Bank of America Business Advantage Cash Rewards Mastercard
If you currently do business with Bank of America, the Bank of America Business Advantage Cash Rewards Mastercard could be a great choice. It allows you to choose one category from a list of six every quarter in which you can earn 3% cash back spending in. This allows you to focus the rewards on a specific category. On top of that, Business Advantage Relationship Rewards can give you a 25% to 75% boost. This means you can earn up to 3.75% spending in the category of your choosing and 1.75% cash back in all other categories which is superb considering this card has no annual fee.
The Bank of America Business Advantage Cash Rewards Mastercard features six bonus categories that you can choose between to earn bonus cash back. Those categories are gas station, office supply store, travel, TV/wireless, computer services, and business consulting service purchases. You will be able to earning bonus cash back on your selected category up to the first $50,000 per quarter. After that, the category you selected will earn at the non-category rate for the remainder of the year. The Bank of America Business Advantage Cash Rewards Mastercard also features dining as a standard bonus category. There is no cap on the dining category. Below are the details of each Business Advantage bonus category.
If selected as the quarterly category, the Business Advantage Cash Rewards card will earn 3% cash back per $1 spent on gas station purchases. This applies to merchants whose primary purpose is to sell gasoline such as Exxon, Hess, BP, and Speedway. This is a great return for gas when it comes to business cards. The AMEX SimplyCash Plus Business Card also allows you to choose a 3% cash back category with gas being one of them.
Office Supply Store
If selected, the Business Advantage Cash Rewards Card will earn 3% cash back per $1 spent at office supply stores. This bonus will apply to stores such as Office Max, Office Depot, and Staples. In terms of return, there are a few choices when it comes to earning rewards shopping at Office Supply Stores. The Chase Ink Business Cash earns 5% cash back on Office Supply Stores as well as Cable, Internet, and Phone services. You can also get 5% cash back with the AMEX SimplyCash Plus Card. If you can get a great value out of airline miles the American Airlines AAdvantage Aviator Business Card, JetBlue Business Card, and United Business MileagePlus Explorer Card all earn double miles for their respective airlines in this category. Bank of America Business Advantage Relationship Rewards members can earn up to 3.75% cash back on office supply store purchases.
If you select travel as your category, the Business Advantage Cash Rewards Card will earn 3% cash back when making travel purchases. This includes purchases such as airline ticket, car rentals, rideshare services, and hotels. Earning 3% cash back on travel is great! It matches the return of personal cards like the Sam's Club Mastercard and Costco Visa. If you're a big spender in the travel category, you might want to look at Bank Rewards Programs that feature transferable points. This consists of programs like Chase Ultimate Rewards and American Express Membership Rewards.
TV, Telecom and Wireless
If selected for the quarter, the Business Advantage Cash Rewards Card will earn 3% cash back on TV, telecom, and wireless purchases. This includes communication and media entertainment expenses like cable, satellite TV and radio, hardline phone, mobile phone and online music services. While 3% cash back is great for earning on these type of purchases, you can earn 5% cash back on this category with the Chase Ink Business Cash Card. Of course, if you're unable to get a Chase Card, the Business Advantage Cash Rewards Card would be one of the best choices for this category.
If selected, the Business Advantage Cash Rewards Card will earn 3% cash back on computer service purchases. This includes purchases such as Adobe, Dell, Mozy, GoDaddy, and Intuit. It applies to network services, computers and computer equipment including software, integrated system design and data processing services. You can get a good amount of value out of this category. The AMEX SimplyCash Plus Business Card also features the ability to choose this as a 3% cash back category.
Business Consulting Services
If selected, the Business Advantage Cash Reward Card will earn 3% cash back on business consulting services. This is a rare category that isn't really seen on other rewards cards. This category applies to consulting, public relations, legal, accounting, tax preparation and general and professional consulting services. This will be things such as H&R Block, One Legal, and Ruby Receptionists. If you do heavy spend in this category, you will want this card in your wallet.
The Business Advantage Cash Rewards Card earns 2% cash back per $1 spent on dining purchases. This includes both fast food and fine dining establishments. Earning 2% on cash back on dining is not bad when it comes to business cards. There's a lot more options when it comes to personal cards such as the Barclay Uber Card which earns 4% cash back on dining and the Capital One SavorOne Card which earns 3% back. Both of these cards have no foreign transaction fee unlike the Business Advantage Cash Rewards Card which has a 3% fee. Business Advantage Relationship Rewards members can earn up to 2.75% cash back on dining purchases.
All purchases on the Business Advantage Cash Rewards Card outside of the bonus categories above will earn 1% cash back. This is a very low return that can be better placed on a 1.5%+ cash back card of your choosing. Since Bank of America doesn't have any flat rate earning cards, I recommend picking up the Spark Miles Business Visa or Spark Cash Business Visa which both earn a 2% return on all spending.
Perks and Benefits
Business Advantage Relationship Rewards
There are 3 tiers in the Business Advantage Relationship Rewards: Gold, Platinum, and Platinum Honors. Each tier is based on a 3-month average combined balances between the Bank of America business account, Merrill Edge business investment account, and Merrill Lynch business investment account. Below are the requirements of each tier and the bonus they grant:
|Business Advantage Relationship Rewards|
|Gold||$20k to <$50k||25% Bonus|
|Platinum||$50k to <$100k||50% Bonus|
|Platinum Honors||$100k+||75% Bonus|
Do note that the bonuses for this program are calculated differently than the Preferred Rewards Client Program for personal Bank of America accounts. The Business Advantage Relationship Rewards Program applies the bonus to the base value, so a Platinum Honors tiered member in this business program that would normally receive 3% cash back will earn a bonus of +0.75% cash back for a total of 3.75% cash back. Preferred Rewards Client members receive the bonus to the overall percentage, so a Platinum Honors member with a personal card such as the Bank of America Cash Rewards Card that would normally receive 3% cash back will earn a bonus of 2.25% cash back for a total of 5.25% cash back. So when it comes to bonuses, the personal cards do come out ahead.
Just as a side note, bonus points are not the only bonus that Business Advantage Relationship Reward members receive. Waived banking fees, merchant service bonuses, Business Advantage Savings interest rate boost, discount on small business financing, discount on business advantage auto loans, and a lot more comes with this Business Advantage program.
Sign Up Bonus
The Business Advantage Cash Rewards sign up bonus is a $200 statement credit bonus after making at least $500 in net purchases in the first 60 days of your account opening. This card also typically comes with a 0% introductory APR period.
Credit Card Fees
|Authorized User Fee|
|Foreign Transaction Fee|
The Business Advantage Cash Rewards Card does not have an annual fee.
Authorized User Fee
There is no fee for adding authorized users to the Business Advantage Cash Rewards Card. If you have employees, family, or friends that spend in these categories, I would recommend adding them to maximize cash back!
Foreign Transaction Fee
The foreign transaction fee for the Business Advantage Cash Rewards Card is 3%. Using this card outside of the United States will drain the value of your rewards and I would advise that you do not do so!
You can use this rewards calculator to calculate how many points, miles, or cash back you can earn based on your spend per category. This calculator will also give you the dollar value of the card based on rewards earned and how much each benefit is worth to you minus the fees. You can click the Compare A Card button to compare this card against another card in the same calculator.
All category spend entered in the primary card's column will carry over to all credit card pages on the site so you don't have to re-enter the same information over again.
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