Bank of America Business Advantage Cash Rewards Credit Card

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Bank of America Business Advantage Cash Rewards Credit Card

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  • $0 annual fee
  • 0% intro APR on purchase transactions
  • Up to 3% cash back on qualifying purchases


  • Up to 3% cash back on qualifying purchases
  • 1% unlimited cash back on standard purchases
  • Bonus welcome offer of $300 as a statement credit


Bank of America Business Advantage Cash Rewards Credit Card Summary

The Bank of America Business Advantage Cash Rewards Mastercard Credit Card has several beneficial features to offer a small business owner, but also comes with limitations and its own drawbacks. The card does not charge the customer an annual fee, which is a great feature when compared to some of the competitor offers that are available today.

There is an introductory offer that provides a 0% APR on all purchases made with the card, but this offer is only valid for a relatively short period of time. A reward system is also available, which provide up to 3% cashback on selected categories, but the customer can only choose a single bonus category to apply to their account.

A bonus offer is also available when approved for the Bank of America Business Advantage Cash Rewards Mastercard Credit Card, providing a $300 statement credit when the customer meets the minimum requirements.


PROS:
  • $0 annual fee
  • 0% intro APR on purchase transactions
  • Up to 3% cash back on qualifying purchases

CONS:
  • Introductory offer only valid for nine billing cycles
  • Limited bonus reward categories to choose from
  • Welcome offer requires $3,000 spending in first 90 days


Best Features

The fact that the Bank of America Business Advantage Cash Rewards Mastercard Credit Card does not charge an annual fee is one of the first benefits to be taken note of. The product also features an introductory offer. The customer gets a 0% APR applied to purchase transactions they make with the card during the first nine billing cycles.

The reward system grants a 1% cashback on all regular purchases that the customer makes with the card. The card also gives a 2% cash back on purchases that are made at restaurants.

The customer can choose between six categories – the category chosen by the customer will gain a 3% cashback. These categories include:

  • Gas stations
  • Television / Telecom and wireless
  • Computer services
  • Travel
  • Office supply stores
  • Business consulting services

Customers can also take advantage of a $300 bonus reward applied as a statement credit if they meet the minimum requirements for the offer within 90 days of the date at which the card was issued.


Drawbacks

Several limitations are placed on the reward system. Extra rewards are only applied to purchases up to the value of $50,000 per year. Furthermore, once the introductory period expires, the customer will have a variable APR applied to their account, which can go up to 24.24%.


Overall Summary

The Bank of America Business Advantage Cash Rewards Mastercard Credit Card requires an excellent credit score, but those who qualify can benefit from a product that comes with no annual fee and offers bonus rewards on certain purchases. The product gives the cardholder six categories to choose from – purchases made in the selected category are awarded a 3% cashback, but a limit does apply to how much can be earned through these transactions. A 1% cashback apply to all other purchases made with the card. The intro offer is also great, but lasts for only nine billing cycles and is followed by an APR that can become quite high.


Who this card is best for

The Bank of America Business Advantage Cash Rewards Mastercard Credit Card may be a good option for individuals who own a small company and need a card that will not cost them too much. The card is ideal for business owners who prefer not to pay an annual fee and those looking for a reward card that provides flexibility in terms of how points can be redeemed.


 

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