The Bank of America® Business Advantage Cash Rewards Mastercard®Review for 2020

Is Bank of America®’s cash back business credit card the perfect, no-fuss card for you?

Overview

Quick Summary

The Business Advantage Cash Rewards Mastercard® is Bank of America®’s cash back rewards business credit card. As a cardholder, you’ll access  3%, 2%, or 1% cash back, a 9-month 0% intro APR period, and a $300 cash back welcome offer.

Business Advantage Cash Rewards Mastercard® Intro Rates

With the Bank of America® Business Advantage Cash Rewards Mastercard®, you’ll be saving from the get-go. That’s because one of its most lucrative perks is an intro perk—a nine-month 0% intro APR period.

For your first nine months with the Bank of America® Business Advantage Cash Rewards Mastercard®, any balance you carry from month-to-month will be completely interest-free.

As long as you make your minimum monthly payments for the card on time, you’ll be able to carry a balance on your Bank of America® Business Advantage Cash Rewards Mastercard® without accumulating a single cent of interest during your first nine months as a cardholder.

That said, this 0% APR won’t last forever—your APR with the Bank of America® Business Advantage Cash Rewards Mastercard® will set in at a variable rate that will depend both on your creditworthiness and on the market Prime Rate. Be sure to see the issuer’s terms and conditions for the latest APR information.

Business Advantage Cash Rewards Mastercard® Rewards: Welcome Offer

Beyond saving on avoided interest with your Bank of America® Business Advantage Cash Rewards Mastercard® credit card, you’ll also be able to earn easily with this card’s welcome bonus.

In fact, this Bank of America business credit cards comes with a welcome bonus that’s one of the most accessible of the entire market. All you’ll have to do is spend $3,000 during your first 90 days with the card, and you’ll earn a $300 statement credit.

On the other hand, many of this card’s competitors will require that you spend thousands of dollars during your first months as a cardholder in order to access a welcome bonus.

Basically, if you’re looking to access a welcome bonus that won’t cause you to worry about reaching a lofty spending threshold, then the Bank of America® Business Advantage Cash Rewards Mastercard® credit card is the way to go.

Business Advantage Cash Rewards Mastercard® Rewards: Ongoing Offer

But the cash back rewards certainly don’t stop there with the Bank of America® Business Advantage Cash Rewards Mastercard®.

Even after your first months as a cardholder, you’ll continue to earn high-value returns for your business spending.

As you invest in your business using the Bank of America® Business Advantage Cash Rewards Mastercard®, you’ll earn cash back at the following rates:

  • 3% cash back on one of the following categories: gas stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services.
  • 2% cash back at restaurants for the first $50,000 in combined choice category/dining purchases each calendar year).
  • 1% cash back on everything else.

If you’re spending large amounts at gas stations and office supply stores, then this card could help you earn a huge amount of cash back.

Business Advantage Cash Rewards Mastercard® Annual Fee

The best news of all about the Bank of America® Business Advantage Cash Rewards Mastercard®?

This business credit card won’t come with an annual fee, so you’ll be able to access all of the perks and rewards that it offers for free.

That said, the Bank of America® Business Advantage Cash Rewards Mastercard® will come with a foreign transaction fee of 3% of every the U.S. dollar amount of all the money you spend overseas.

As a result, you’ll need to keep an eye on any spending you do abroad if you’re doing it with the Bank of America® Business Advantage Cash Rewards Mastercard®.

Is the Business Advantage Cash Rewards Mastercard® Right for You?

Get the Business Advantage Cash Rewards Mastercard® if:

  • You don’t want to pay an annual fee.
  • You want to earn rewards in the form of cash back.
  • You want an easy-to-access welcome bonus.

Skip the Business Advantage Cash Rewards Mastercard® if:

  • You do a lot of your business spending abroad and want to dodge foreign transaction fees.
  • You want an even longer 0% intro APR period.
  • You want an even more generous welcome bonus.

Why the Bank of America® Business Advantage Cash Rewards Mastercard®?

Easy-to-Access Welcome Bonus

To start, the Bank of America® Business Advantage Cash Rewards Mastercard® comes with a pretty great sign up bonus.

The extra $300 is a great bonus for your business, especially if you’ll already be spending $3,000 in 3 months.

The Bank of America® Business Advantage Cash Rewards Mastercard® truly rewards you for business as usual with its welcome offer spending threshold.

Tiered Rewards Program

The Bank of America® Business Advantage Cash Rewards Mastercard® offers up a solid cash back rewards rate. Plus, tiered rewards mean that you’re earning even more for specific, business-friendly purchase categories.

If you spend a lot at gas stations and office supply stores (or any of the categories mentioned above), you’ll really benefit from maximizing your earnings on the 3x cash back category up to the $50,000 spending cap it shares with the 2x cash back category.

No Annual Fee

Finally, the Bank of America® Business Advantage Cash Rewards Mastercard® is a great deal for small business owners who want sizable cash savings but don’t want to pay an annual fee.

No annual fee means that there’s no chance that you end up paying more than you’re earning with your credit card—of course, provided that you don’t make any late payments and consequently accumulate interest on a balance.

As a result, the Bank of America® Business Advantage Cash Rewards Mastercard® can grant you the peace of mind that comes with knowing that you’ll always only be earning with as you spend responsibly with this card.

Keep in Mind With the Business Advantage Cash Rewards Mastercard®

Foreign Transaction Fee

First thing’s first, it’s important to note that the Bank of America® Business Advantage Cash Rewards Mastercard® will come with a foreign transaction fee.

This means that you’ll be charged a cool 3% of the U.S. dollar amount of any purchase you make while abroad. This could be a real deal breaker for business owners who are doing a lot of their business spending abroad.

The long and short of it?

If you are going to be making a lot of purchases overseas, we suggest you do so with a card without a foreign transaction fee.

Smaller Welcome Offer

Though it might be hard to believe, the Bank of America® Business Advantage Cash Rewards Mastercard®’s welcome bonus of $200 is actually pretty modest when you measure it against the welcome bonus that many competitors offer.

Of course, other top cash back cards will require that you reach pretty lofty spending thresholds in order to access their more generous welcome bonuses. As such, you’ll need to decide whether you want to prioritize accessibility or size when it comes to your cash back credit card’s welcome bonus.

If you’re not worried about reaching these lofty spending thresholds and you prefer to access a bigger bonus, then you should probably look beyond the Bank of America® Business Advantage Cash Rewards Mastercard® for your cash back needs.

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