The Bank of America Business Advantage Cash Rewards Mastercard now has an introductory offer of: a $300 statement credit. Even though this isn’t the best welcome bonus there is to offer, it’s still a good card to have with no annual fees attached.
The Business Advantage Cash Rewards card is very malleable and can gain a large rewards rate for a category option you pick. The categories that you’re able to choose from are gas, office supply stores, travel, etc. However, this credit card would be better suited for you if you already have an account with Bank of America and are eligible for their Preferred Rewards for Business.
If the purchases you make for your business will cover the categories expenses outside of these options, then there’ll be limited value for you in this cash rewards card.
Business Advantage Cash Rewards Quick Facts
| Bonus Available | Gain $300 as statement credit once you make a minimum of $3,000 in expenses in the first 90 days of opening your account. |
| Bonus Value | $300 |
| Ongoing Rewards/Benefits | Receive 3% cashback on your choice of one of these categories: gas stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services.
Get 2% back on dining. Earn 2% & 3% limited to the first $50,000 in choice category/dining expenses altogether every year. Get an unlimited 1% cash back on other expenses. |
| Foreign Transaction Fees? | 3% |
| Annual Fee | $0 |
Recommended Free Credit Score (Get Free Score)
720 – 850 (Excellent)
*If interested see our list of Bank of America bonuses for Checking & Savings accounts.*
Pros
- No annual fee
- Bonus offer
- Great rewards on choice cateogry and dining
- Relationship Rewards bonus
Cons
- Excellent credit needed to qualify
- Foreign transaction fee
Editor’s Alternate Pick
 The Ink Business Cash® Credit Card offers $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening. You'll earn: • 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year • 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year • 1% cash back on all other card purchases with no limit to the amount you can earn. This card comes with no annual fee. You'll be able to take advantage of employee cards at no additional cost. |
Business Advantage Cash Rewards $300 Sign Up Bonus
Make use of the $300 statement credit offer. You must charge a minimum of $3,000 to your card in the first 90 days of having your account open to be able to qualify for this sign up bonus offer.
This is a good bonus if you compare this card to other cards that come with no annual fees.
Here are some ideas on meeting the spending requirement:
Redeeming Your Cash Rewards
You can redeem your cashback after you build up at least $25. Then you can get it as either a:
- Statement credit
- Direct deposit into a BoA small business checking or savings account
You don’t have to worry about your cash rewards expiring, so you can keep them as long as you wish to.
Business Advantage Cash Rewards Top Features
Gain 3% cash back for one of the categories you’v picked such as: gas stations (defaults to this if you don’t choose), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services.
You can even gain 2% cashback on dining and unlimited 1% back on other expenses.
The 2% and 3% rates are capped at $50,000 in when you put your spendings altogether every year.
If you’re already a member of Preferred Rewards for Business, you can get an extra 25% to 75% rewards bonus on each purchase you make.
| Membership Tier | Minimum Balance | Rewards Bonus | Choice Category | Dining | Other Rewards |
| Not a member | None | 0% | 3% | 2% | 1% |
| Gold | $20,000 | 25% | 3.75% | 2.50% | 1.25% |
| Platinum | $50,000 | 50% | 4.50% | 3.00% | 1.50% |
| Platinum Honors | $100,000 | 75% | 5.25% | 3.50% | 1.75% |
You’ll receive better rewards the more you deposit into your accounts. Qualifying Bank of America business accounts will be Merrill Edge and Merrill Lynch investment accounts.
Bottom Line
The Bank of America Business Advantage Cash Rewards Mastercard won’t give you the best sign up bonus or the highest rewards rates. However, if your company normally spends a good amount of money for dining or one of the other options every year, it’ll be worth it. If your business already banks with Bank of America then it’s even better suited for your company and will even be eligible for Preferred Rewards for Business.
But, if your company spending doesn’t match this cards category options, then you need to look into a different option business credit card that would be a better match for you.
(Visit BoA for more information)
What’s the Competition?
There are some of Bank of America Business Advantage Cash Rewards Mastercard’s top competitors listed below.
The Ink Business Cash® Credit Card offers $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening. You'll earn: • 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year • 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year • 1% cash back on all other card purchases with no limit to the amount you can earn. This card comes with no annual fee. You'll be able to take advantage of employee cards at no additional cost. |
 The Ink Business Unlimited® Credit Card offers $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. You'll earn an unlimited 1.5% cash back on every purchase made for your business and you'll receive employee cards at no additional cost. This card carries no annual fee. |
 The Capital One Spark Cash Select offers $500 Cash Back once you spend $4,500 on purchases within the first 3 months from account opening. You'll earn: • Unlimited 1.5% cash back could mean thousands of dollars each year going back into your business with no categories to limit your purchasing. • Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel This card comes with no annual fee and employee cards at no additional cost. |
Cards with an annual fee and better rewards offers:
 The Ink Business Preferred® Credit Card offers 90,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening. That's $900 cash back or $1,125 toward travel when redeemed through Chase TravelSM. You'll earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year; 1 point per $1 on all other purchases - with no limit to the amount you can earn. Furthermore, points are worth 25% more when you redeem for travel through Chase TravelSM. This card does come with a $95 annual fee but does not have any foreign transaction fees. |
 The Capital One Spark Cash offers a one-time $750 cash bonus once you spend $7,500 on purchases within 3 months from account opening. You're able to earn an unlimited 2% cash back for your business on every purchase, everywhere, no limits or category restrictions. Free employee cards, which also earn unlimited 2% cash back on all purchases Rewards won't expire for the life of the account, and you can redeem your cash back for any amount This card does come with no foreign transaction fees and $0 annual fee for the first year; $95 after that. |
 The Business Platinum Card® from American Express has a welcome offer of 250,000 Membership Rewards points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership. You'll earn: • 5X Membership Rewards Points on Flights, and Prepaid Hotels Booked through AmexTravel.com. • 1X points on other eligible purchases. • 1.5X points (that's an extra half point per dollar) on each eligible purchase at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more, on up to $2 million per Card Account per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus. • Unlock over $1,000 in statement credits on select purchases, including tech, recruiting and wireless in the first year of membership with the Business Platinum Card. Enrollment required. See how you can unlock over $1,000 annually in credits on select purchases with the Business Platinum Card • Fly like a pro with a $200 Airline Fee Credit. Select one qualifying airline to receive up to $200 back per year on baggage fees and other incidentals. • $199 CLEAR Plus Credit: Use your card and get up to $199 in statement credits per calendar year on your CLEAR Plus Membership (subject to auto-renewal) when you use the Business Platinum Card. • NEW! Make the Business Platinum Card work even harder for you. Hilton For Business members get up to $200 back per calendar year when you make an eligible purchase at Hilton properties across the globe. Benefit enrollment required. This card does come with a $695 annual fee. (See Rates & Fees) Terms Apply. |
