Bank of America® Business Advantage Customized Cash Rewards Mastercard® overview

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card offers small businesses a way to adapt their rewards structure for the changing business needs. This annual no-annual-fee card can earn you thousands of dollars in cash back each year if you qualify for the Preferred Rewards® program. Card Rating* 12,’ .

* Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

The key to making the most of your credit card rewards strategy is points and miles; there’s a thing that says you have gotten away with hefty cash-back credit cards — especially when it lets people choose their reward system according to what they are spending on, which makes them unique.

While the Bank of America Business Advantage Customized Cash Rewards Mastercard credit card won’t win any awards for the most lucrative sign-up bonus or luxury perks, it does offer a lot to small business owners. It’s one of the best cash-back business cards for existing Bank of America customers.

It does not charge for the card, which is recommended by 740 or above applicants to increase their chances of getting approved. What do you need to know before applying for here?

BofA Business Advantage Customized Cash Rewards pros and cons

| Pros | Cons |
| — | — |
| * Multiple bonus cash-back categories * Unlimited flat-rate cash back on all other purchases (after meeting the cap) * No annual fee * Has an introductory APR offer * Elevated rewards for Bank of America Preferred Rewards for Business program members | * Charges foreign transaction fees * Capped earnings on bonus categories * The bonus category has to be manually chosen and can only be changed once a month |

BofA Business Advantage Customized Cash Rewards welcome offer

Those who have already signed up for the Bank of America Business Advantage Customized Cash Rewards can earn $500 online cash rewards bonus with $5,000 on purchases in the first 90 days after your account opened.

THE POINTS GUY

During the first 7 billing cycles, cardholders will get an APR of 0% on purchases for cards that is already in effect. After the end of intro APR offer, a variable A PR will apply. It’s now 16 to 17 . A total of 74 per cent and 26 per percent, . 74 per cent of the population.

Related: How to choose a credit card with 0% APR

BofA Business Advantage Customized Cash Rewards benefits

While it is common for a non-annual cash card to be included in the Bank of America Business Advantage Customized Cash Rewards, there are no numerous benefits or advantages that come with such an offer. The card does come with a suite of online services to help you run your business, such as downloading your transactions into Quickbooks for easy organization come tax season.

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Aside from the card, it also provides travel accident insurance, auto rental insurance and emergency ticket replacement and lost luggage assistance. This is a nice benefit for s, as it’s unusual to see travel protections on if you have re-cards.

Related: Why you may want a cash-back card

Earning cash back on the BofA Business Advantage Customized Cash Rewards

The Bank of America Business Advantage Customized Cash Rewards card is somewhat unusual, and has a similar rewards structure as does the individual version. If you choose the business-friendly category of your choice from below, you’ll get 3% back.

• Gas stations and EV charging stations
• Office supply stores
• Travel
• TV/telecom and wireless services
• Computer services
• Business consulting services

Also, 2% on dining and 1% for everything else you’ll get back on the money that you can afford. However, there is a cap on bonus category spending. In those categories, you’ll get 3% and 2% back on the first $50,000 in combined spending. Once your $50,000 limit is reached you’ll get 1% on all purchases.

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This means you can change your 3% category from month to month, which is an excellent help for businesses with changing needs throughout the year. When upgrading your software, for example, you may want 3% back on computer services; however, two months later you might like to switch from business consulting services. If you need this card, where and when you want it to make 3%.

This card is very valuable when your business qualifies for Bank of America Preferred Rewards. If you average combined balance of at least $20,000 in eligible Bank of America business accounts, and have a minimum total amount of $150,000 to earn the bonus on all rewards earned, you get it.

Take a look at what this rewards structure becomes when you qualify for each of the three Preferred Rewards tiers:

| | Gold | Platinum | Platinum Honors | Diamond |
| — | — | — | — | — |
| Combined account balance needed: | $20,000 $50,000 | $50,000 $100,000 | $100,000+ | $1,000,000+ |
| Chosen category spending: | 3.75% | 4.5% | 5.25% | 5.25% |
| Dining spending: | 2.5% | 3% | 3.5% | 3.5% |
| Nonbonus spending: | 1.25% | 1.5% | 1.75% | 1.75% |

This rewards structure can be one of the most lucrative programs in the Preferred Rewards program, especially for a free-annual-fee business card. Diamond Honors members can earn up to $2,625 in cash back each year as platinum and Diamond honors member’s bonus spending.

Redeeming cash back on the BofA Business Advantage Customized Cash Rewards

A cash back can be used as a deposit to get your money back into an eligible Bank of America account, if you have deposited it on your credit card bill and the check is sent by mail. As prizes pay a flat 1 cent each, you never have to worry about poor redemption options because rewards are worth that money. Regardless of how you decide to redeem your rewards, you’re getting the same value regardless.

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Of course this means there isn’t a way to increase the value of your rewards. For this reason, points and miles experts may not be fans of cash-back business cards for the sake of a point or miles expert, but it will still make sense to some people. E.g., TPG credit cards editor Emily Thompson likes the ease of cash-back redemption process he has in his handwriting for her own personal use.

Related: Cash back vs. travel rewards: How to choose a credit card

Which cards compete with the BofA Business Advantage Customized Cash Rewards?

But if you aren’t on Preferred Rewards program through your business accounts, then it might be time to look at alternatives to the Bank of America Business Advantage Customized Cash Rewards. Here are some solid options for .

• If you want more general rewards: The

Ink Business Cash® Credit Card

(see

rates and fees

The 5% back on office supply stores and on internet, cable and phone services (including 2% at gas stations and restaurants) is for the company’s . There’s less rewards than $25,000 in each year of account anniversary, but this card is a reward for every category at once. See us for more information read our .

full review of the Ink Business Cash

.

• If you spend more on travel, shipping and advertising: The

Ink Business Preferred® Credit Card

(see

rates and fees

For example, if you spend 3 points per dollar on up to $150,000 annually on travel, shipping purchases, internet, cable and phone services and advertising purchases with social media sites and search engines that offer advertisements through the use of ads (such as Google’s own website) and other online shopping websites and searching engines. CLICK read our review of for more information.

full review of the Ink Business Preferred

.

• If you don’t want any bonus categories: The

Capital One Spark Miles for Business

It is a $95 annual fee starting in the second year ($0 introductory annual rate in first year) and offers at least 2 miles per dollar for all purchases. And you can also read a .

Capital One’s 15-plus transfer partners

. For more information, read our

full review of the Capital One Spark Miles card

.

For additional options, check out our guide to the best business credit cards.

Related: Ink Business Preferred vs. Capital One Spark Miles for Business

Is the BofA Business Advantage Customized Cash Rewards worth it?

The Bank of America Business AdvantageCustomized Cash Rewards Mastercard credit card should be used by existing customers of the current Bank Of America Preferred Rewards business cards. This is a good reward model, with the ability to tailor it for your business needs. Yet, for example, business owners who are not members of Bank of America Preferred Rewards or have more consistent spending habits may prefer a different credit card.

Bottom line

Although this card doesn’t offer you any luxury benefits, it is the Bank of America Business Advantage Customized Cash Rewards card that allows you to earn thousands of dollars in rewards each year without paying an annual fee.

More profitable business cards are available, but this is an attractive candidate for small and medium sized businesses who want to have a customized credit card that fits spending needs.

Apply here: Bank of America Business Advantage Customized Cash Rewards

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