Bank of America Business Advantage Customized Cash Rewards Review: Choose Your Bonus Category
This card earns 3% cash back on the category of your choice from a list of options and 2% cash back on dining, up to a combined annual spending cap. There's no annual fee.
Personal Finance Expert | budgeting, banking, family finances, money savings strategies, ways to maximize your credit card rewards, how to boost your credit score
Kimberly Palmer is a personal finance expert at NerdWallet. She has been featured on the "<a href="https://www.today.com/video/how-to-save-money-on-your-vacation-this-summer-1257358915885?v=a">Today</a>" show and in <a href="https://www.nytimes.com/2019/03/02/style/financial-independence-30s.html?">The New York Times</a>. She is also the author of three books about money: "Smart Mom, Rich Mom," "The Economy of You" and “Generation Earn.” Previously, she was a money editor at U.S. News & World Report and AARP. Kimberly's work also appears at <a href="https://www.nerdwallet.com/ca/?trk=US_bio">NerdWallet Canada</a>. Email: <a href="mailto:kpalmer@nerdwallet.com">kpalmer@nerdwallet.com</a>. Twitter: <a href="//twitter.com/KimberlyPalmer">@KimberlyPalmer</a>.
Personal Finance Expert | budgeting, banking, family finances, money savings strategies, ways to maximize your credit card rewards, how to boost your credit score
Kimberly Palmer is a personal finance expert at NerdWallet. She has been featured on the "<a href="https://www.today.com/video/how-to-save-money-on-your-vacation-this-summer-1257358915885?v=a">Today</a>" show and in <a href="https://www.nytimes.com/2019/03/02/style/financial-independence-30s.html?">The New York Times</a>. She is also the author of three books about money: "Smart Mom, Rich Mom," "The Economy of You" and “Generation Earn.” Previously, she was a money editor at U.S. News & World Report and AARP. Kimberly's work also appears at <a href="https://www.nerdwallet.com/ca/?trk=US_bio">NerdWallet Canada</a>. Email: <a href="mailto:kpalmer@nerdwallet.com">kpalmer@nerdwallet.com</a>. Twitter: <a href="//twitter.com/KimberlyPalmer">@KimberlyPalmer</a>.
Claire Tsosie is a managing editor for NerdWallet's travel team. Previously, she was a writer on the credit cards team and a managing editor on the expansion team. Her work has been featured by Forbes, USA Today and The Associated Press. She's been a speaker at both CardCon and FinCon. Email: <a href="mailto:claire@nerdwallet.com">claire@nerdwallet.com</a>.
Claire Tsosie is a managing editor for NerdWallet's travel team. Previously, she was a writer on the credit cards team and a managing editor on the expansion team. Her work has been featured by Forbes, USA Today and The Associated Press. She's been a speaker at both CardCon and FinCon. Email: <a href="mailto:claire@nerdwallet.com">claire@nerdwallet.com</a>.
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NerdWallet's business credit card content, including our ratings, reviews and recommendations, is overseen by a team of writers and editors who specialize in business credit cards. Their work has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage. We independently evaluate and rate dozens of small-business credit cards, scoring them on fees, rewards rates, bonus offers and other features to help you choose the best business card for your company.
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Personal Finance Expert | budgeting, banking, family finances, money savings strategies, ways to maximize your credit card rewards, how to boost your credit score
Kimberly Palmer is a personal finance expert at NerdWallet. She has been featured on the "<a href="https://www.today.com/video/how-to-save-money-on-your-vacation-this-summer-1257358915885?v=a">Today</a>" show and in <a href="https://www.nytimes.com/2019/03/02/style/financial-independence-30s.html?">The New York Times</a>. She is also the author of three books about money: "Smart Mom, Rich Mom," "The Economy of You" and “Generation Earn.” Previously, she was a money editor at U.S. News & World Report and AARP. Kimberly's work also appears at <a href="https://www.nerdwallet.com/ca/?trk=US_bio">NerdWallet Canada</a>. Email: <a href="mailto:kpalmer@nerdwallet.com">kpalmer@nerdwallet.com</a>. Twitter: <a href="//twitter.com/KimberlyPalmer">@KimberlyPalmer</a>.
Personal Finance Expert | budgeting, banking, family finances, money savings strategies, ways to maximize your credit card rewards, how to boost your credit score
Kimberly Palmer is a personal finance expert at NerdWallet. She has been featured on the "<a href="https://www.today.com/video/how-to-save-money-on-your-vacation-this-summer-1257358915885?v=a">Today</a>" show and in <a href="https://www.nytimes.com/2019/03/02/style/financial-independence-30s.html?">The New York Times</a>. She is also the author of three books about money: "Smart Mom, Rich Mom," "The Economy of You" and “Generation Earn.” Previously, she was a money editor at U.S. News & World Report and AARP. Kimberly's work also appears at <a href="https://www.nerdwallet.com/ca/?trk=US_bio">NerdWallet Canada</a>. Email: <a href="mailto:kpalmer@nerdwallet.com">kpalmer@nerdwallet.com</a>. Twitter: <a href="//twitter.com/KimberlyPalmer">@KimberlyPalmer</a>.
Claire Tsosie is a managing editor for NerdWallet's travel team. Previously, she was a writer on the credit cards team and a managing editor on the expansion team. Her work has been featured by Forbes, USA Today and The Associated Press. She's been a speaker at both CardCon and FinCon. Email: <a href="mailto:claire@nerdwallet.com">claire@nerdwallet.com</a>.
Claire Tsosie is a managing editor for NerdWallet's travel team. Previously, she was a writer on the credit cards team and a managing editor on the expansion team. Her work has been featured by Forbes, USA Today and The Associated Press. She's been a speaker at both CardCon and FinCon. Email: <a href="mailto:claire@nerdwallet.com">claire@nerdwallet.com</a>.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small business and personal finance.
Objective comprehensive business credit card ratings rubric (Methodology).
NerdWallet's business credit card content, including our ratings, reviews and recommendations, is overseen by a team of writers and editors who specialize in business credit cards. Their work has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage. We independently evaluate and rate dozens of small-business credit cards, scoring them on fees, rewards rates, bonus offers and other features to help you choose the best business card for your company.
Advertiser disclosure
You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
we offer, the information we provide and the tools we create are
objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
Overview
The bottom line:
Worth a look for those who spend a lot in one or more of the 3% cash-back category options, as well as those who already do business with Bank of America®. But because the bonus rewards are capped, it's not a good fit for big spenders.
Credit card details
Annual fee
$0
Regular APR
17.24%-27.24% Variable APR
Intro APR
0% intro APR on Purchases for 9 billing cycles
Rewards rate
1%-3%
Earn 3% cash back in the category of your choice: gas stations & EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining purchases on the first $50,000 in combined choice category/dining purchases, and 1% cash back on all other purchases.
Cashback
Foreign transaction fee
3% of the U.S. dollar amount of each transaction
Intro offer
$300
Get a $300 online statement credit after you make at least $3,000 in net purchases in the first 90 days of your account opening - with no annual fee and cash rewards don't expire as long as your account remains open.
Pros & Cons
Pros
No annual fee
High rewards rate in bonus categories
New cardholder bonus offer
Bonus rewards for qualifying Preferred Rewards for Business members
Cons
Requires excellent credit
Complicated rewards
Spending caps on bonus rewards
Multiple accounts, high combined balance required to get Preferred Rewards bonus
More details from Bank of America
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 the category of your choice: gas stations & EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining purchases and 1% cash back on all other purchases.
You'll earn 3% cash back on purchases in the category of your choice and 2% cash back on dining purchases on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for Preferred Rewards for Business Platinum Honors tier. That means you could earn up to 5.25% cash back in your selected choice category and up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
No annual fee
Choose how to redeem your cash rewards-as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you. Cash rewards don’t expire as long as your account remains open.
To change your choice category for future purchases, you must go to the Mobile Banking app or Business Advantage 360, our small business online banking. You can change it once each calendar month, or make no change and it stays the same.
0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 17.24% to 27.24% will apply.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
For business owners looking for a cash-back card that allows for a little customization, there’s a lot to love about the $0-annual-fee Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card.
The card offers 3% cash back on the category of your choice from a list of options, which you can change as often as once a month, and 2% cash back on dining. The 3% and 2% rates are good on up to $50,000 in combined choice category/dining purchases each calendar year. You get 1% cash back above the cap on all other spending.
While the spending cap on the bonus categories makes the card a poor option for big spenders, it's a valuable choice for entrepreneurs who can use that 3% category to earn bonus cash back on major expenses without bumping up against the cap. It's even more lucrative for those who qualify for higher rewards rates on the card by keeping a certain amount of money in Bank of America® and Merrill business accounts.
Key features of Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
Sign-up bonus: Get a $300 online statement credit after you make at least $3,000 in net purchases in the first 90 days of your account opening - with no annual fee and cash rewards don't expire as long as your account remains open.
Rewards:
3% cash back in the category of your choice from a list.
2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year; 1% after that limit is reached).
1% cash back on all other purchases.
For the 3% cash-back category, you can choose one of the following categories and change your selection up to once a month:
Gas stations and EV charging stations.
Office supply stores.
Travel.
TV, telecom and wireless.
Computer services.
Business consulting services.
If you don't select a category, the default selection will be gas stations. Your category selection will remain the same from month to month unless you decide to change it.
Interest rate: 0% intro APR on Purchases for 9 billing cycles, and then the ongoing APR of 17.24%-27.24% Variable APR.
Foreign transaction fee: 3%.
Other benefits: Those who qualify for Bank of America® Preferred Rewards for Business can earn bonuses on rewards, effectively boosting the card's overall earn rates.
Why you might want the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
A 3% category you can choose
For small-business owners that spend a lot in one or more of the categories that can earn 3%, this card's flexibility is valuable. Many of these categories cover expenses that are significant for certain businesses. For example:
Computer services covers software, network and cloud services, and data processing services.
Business consulting services includes spending on services for public relations, legal, accounting and tax preparation.
The card also offers 2% cash back on dining, a nice bonus for business owners who often take clients out to restaurants or order takeout for the office. The catch? You'll only earn bonus cash back on the first $50,000 spent each calendar year on combined purchases made in the category of your choice and on dining; after that, you'll only earn 1% cash back. Other cards offer big rewards with no spending caps — but generally, with these cards, you can't choose your own bonus categories.
More cash back with Preferred Rewards for Business
If you also use Bank of America® for your small-business banking needs, you may be able to earn more cash back on this card through the issuer's Preferred Rewards for Business program.
To qualify, you need to have at least $20,000 in combined eligible business balances at Bank of America® and Merrill. Depending on how much money you keep with the bank, you can earn bonuses of 25%, 50% or 75% on the rewards earned on this card and other eligible Bank of America® cards, among other perks. For example, if you have a combined eligible business balances of $100,000 or more, you would earn 5.25% cash back in a category of your choice on this card, instead of 3%.
Level
Cash back on the category of your choice
Cash back on dining
Cash back on all other spending
None
(no accounts, or combined balances below $20,000)
3%
2%
1%
Gold — 25% boost
(combined balances of $20,000 to $49,999)
3.75%
2.5%
1.25%
Platinum — 50% boost
(combined balances of $50,000 to $99,999)
4.5%
3%
1.5%
Platinum Honors — 75% boost
(combined balances of $100,000 or more)
5.25%
3.5%
1.75%
Why you might want a different card
The bonus rewards cap
If you are a big spender — and many small-business owners are — then the $50,000 spending cap in combined spending on the category you choose and dining might feel limiting. You'd likely be better off with a card that offers rich uncapped rewards, even if it means paying an annual fee.
Take the Capital One Spark Cash Plus, for example. This card earns an impressive 2% cash back on every purchase, with no spending caps. There's also a sign-up bonus: Earn a one-time cash bonus of $2,000 once you spend $30,000 in the first 3 months and an additional $2,000 cash bonus for every $500K spent during the first year. It doesn't charge foreign transaction fees. The annual fee is $150. For small-business owners who spend enough to justify the annual fee — and don't want to revolve a balance — this charge card could be a better overall fit.
Categories might not match business spending
If you don’t spend much on dining or any of the 3% category options, the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card offers limited value. A card with high flat-rate cash-back rewards could be a better fit.
Consider The American Express Blue Business Cash™ Card, which offers 2% cash back on eligible purchases up to $50,000 per calendar year and then 1%, for an annual fee of $0. Terms apply ( see rates and fees ) .The card comes with a good 0% APR offer, too: 0% intro APR on Purchases for 12 months, and then the ongoing APR of 17.24%-27.24% Variable APR.
Modest sign-up bonus
While the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card comes with a sign-up bonus, it’s not as big as the ones offered by other small-business cards. The Ink Business Unlimited® Credit Card, for example, offers a bigger sign-up bonus: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. The annual fee is $0. With this card, you earn 1.5% cash back on all purchases.
It charges a foreign transaction fee
The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card comes with a 3% foreign transaction fee, which means you’ll want to use a different card if you’re traveling overseas.
Should you get the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card?
If you’re a small-business owner looking for a flexible cash-back card and your current spending matches up with one or more of 3% category options on the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card, it could be a great card for you — especially if you can boost your rewards rate through the Preferred Rewards for Business program. But if you’re a big spender and will hit up against the bonus earning cap, go with a different card.
To view rates and fees of The American Express Blue Business Cash™ Card, see this page.
