Editor’s note: This is a recurring post, regularly updated with new information and offers.
The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card offers small businesses a way to mold their rewards structure to fit changing business needs. If you qualify for the Preferred Rewards program, this no-annual-fee card has the potential to easily earn you thousands of dollars in cash back each year. Card Rating*: ⭐⭐⭐½
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Points and miles are an integral part of maximizing your credit card rewards strategy, but there is something to be said for a strong cash-back credit card — especially when that cash-back credit card allows you to customize your rewards structure to fit your business’s unique spending habits.
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, but it does have a lot to offer small-business owners. For existing Bank of America business customers, it’s one of the best cash-back business cards available.
The card has no annual fee and a recommended credit score of 670. Here’s what else you need to know before applying.
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
No annual fee
Introductory 0% APR for the first nine billing cycles
Elevated rewards for Bank of America Preferred Rewards for Business program members
Introductory 0% APR rate does not apply to balance transfers
3% foreign transaction fee
Capped earning on bonus categories
3% bonus category has to be manually chosen and can only be changed once a month
BofA Business Advantage Customized Cash Rewards welcome offer
With the Bank of America Business Advantage Customized Cash Rewards, you’ll earn a $300 statement credit after spending $3,000 on purchases in the first 90 days. This is the standard offer based on this card’s history.
THE POINTS GUY
Even if you’re a smaller-budget business, this is likely an easy bonus to hit. Most small businesses will have no issue spending $3,000 over the course of 90 days.
BofA Business Advantage Customized Cash Rewards benefits
As is typical with a no-annual-fee card, the Bank of America Business Advantage Customized Cash Rewards doesn’t come with many perks or benefits. The card does come with a suite of online services to help you manage your business, including the ability to download your transactions into Quickbooks for easy organization come tax season.
10,000 HOURS/GETTY IMAGES
You’ll also have travel accident insurance, auto rental insurance, emergency ticket replacement and lost luggage assistance through the card. It’s unusual to see travel protections on a cash-back card, so this is a nice benefit.
Earning points on the BofA Business Advantage Customized Cash Rewards
The Bank of America Business Advantage Customized Cash Rewards card has a somewhat unique rewards structure that mirrors the personal version of the card. You’ll earn 3% back on the business-friendly category of your choice from the following list:
Gas stations and EV charging stations
Office supply stores
Travel
TV/telecom and wireless services
Computer services
Business consulting services
You’ll also get 2% back on dining and 1% on everything else. However, there is a cap on bonus category spending. You’ll get 3% and 2% back on the first $50,000 in combined spending within those categories. After you meet the $50,000 limit, you’ll earn 1% on all purchases.
MASKOT/GETTY IMAGES
You can change your 3% category from month to month, which is an excellent benefit for businesses with changing needs throughout the year. For example, you may want 3% back on computer services when upgrading your software, but two months later, you might want to switch to business consulting services. This card gives you the flexibility to earn 3% where and when you need it.
This card becomes extremely valuable when your business qualifies for Bank of America Preferred Rewards. You get a bonus on all rewards earned if you have an average combined balance of at least $20,000 in eligible Bank of America business accounts.
Take a look at what this rewards structure becomes when you qualify for each of the three Preferred Rewards tiers:
Gold
Platinum
Platinum Honors
Combined account balance needed:
$20,000 — $50,000
$50,000 — $100,000
$100,000+
Chosen category spending:
3.75%
4.5%
5.25%
Dining spending:
2.5%
3%
3.5%
Non-bonus spending:
1.25%
1.5%
1.75%
The Preferred Rewards program has the potential to turn this rewards structure into one of the most lucrative available, especially for a no-annual-fee business card. Platinum Honors members can make up to $2,625 in cash back each year in bonus spending.
Related: Stop ignoring the Bank of America Preferred Rewards program
Redeeming points on the BofA Business Advantage Customized Cash Rewards
You can redeem your cash back as a deposit into an eligible Bank of America account, a statement credit on your credit card bill or a check sent by mail. Because rewards are worth a flat 1 cent each, you never have to worry about sub-par redemption options. No matter how you decide to redeem your rewards, you’re getting the same value.
DRAZEN_/GETTY IMAGES
Of course, this also means there isn’t a way to milk your rewards for more than their advertised value. Points and miles experts may not be a fan of cash-back business cards for this reason, but it will still make sense for some. TPG writer Ryan Wilcox, for example, enjoys the simplicity of the cash-back redemption process.
Related: How I use cash back — not just points and miles — to hit my travel goals
Which cards compete with the BofA Business Advantage Customized Cash Rewards?
If you aren’t a member of the Preferred Rewards program through your business accounts, you may want to look at alternatives to the Bank of America® Business Advantage Customized Cash Rewards. Here are some solid options:
If you want more general rewards: The Ink Business Cash Credit Card earns 5% back at office supply stores and on internet, cable and phone services, plus 2% at gas stations and restaurants. This card has a lower rewards cap of $25,000 in spending each account anniversary year, but you’ll be earning rewards across all categories simultaneously. 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 earns 3 points per dollar on up to $150,000 in spending each account anniversary year on travel, shipping purchases, internet, cable and phone services and advertising purchases with social media sites and search engines. For more information, read our full review of the Ink Business Preferred.
If you don’t want any bonus categories: The Capital One Spark Miles for Business offers at least 2 miles per dollar spent on all purchases with a $95 annual fee that’s waived for the first year (see rates and fees). You also have access to ample transfer partners through Capital One. 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?
Existing Bank of America Preferred Rewards business customers should consider the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card. It offers a strong rewards structure and the flexibility to mold that rewards structure to your business needs. However, business owners who are not Bank of America Preferred Rewards members or have more consistent spending habits may prefer a different card.
Bottom line
While the welcome offer isn’t stellar, and you aren’t getting any luxury perks with this card, the Bank of America Business Advantage Customized Cash Rewards card allows you to easily earn thousands of dollars in rewards each year without having to pay an annual fee.
There are certainly more lucrative business cards out there, but this is a strong contender for small and medium-sized businesses looking for a customizable credit card to fit spending needs.
Apply here: Bank of America® Business Advantage Customized Cash Rewards