Bank of America Business Advantage Customized Cash Rewards MasterCard credit card Review
Earn 3% cash back on your chosen category (gas, office supplies, travel, etc.) and 2% on dining (up to $50,000 combined). Plus, get 25% to 75% bonus with Preferred Rewards. Manage categories, enjoy no annual fee, contactless payments, free monthly FICO score, and fraud protection.
This paragraph introduces the Bank of America® Customized Cash Rewards Credit Card, highlighting its customizable cash-back categories and the 25% to 75% bonus offered to Bank of America Preferred Rewards members. However, it emphasizes the need for active management due to the monthly selection limit, making it ideal for those with consistent business expense categories. It emphasizes the card’s rarity and value by mentioning the no annual fee and the unique flexibility compared to other cash-back cards.
Quick Highlights
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Earn 3% cash back in a chosen category (gas stations, office supplies, travel, etc.) and 2% cash back on dining, up to $50,000 per year.
- Earn 1% cash back on all other purchases.
- With Preferred Rewards for Business Platinum Honors tier, earn up to 75% more cash back, for a maximum of 25% in your chosen category, 3.5% on dining, and 1.75% on everything else.
- No Annual Fee
- Redeem cash back as a deposit, statement credit, or check. Rewards never expire.
- Change your chosen bonus category once per month through mobile app or online banking.
- 0% APR on purchases for the first 9 billing cycles, then a variable APR of 49% to 28.49%.
- Contactless chip card for secure and convenient transactions.
Advantage Customized Cash Rewards MasterCard Benefits
- Contactless Pay: With the tap-to-pay feature on this chip-enabled card, enjoy more security and convenience by not having to swipe or insert your card for transactions.
- Free Monthly FICO Score: opt into this feature to receive your FICO score from Transunion each month for free. This can help you keep track of your credit score and make informed financial decisions.
- Fraud Protection: Rest assured with a $0 liability guarantee for any fraudulent transactions made with your card. You won’t be held responsible for unauthorized charges, giving you peace of mind while using your card.
Rates & Fees
- Annual Fee: $0
- Intro Purchase APR: 0% Intro APR for 9 billing cycles for purchases
- Regular APR: 18.49% – 28.49% Variable APR on purchases and balance transfers
- Intro Balance Transfers APR: N/A
- Intro offer: $300
- Annual fee: $0
- Regular APR: 18.49% – 28.49% Variable APR on purchases and balance transfers
Rewards
- Earn 3% cash back in the category of your choice (gas stations, office supplies, travel, etc.) and 2% cash back on dining, up to $50,000 per year in combined purchases.
- After that, earn 1% cash back on your chosen category and dining.
- Earn 1% cash back on all other purchases.
Customizable Rewards
This card offers a 3% cash-back bonus in your chosen category, making it appealing for businesses with varying spending patterns. Choose from categories like gas stations, office supplies, travel, etc. The flexibility doesn’t stop there; you can change your chosen category once per month through the mobile app or online banking, ensuring you maximize your rewards throughout the year. Additionally, the card offers a 2% cash-back bonus on dining purchases, which can be significant for companies that frequently spend on client entertainment or catering. For example, with a typical monthly spend of $1,000 on dining, you could earn roughly $240 annually. However, remember there’s a combined spending cap of $50,000 annually for the 2% and 3% bonus categories. After reaching the cap, you’ll earn 1% on dining and your chosen category.
Eligibility Criteria for Bank of America Business Advantage Customized Cash
To apply for Bank of America Business Advantage Customized Cash, you must be at least 18 years of age and a resident of the United States. You also need to have a good credit score and meet the income requirements set by American Express.
To be eligible for the Bank of America Business Advantage Customized Cash, you must
- Be at least 18 years of age.
- Be a U.S. citizen or permanent resident of the United States.
- Have a valid Social Security Number.
- Have a valid U.S. street address.
- Keeping a good to excellent credit score.
- Have a minimum income requirement (specific amount not disclosed).
Customer Service
- Helpline Number: 888-306-4949
- Official Website: Bank of America
Conclusion
The Bank of America® Business Advantage Customized Cash Rewards Mastercard is a versatile credit card option for small businesses. Its customizable rewards program allows for flexibility, while the 2% cash back on dining caters to those with frequent dining expenses. The card’s lack of an annual fee makes it a budget-friendly choice. However, business owners should be aware of the spending cap on bonus categories and may need to manage their chosen category actively to maximize rewards. This card is an attractive option for small businesses with adaptable spending habits and a need for dining rewards, especially when combined with existing Bank of America banking relationships and qualifications for the Preferred Rewards for Business program.
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