Bank of America Business Advantage Cash Rewards Review
Is It Right For You?
Last Updated: By TRUiC Team
Do you need a business credit card to help take your company to the next level? Many banks offer great credit cards for entrepreneurs, but how do you know which one is the best fit for your business?
As a supplement to your own research, my team and I examined the details of each popular business credit card. Our goal is to make your decision easier by sharing our findings with you.
In this Bank of America Business Advantage Cash Rewards credit card review, we’ll walk through this card's pros and cons, fees and features, customer feedback and more. Let’s find out if it’s the right business credit card for you!
Recommended: Read our review of the best business credit cards.
Business Advantage Cash Rewards Pros & Cons
Pros of Business Advantage Cash Rewards
- My favorite feature of Business Advantage Cash Rewards is that there’s no annual fee. This is a major advantage considering some cards charge as much as $100/yr.
- As a Business Advantage Cash Rewards cardholder, you’ll earn 1% cash back on all purchases. Even more, you’ll receive 2% cash back at restaurants and 3% at gas stations and office supply stores. These rewards can add up quickly!
- You'll get a 0% introductory APR for your first 9 months as a cardholder.
- If you have a strong credit history, you can get an APR as low as 12.24%, which is the lowest rate I’ve seen on a business credit card. However...
Cons of Business Advantage Cash Rewards
- If your credit isn’t great, you could have an APR of up to 22.24%. This isn't the highest rate I’ve seen, but it's pretty close.
- You'll be charged a 3% transaction fee for any international charges. If you regularly buy foreign goods or travel internationally for business, you might want to find a different card.
Business Advantage Cash Rewards Alternative
The Capital One Spark Cash card has a high, unlimited cash-back rate as well as a competitive APR. Read Review
Business Advantage Cash Rewards Fees & Features
Have a glance at the way Bank of America advertises Business Advantage Cash Rewards on their own website, then we’ll dive into the details.
In addition to their $0 annual fee, Bank of America includes some other welcome features that we think make Business Advantage Cash Rewards a solid business credit card. For instance:
- No annual fee
- 1% cash back on all purchases, 2% cash back at restaurants, 3% cash back at gas stations and office supply stores
- 12.24-22.24% APR based on creditworthiness
- 0% introductory APR for 9 months
- $200 statement credit bonus after spending $500 in the first 60 days
- Complete fraud monitoring
While it may not have the highest flat cash-back rate or the largest sign-up bonus, the Bank of America Business Advantage Cash Rewards card has a lot to offer business owners who know how to take advantage of its rewards. Just don't forget about that 3% foreign transaction fee!
Unfortunately, Bank of America’s website doesn't have any customer reviews of the Business Advantage Cash Rewards card, which is unusual considering most of their competitors include feedback sections on their sites.
I also couldn't find any reviews of the card on 3rd-party review platforms. The most relevant customer feedback I was able to find was for Bank of America as a whole:
Customer Reviews Section Last Updated 11-13-17
- Consumer Affairs: 2.0/5, 311 reviews
- NerdWallet: 1.6/5, 232 reviews
Conclusion: Bank of America's reviews as a financial institution aren't so hot, but it doesn’t help much to read customer opinions of the entire bank anyway. With no specific reviews available, it’s difficult to determine the customer satisfaction level with Business Advantage Cash Rewards.
How Business Advantage Cash Rewards Compares
Business Advantage Cash Rewards is a strong business credit card, but that doesn’t mean it’s the perfect fit for every entrepreneur. With that in mind, let’s see how it stacks up against Capital One Spark Cash, another popular business credit card.
Fees: Capital One Spark Cash has a $95 annual fee, which is waived for your first year. On the other hand, Bank of America Business Advantage Cash Rewards has no annual fee at all.
Cashback: Spark Cash provides 2% cash back on all purchases. Business Advantage Cash Rewards has a 1% cash-back rate for most purchases but provides 2% at restaurants and 3% at gas stations and office supply stores.
Bonuses: Spark Cash offers a $500 cash bonus for cardholders who spend at least $4,500 in their first 3 months. Business Advantage Cash Rewards offers $200 as a statement credit if you spend $500 in your first 60 days.
APR: Spark Cash comes with a 17.99% APR for all approved cardholders. Business Advantage Cash Rewards uses a variable APR based on your creditworthiness, offering rates between 12.24% and 22.24%.
Here's A Quick Visual
Service Charge of $0
variable rewards with no annual fee
Perfect for: Anyone looking for a budget-friendly business credit card with great rewards
Service Charge of $95/year
unlimited 2% cash back on all purchases
Perfect for: Anyone looking for a business credit card with unlimited rewards
Frequently Asked Questions
Do They Provide Fraud Protection?
Absolutely! Bank of America offers zero-liability fraud protection for Business Advantage Cash Rewards cardholders. Not only are you safeguarded against unauthorized purchases, you’re also protected from misuse by terminated employees (a nice feature not many competitors offer).
Is It Easy to Get Cards for My Employees?
It really is quite simple -- all you need to do to acquire employee cards is ask. Plus you can manage your employees’ credit cards at any time from Bank of America’s secure online banking app.
Are There Any Other Special Features?
With Business Advantage Cash Rewards, you get access to Bank of America’s Cash Flow Management Tools. These online services allow you to set up automatic payments, make transfers, track expenses and more.
Should You Use Business Advantage Cash Rewards?
Bank of America Business Advantage Cash Rewards earns a score of 4.0/5 in my book. They don’t charge an annual fee, and applicants with strong credit can get really low APRs. That being said, if this doesn’t sound like your perfect fit, check out our 7 Best Business Credit Cards. Cheers!