Bank of America Business Advantage Cash Rewards Mastercard® Review

Bank of America recently revamped their Business Advantage Cash Rewards Mastercard® credit card by adding new point multipliers.

  • Annual fee: $0

  • Intro bonus: $300 statement credit after you spend $3,000 within the first 3 months of account opening

  • Spending multipliers:

    • Earn 3% cash back on one category of your choice*

    • Earn 2% cash back on dining*

    • Earn unlimited 1% cash back on all other purchases


      *Earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter

Choose Your 3% Category and Earn 2% on Dining

The revamped card lets you pick one 3% cash back category. The default 3% category is gas, and you can change the category once per calendar month. If you don’t make any changes, then the 3% category stays the same.

Choose between:

  • Gas stations (default)

  • Office supply stores

  • Travel

  • TV/telecom & wireless

  • Computer services

  • Business consulting services 

The  Bank of America Business Advantage Cash Rewards Mastercard® also earns 2% cash back on dining. However, since there are restrictions on the point multipliers, I don’t recommend using the card for dining.

You’re limited to the respective 3% and 2% cash back on the first $50,000 in combined purchases each calendar year. You’ll earn 1% thereafter.  

The optimal strategy is to maximize the 3% categories for $50,000 in purchases.

Eligibility

To get approved for a Bank of America business credit card, you typically have to have a banking relationship with them.

If you don’t have a banking relationship with Bank of America, it’s usually hard to get approved for a business card unless you don’t have any credit inquiries in the past 6 months. I’ve found that opening a CD account with them also helps approval odds. Your mileage may vary.

Based on my experience, it seems like you can only have one Bank of America business credit card open at a time. It’s unclear if this is a rule or not. However, if you close a current business card with them, you can open a new one.

Business Advantage Relationship

Bank of America business clients that have more than $100,000 in assets with BoA qualify to get a 75% rewards bonus on every purchase.

With the Platinum Honors rewards boost, you’ll effectively earn:

  • 3% category = 5.25%

  • 2% dining = 3.5%

  • 1% everything else = 1.75%

If you have $20,000-$99,999 in business assets with Bank of America, you can qualify for the following:

  • Gold ($20,000-$49,999) = 25% rewards boost

  • Platinum ($50,000-$99,999) = 50% rewards boost

Final Thoughts

Overall, the intro bonus and the newly added 3% category options make the Bank of America Business Advantage Cash Rewards card an interesting addition.

If you have $100,000 in business assets in Bank of America, earning 5.25% in a category makes the card worthwhile.


Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities. 

UGC disclosure: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.”