Bank of America® Business Advantage Cash Rewards Mastercard® Credit Card Review

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Editor's note: This offer is currently unavailable.

Despite being a relative newcomer to the small business credit card scene, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card provides a number of helpful business-related perks and benefits as well as a rewards program that offers points on everyday business purchases. If you are a small business owner whose purchases fall into this card’s bonus categories, the cash rewards earned with this card can add up quickly. (See also: The 5 Best Credit Cards for Small Businesses)

How This Card Works

This card awards 3% cash back on your choice of one of the following six categories: gas stations (default), 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 other purchases.

Online Exclusive Offer: Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.

You can redeem your cash rewards for cash back or request deposits into a Bank of America® checking or savings account, starting at $25.

Other Benefits

Overdraft protection. You can request to link your card to your Bank of America® business checking account for overdraft protection, which allows the bank to cover overdrafts and automatically transfer funds in multiples of $100. This benefit can save you in returned check fees and overdraft fees.

Account management tools. This card also includes tools for organizing and managing your business easier, including automatic payments, transfers and downloading transactions into QuickBooks.

Costs

• $0 Annual Fee
• 0% Intro APR for purchases for the first 9 billing cycles. (Then, 13.74%-23.74% variable APR)
  Balance transfers: 13.74%-23.74% variable APR
• 4% Balance Transfer Fee ($10 minimum)
• 3% Foreign Transaction Fee

Pros

Online exclusive bonus. This card offers an opportunity to earn a $300 statement credit if you make at least $3,000 in net purchases with your card within the first 90 days of opening the account. (See also: 5 Best Credit Cards That Offer Bonus Cash for Sign Up)

High rate of rewards. Although this card caps the 3% and 2% categories at $50,000 per year, it allows you to earn one of the highest rates of rewards in a variety of categories. And if you're a Business Advantage Relationship Rewards member, you can get a 25% - 75% rewards bonus on the base earn of every purchase you make. (See also: 5 Best Credit Cards for Office Supply Purchases)

Who This Card Is Best For

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers numerous business benefits, as well as an opportunity to earn cash back on some of the most common types of small business purchases. This card is most ideal for small business owners whose spending falls in different categories.