Bank of America Business Advantage Unlimited Cash Rewards Mastercard Review

Business Advantage Unlimited Cash Rewards Mastercard is the perfect credit card for small business owners who want to earn cash back on their everyday purchases. With a $300 online statement credit after making at least $3,000 in purchases within the first 90 days and an unlimited 1.5% cash back on all purchases, this card offers great value. Plus, there is no annual fee and no limit to the amount of cash back you can earn. Comprehensive Business Advantage Unlimited Cash Rewards Mastercard review and talk about its benefits, features, all kinds of rates and fees and comparisons with other similar credit cards.

Let’s start with quick highlights!

Quick Highlights

Welcome, offer: Earn a $300 online statement credit after spending $3,000 within 90 days of account opening.
Earn cash back: Get 1.5% unlimited cash back on purchases. Become a Preferred Rewards for Business Platinum Honors member (no fee) to earn up to 2.62% cashback.
No annual fee, and rewards don’t expire: Enjoy the benefits without an annual fee and redeem your rewards anytime as long as your account is active.
Multiple redemption options: Choose to deposit your cash back into your Bank of America checking/savings account, credit your statement, or receive a check.
0% introductory APR: Benefit from a 0% introductory APR on purchases for the first nine billing cycles, followed by a variable APR of 18.49% – 28.49%.
Contactless payments: Experience secure and convenient transactions with contactless technology.
Limited-time offer: Apply now, as this offer might not be available later.

Rewards Program Details

Please read your credit card program rules and new account materials, which will be mailed to you after your Account is established. Business Advantage Unlimited Cash Rewards Program Rules govern the Cash Rewards program, including any bonus features.

1.5% Base Cash Rewards: Earn 1.5% cash back (equal to $0.015) for every $1 of Net Purchases made with the card. There’s no limit to how much cash rewards you can earn.
How You Earn Cash Rewards: Cash rewards are earned when your card is used to make purchases less any credits, returns and adjustments (“Net Purchases”). The following transactions are not considered purchases and will not earn cash rewards: Balance Transfers and Cash Advances (each as defined in your Business Card Agreement), fees, finance charges, fraudulent transactions, and certain other charges.
How You May Lose Rewards: Rewards Expiration: As long as your Account remains open, cash rewards do not expire. If the Account is voluntarily closed or we close the Account for inactivity, you must redeem the cash rewards within 90 days after closing.
Rewards Forfeiture: If we close your Account for any other reason, you will lose your cash rewards immediately.
Rewards Program Rules: Program Rules containing additional details will be sent to you with your new account materials. Other significant terms apply. Program subject to change without notice. Keep track of your cash rewards and take advantage of the various redemption options available to you. Remember, your cash rewards can add up quickly and provide a valuable benefit for your business. Stay informed about any changes to the Program and make the most out of your Business Advantage Unlimited Cash Rewards Program. Thank you for choosing Bank of America for your business needs. We appreciate your loyalty and look forward to helping your business succeed. So keep earning those cash rewards and see your business grow!
Rewards Redemption: There is no annual cap on reward redemption. Redeem cash rewards as a deposit into your Bank of America® checking or savings Account, as a credit to an eligible Merrill investment account, as a card statement credit, or as checks. Cash rewards checks expire 90 days after the date of issue. Cash rewards are redeemable on demand, as described in more detail in the Program Rules. Cash rewards may not be combined with other discount or reward programs unless specifically authorized by us. You are responsible for determining any tax liability arising from participation in the Program. Consult your tax advisor concerning tax consequences. Your company may be issued an Internal Revenue Service Form 1099 (or other appropriate form) that reflects the value of such rewards.

Benefits of Advantage Unlimited Cash Rewards Mastercard credit card

Stay Protected: Our zero liability protection for unauthorized transactions and additional protections against loss, damage, theft, or fire will provide peace of mind while using your Bank of America business credit card.
Overdraft Protection: Link your credit card to a Bank of America business checking account for overdraft protection through Balance Connect. This optional service prevents declined purchases, returned checks, and other overdrafts. Approval is subject to the Bank’s discretion, and transfers may not be available for up to 14 days from account opening.
Fraud Monitoring: We take proactive measures to protect your card against potential fraud by detecting abnormal patterns. If we suspect fraudulent activity, we will notify you immediately.
Paperless Statement Option: By opting for paperless statements, you can increase the security of your account and help reduce paper consumption. So why wait? Choose our paperless option today!

Additional Benefits

Earn a $300 statement credit: This offer is available to new cardholders who spend at least $3,000 within 90 days of account opening. Exclusions apply (balance transfers, cash advances, fees, returns, adjustments). This offer cannot be combined with other promotions and is limited to one per company. You will receive the credit within 1-2 billing cycles after qualifying.
Earn unlimited 1.5% cash back on all purchases: This card offers a straightforward reward structure with no category restrictions or spending tiers.
No annual fee: Enjoy the benefits of this card without an annual fee.
Rewards don’t expire: Redeem your cash-back rewards anytime as long as your account is active.
0% introductory APR: Benefit from a 0% introductory APR on purchases for the first nine billing cycles, followed by a variable APR of 18.49% – 28.49%.

Features

Business Banking Services: With our suite of online services, managing your business has never been easier. Our tools include automatic payments, transfers, and downloading transactions into QuickBooks to streamline your financial processes.
Convenient Access: Take control of your account with our 24/7 Online and Mobile Banking. Keep track of your balance and monitor activity for you and your employees from anywhere, at any time.
Travel and Emergency Assistance: We understand the importance of travel for businesses. That’s why we provide a range of services, such as $100,000 in travel accident insurance, auto rental insurance, and emergency ticket replacement, lost luggage assistance, and legal and medical referrals while you’re away from home.
Free Business Credit Scores: Stay informed about your credit scores with free access to your Dun & Bradstreet business credit scores within Business Advantage 360, our Small Business Online Banking platform. Keep track of your credit health and make informed decisions for your business. So, these are some of the amazing features that make our Business Advantage 360 a must-have tool for managing your business finances. With easy online access, convenient services, and travel benefits, we are here to support and empower your business every step of the way.

Business Advantage Unlimited Cash Rewards Mastercard Application

While Bank of America doesn’t explicitly publish eligibility criteria for the Business Advantage Unlimited Cash Rewards Mastercard®, certain factors can influence your approval chances.

Eligibility Criteria

Creditworthiness: You’ll likely need a good to excellent credit score (generally above 740 FICO or 781 Vantage Score) for approval.
Business information: Be prepared to provide details about your business, including its legal structure, year established, and annual revenue.
Banking relationship: Having a business checking account or other business banking relationship with Bank of America might improve your approval odds.
Application information: Ensure you meet the minimum age requirement (typically 18 years old) and provide accurate and complete information on your application.

Customer Service

Opening an account: 866.283.4075
Existing account: 800.892.3219
Official Website: Bank of America

Conclusion

Business Advantage Unlimited Cash Rewards Mastercard offers a simple and potentially rewarding option for small businesses, particularly those already banking with Bank of America. While the base 1.5% cash back rate is decent, the real value lies in the potential to earn up to 2.62% cash back through the Preferred Rewards for Business program. However, this requires maintaining a significant amount of money in qualifying Bank of America accounts.

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Frequently Asked Questions (FAQs) ® Business Advantage Unlimited Cash Rewards Mastercard

What are the fees associated with this card?

There is no annual fee associated with this card. However, the standard variable APR for purchases and balance transfers is 18.49% to 28.49%. Cash advances have a higher APR of 29.49%.

How do I earn cashback rewards?

You earn 1.5% cash back on all purchases with this card. If you qualify for the Preferred Rewards for Business Platinum Honors tier, you can earn up to 2.62% cashback.

How can I redeem my cashback rewards?

You can choose to redeem your cash back as a deposit into your Bank of America checking or savings account, as a statement credit, or as a check mailed to you.

Is there a minimum spending requirement to earn the welcome offer?

Yes, you need to spend at least $3,000 within 90 days of account opening to qualify for the $300 statement credit.

How long do I have to spend $3,000 to qualify for the welcome offer?

You have 90 days from account opening to meet the spending requirement.

What kind of purchases qualify for the welcome offer?

Only net purchases count towards the spending requirement. This excludes balance transfers, cash advances, fees, returns, and adjustments.

Is there a limit to the amount of cashback I can earn?

No, there is no annual cap on the amount of cash back you can earn with this card.

Do my cashback rewards expire?

No, your cashback rewards will not expire as long as your account remains open.

7.7Expert Score

Business

Get comprehensive coverage on the Bank of America Business Advantage Cash Rewards Mastercard, including its benefits, features, rates and fees. Earn unlimited 1.5% cash back on all purchases with a $300 online statement credit after spending at least $3,000 within the first 90 days. No annual fee and no limit on cash back earnings.

Business Rating

8.2

Rewards Value

APR

Rewards Flexibility

Features

Issuer Customer Experience

PROS

This card offers rewards without the burden of an annual fee.
Earn a simple and consistent 1.5% cash back on all purchases.
New cardholders can earn a $300 statement credit by spending $3,000 within 90 days.
By qualifying for the Preferred Rewards for Business program, you can boost your cash back rate to up to 2.62%.
Earn unlimited cash back without worrying about reaching a limit.
Redeem your cash back anytime as long as your account is active.
Choose to deposit your cash back into your Bank of America account, credit your statement, or receive a check.
Enjoy a period of no interest on purchases for the first nine billing cycles.

CONS

Compared to some other business cards, the base 1.5% cash-back rate is not particularly competitive.
This card lacks travel-specific benefits like airport lounge access or travel insurance.
A 3% fee applies to all foreign purchases, which can negate the benefits of using the card abroad.
After the introductory period, the APR can be quite high, making carrying a balance expensive.
To unlock the highest cash-back potential, you need to maintain a qualifying balance in a Bank of America business account or Merrill investment account.

Specification: Bank of America Business Advantage Unlimited Cash Rewards Mastercard Review

Best For:	Business Credit Card
Recommended Credit	Good to Excellent (670 – 850)
Intro Offer:	$300
Rewards	1.5% cash back on every purchase
Annual Fee:	No Annual Fee
Regular APR:	18.49% – 28.49%
Intro Balance Transfers APR:	N/A
Intro Purchase APR:	0% Intro APR for 9 billing cycles for purchases
Intro Purchase APR Period:	First 9 billing cycle
Balance Transfers Fee:	4% of the amount of each transaction.
Foreign Transaction Fee	3% of the U.S. dollar amount of each transaction
Cash Advance Fee	4% of the amount of each transaction.
Late Payment Fee:	$49 if greater than $5,000.
Cash Equivalent Fee	N/A
Convenience Check Fee	N/A
Returned Payment Fee:	N/A
Over Limit Fee:	N/A
ExtendPay Fee	N/A
Credit Card Limit:	$1,000 to over $50,000.
Credit Card Type	business credit card
Credit Card Features	free FICO® credit score, No Annual Fee, No Foreign Transaction Fee, Zero Fraud Liability