Bank of America Business Advantage Customized Cash Rewards Credit Card Review

Concert workers, freelancers, small business owners, and anyone starting a business should consider having a business credit card to separate their personal expenses from those related to the business. This Bank of America Business Advantage Customized Cash Rewards credit card review explores the card as an option.

Even if you don’t have established business credit, you can apply for and get a business credit card using your personal credit. The Bank of America Business Advantage Customized Cash Rewards credit card could earn you the most money when the bulk of your business spending occurs in one type of category.

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Bank of America

Before choosing a business credit card, weigh the pros and cons of each to compare.

Advantages:

  • Choose an expense category for a 3% higher reward rate

  • You can change the selected expense category each month

  • 0% introductory APR for the first nine survey cycles

  • Rewards do not expire

  • Some Bank of America Corporate Bank Account Holders May Get Higher Reward Rates

The inconvenients:

  • A 3% foreign transaction commission

  • The higher 2% and 3% reward categories revert to 1% after the first $ 50,000 spent.

Bank of America Business Advantage Custom Cash Rewards credit card overview

Here are some of the important features of the card:

  • Card type: Business cashback rewards Mastercard

  • How to earn rewards: Earn 3% cashback in a category of your choice and 2% cashback on meals for the first $ 50,000. All other categories, as well as purchases over $ 50,000 earn 1% cash back.

  • How to redeem rewards: Request a check or deposit to your Bank of America account or use it as a statement credit.

  • Approval bonus: Receive a $ 300 credit when you spend at least $ 3,000 within 90 days of approval.

  • Annual subscription: $ 0

  • APR: 0% APR intro for the first nine reading cycles, then 12.24% to 22.24% variable APR

  • Foreign transaction fees: 3%

  • Credit score: Good to excellent

  • Particularities:

    • Preferred Rewards business bank account holders can earn up to 5.25% on a chosen category, 3.5% on meals and 1.75% on other purchases.

    • Unlimited rewards

    • Compatible with Quickbooks

    • $ 100,000 in travel accident insurance and other travel protection

Bank of America Business Advantage Custom Cash Rewards Credit Card Review

Most Bank of America business cards are travel rewards cards. However, the Advantage Customized Cash Rewards card focuses on cashback.

Who may be eligible

This card is intended for business expenses. You will need to provide information about your business, such as the annual business income and tax ID number. However, a business can be interpreted in several ways. Home-based businesses, artisans, startups, freelancers, or people working as rideshare or delivery drivers may be eligible.

Approval depends on your personal credit score rather than that of your business. You will need good (or better) credit for the best chance of approval.

How to register

To request the Business Advantage personalized cash rewards card, complete the online application. Bank of America says the whole process should take about five to ten minutes, provided you have the following information:

  • The legal name of the company, the address

  • Federal tax identification number

  • Type of business entity (LLC, sole proprietorship, corporation)

  • Legal names, contact details, social security numbers and percentage of ownership for all business owners

  • Your personal Social Security number

  • Personal income information

How the card works

Once you are approved for the credit card, you will receive it in the mail within seven to ten business days. The card will display the company name you provided when requesting the card. You will have 90 days to spend at least $ 3,000 to earn a bonus of $ 300. Once you meet the conditions, Bank of America will apply the bonus to your card as a statement credit.

Before you start spending, set up your preferred category to earn 3% cashback. Keep in mind that you will automatically receive 2% discount on meals and 1% discount on all other purchases.

To designate a 3% return category, choose from:

  • Office supplies retailers

  • To travel

  • Gas

  • business consultancy

  • TV, wireless and telecom

  • IT services

You can change your categories from month to month, which can be useful if you have a large upcoming purchase that you want to receive higher cash rewards. If you do not select a category, gas purchases will be the default.

Keep in mind that spending more than $ 50,000 per year on catering or whatever category you choose will drop the rewards rate to 1%.

Relationship rate

If you already have a higher-level Bank of America business account, you could earn up to 75% additional cash rewards on your business card spending.

Card relationship reward rates increase up to:

Redeem cash rewards

Once you’re ready to redeem the rewards for cash, the options aren’t as extensive as other rewards cards. You’ll be able to:

Commercial features

A business credit card is advantageous because of the reports available to facilitate expense management and tax reporting. The Business Advantage Personalized Cash Rewards credit card integrates with QuickBooks. You can grant personalized access to users such as an accountant or sales manager to run reports. Finally, you can request an unlimited number of employee cards at no additional cost.

Security

Bank of America’s card security features aren’t innovative, but they are effective. Your card is monitored to detect and block unusual activity. As long as you immediately report suspicious transactions, you will enjoy zero liability protection for unauthorized transactions. In addition to the security features, the card comes with extended warranty coverage and protection against damage, theft or loss.

How to get help

If you need to contact customer service for assistance, Bank of America has two phone numbers for business card holders:

At the end of the line

The Bank of America Business Advantage Customized Cash Rewards credit card is a good credit card for businesses with high fuel expenses or who tend to make card purchases for a particular category. Cardholders will be able to choose a category each month, including fuel, office supplies or travel, to earn 3% cashback. Bank of America customers who have a business account with the bank may also benefit from higher reward rates depending on the account level.

Bank of America Business Advantage Customized Cash Rewards Credit Card FAQs

What Bank of America Business Advantage Personalized Cash Rewards categories can I choose from?

You can choose from the following categories to get 3% cashback. If you do not choose one, gas purchases will be the default option.

  • Office supplies

  • Gas

  • To travel

  • business consultancy

  • TV, wireless and telecom

  • IT services

Which business credit cards have the highest cash back rates?

The Bank of America Business Advantage Personalized Cash Rewards Credit Card has an above average reward rate of 3% on a category of your choice.

Other business cards offering high reward rates include the Ink Business Cash® credit card with 5% on certain categories and the American Express® Business Gold card which earns 4 times more points on purchases.

Does Bank of America check my business credit if I apply for a business credit card?

Bank of America Business Credit Cards check your personal credit score to approve or deny your request. Small businesses that have not yet established a trade credit history may still be eligible for a credit card. Keep in mind that your business card activity will be reported to consumer credit bureaus, which will ultimately affect your personal credit score rather than your business credit history.


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