• Use Bank of America for their business banking needs to maximize rewards.
• Value access to business credit scores and cash flow management tools.

Final Verdict

The Business Advantage Customized Cash Rewards Mastercard® is a versatile and cost-effective card for businesses seeking customizable rewards and no annual fee. Its potential for increased rewards through Preferred Rewards for Business makes it particularly appealing for businesses already banking with Bank of America. While its rewards cap may limit high-spending businesses, the flexible redemption options and strong suite of business tools provide excellent value.