Bank of America® Business Advantage Cash Rewards Mastercard® credit card Review

Bank of America® Business Advantage Cash Rewards Mastercard® credit card Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Editor's Rating

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Bank of America® Business Advantage Cash Rewards Mastercard® credit card
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Editor's Rating

?
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers.","showIcon":false,"tooltipLabel":"?"}

Bank of America® Business Advantage Cash Rewards Mastercard® credit card
This product is not available through ValuePenguin.
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The Bank of America® Business Advantage Cash Rewards Mastercard® credit card is one of Bank of America's premier credit cards. This cash-back card is best for businesses that spend a lot at gas stations and office supply stores. That said, the card can also be highly lucrative for any business simply looking for a cash-back card. If you're an existing Bank of America customer, we recommend applying for the Bank of America® Business Advantage Cash Rewards Mastercard® credit card. Even if you're not, read on to see if the card makes sense for your business.

Bank of America® Business Advantage Cash Rewards Mastercard® credit card Review: What You Need to Know

Our Thoughts

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers 3% cash back at your choice of the following six categories: gas stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all purchases.

Where the Card Could Do Better

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card packs an unimpressive sign-up bonus of a $300 statement credit when you make at least $3,000 in net purchases within 90 days of account opening. It's quite typical for business cards to offer around $500 as a sign-up bonus.

Bottom Line

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card is one of the better business cash-back cards available. That said, it's best for businesses with very specific spending needs. If you're interested in reading more about other Bank of America business cards, you can read our full roundup here, or you can read our best small-business card roundup here.

How Does the Bank of America® Business Advantage Cash Rewards Mastercard® credit card Compare to Other Cards?

While the Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a great card, we always advocate for consumers to shop around and compare different credit card offers. Below, we provide other cards that may be more lucrative for your business.

A Great Choice for Businesses That Travel: Bank of America® Business Advantage Travel Rewards World Mastercard® credit card

Our Thoughts

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is a very straightforward card, as it earns businesses 3 points per dollar spent on travel purchases through the BoA Travel Center and 1.5 points per dollar spent on all other purchases. This means, at the very worst, your purchases will yield a 1.5% rewards rate. This card is great for businesses with varied expenses.

Unlike the Bank of America® Business Advantage Cash Rewards Mastercard® credit card, the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card doesn't have foreign transactions fees, making it the perfect travel card for your business. Furthermore, it also doesn't have an annual fee. While it's marketed as a travel card, points can also be redeemed for cash back. Therefore, the card is quite flexible in terms of how it can be utilized.

High Cash-Back Rewards: Capital One® Spark® Cash for Business

Our Thoughts

Right off the bat, prospective applicants should know that the Capital One® Spark® Cash for Business has a $95 annual fee, although it's waived in the first year. In return for the annual fee, the card offers users the ability to earn 2% cash back on all purchases, which is among the highest flat cash-back rates available. There are no categories to keep track of, meaning the card is just as effective at rewarding users no matter what you purchase.

In terms of a sign-up bonus, the card offers $500 cash after you spend $5,000 within three months of account opening and earn $1,500 when you spend $50,000 in the first six months of your account opening. That's on par with some of the higher cash-back bonuses available for business cards. That said, it's also one of the higher spending requirements we've seen. You can also get free employee cards and earn rewards for their spending; however, you'll be responsible for the expenses put on the cards.

No Annual Fee: Capital One® Spark® Cash Select for Business

Our Thoughts

The Capital One® Spark® Cash Select for Business can be thought of as a truncated version of the Capital One® Spark® Cash for Business. Unlike the Capital One® Spark® Cash for Business, the Capital One® Spark® Cash Select for Business doesn't have an annual fee. However, it also only awards 1.5% cash back on all purchases. The card also has a smaller sign-up bonus of $200 provided you spend $3,000 within three months of account opening. Just know that if you spend $19,000 or more every year, the extra 0.5% cash-back rate on the Capital One® Spark® Cash for Business makes up for the card's annual fee.

While a 1.5% cash-back rate is decent, it's worth nothing that higher cash-back rates can be achieved. However, most of the time, higher cash-back rates are limited to certain categories. Even then, issuers will impose a rewards threshold in said categories. If you're simply looking for a cash-back credit card with no annual fee, the Capital One® Spark® Cash Select for Business should be among cards that you consider.

Joe Resendiz

Joe Resendiz is a former investment banking analyst for Goldman Sachs, where he covered public sector and infrastructure financing. During his time on Wall Street, Joe worked closely with the debt capital markets team, which allowed him to gain unique insights into the credit market. Joe is currently a research analyst who covers credit cards and the payments industry. He earned a bachelor’s degree from the University of Texas at Austin, where he majored in finance.

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.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

Bank of America® Business Advantage Cash Rewards Mastercard® credit card
This product is not available through ValuePenguin.
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