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 gas stations and office supply stores on up to $250,000 in combined purchases each calendar year (then 1% after meeting this threshold). Cardholders also get 2% back on purchases at restaurants and 1% on everything else.
The 3% cash-back rate is highly competitive, and the imposed limit of $250,000 per calendar year is quite generous. Overall, this high cash-back rate makes the card ideal for any business with large expenses at gas stations and office supply stores. If you take full advantage of the $250,000 limit, it equates to as much as $7,500 in cash-back rewards.
What makes the Bank of America® Business Advantage Cash Rewards Mastercard® credit card even better is that it also awards an above-average cash-back rate of 2% at restaurants. The card doesn't have an annual fee, but it does charge a 3% foreign transaction fee on purchases made abroad.
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 $200 statement credit when you make at least $500 in net purchases within 60 days of account opening. It's quite typical for business cards to offer around $500 as a sign-up bonus. That said, the spending requirement on the bonus itself is quite low compared to those found on other cards. So, while it's not as rewarding, it's more accessible for low-spending businesses.
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. You'll recall that the worst you could do on the Bank of America® Business Advantage Cash Rewards Mastercard® credit card was a bit lower at 1%. Therefore, 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 $4,500 within three months of 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.
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