Name: Bank of America Business Advantage Unlimited Cash Rewards: Simple Cash Back, No Annual Fee - NerdWallet
Item: Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

Overview

The bottom line:

This card offers straightforward cash back on all purchases. It’s an especially good choice for Bank of America® business checking customers, who can qualify for higher rewards rates with the bank’s Preferred Rewards for Business program.

Credit card details

Annual fee

Regular APR

17.24%-27.24% Variable APR

Intro APR

0% intro APR on Purchases for 9 billing cycles

Rewards rate

1.5%

Cashback

Foreign transaction fee

3% of the U.S. dollar amount of each transaction

Intro offer

$300

Pros & Cons

Pros

New cardholder bonus offer

High rewards rate

Bonus rewards for qualifying Preferred Rewards for Business members

Cons

Requires excellent credit

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 unlimited 1.5% cash back on purchases, or join Preferred Rewards for Business for no fee, and earn up to an unlimited 2.62% cash back on all purchases if you have a Bank of America® business checking account and qualify for Preferred Rewards for Business Platinum Honors tier.
No annual cap and cash rewards don’t expire as long as your account remains open.
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.
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.

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The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card is a solid choice for business owners looking for simple, easy-to-manage cash back — especially if you use Bank of America® for business checking already.

This

business credit card

offers 1.5% cash back on all purchases, with no limits or expiration dates.

But if you keep at least $20,000 in a

Bank of America® business checking

account and/or a linked Merrill business investment account, you can enroll in the Preferred Rewards for Business program. That ups you to as much as 2.62% cash back — which is tough to beat for a flat-rate card with no annual fee or rewards cap.

Key features of the Bank of America® Unlimited Cash Rewards Mastercard credit card

Card type:

Small business

Annual fee: $0.

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.

Rewards: Earn 1.5% per dollar spent on all purchases. Preferred Rewards for Business members can earn an additional 25% to 75% in cash-back rewards.

APR: 0% intro APR on Purchases for 9 billing cycles, and then the ongoing APR of 17.24%-27.24% Variable APR.

Foreign transaction fees: 3%.

Why you might want the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

Simple cash back

This is a no-frills

cash-back business credit card

that offers a baseline of 1.5% back across the board. The rewards rate is the same on every purchase, there’s no annual cap and rewards never expire as long as your account remains open. If your spending doesn’t fall into the bonus categories rewarded by other cash-back cards — like office supplies or gas — that’s a competitive rewards rate.

Earn more points with Preferred Rewards for Business

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card is most valuable for businesses that keep at least $20,000 in combined balances in eligible Bank of America® and Merrill business accounts.

Those users can qualify for the Bank of America® Preferred Rewards for Business program, which offers

Bank of America® business credit card

holders extra cash back on top of the card’s basic 1.5%.

Gold tier members earn 25% more cash back, Platinum members earn 50% more and Platinum Honors members earn 75% more. Here’s what that means in terms of reward rate.

Preferred Rewards status	Rewards bonus	Cash back per dollar spent
None (no accounts, or combined balances below $20,000)	None.	1.5%.
Gold (combined balances of $20,000 to $49,999)	25%.	1.87%.
Platinum (combined balances of $50,000 to $99,999)	50%.	2.25%.
Platinum Honors (combined balances of $100,000 or more)	75%.	2.62%.

Here’s what that means in the real world: If you were to spend $100,000 annually on your Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card, you’d earn $1,500 in cash back over the course of the year. But if your business had enough money in the bank to qualify for the Platinum Honors rewards rate, you’d get $2,620 back — more than $1,100 in extra rewards.

Why you might want a different card

Higher cash-back rewards rates

While the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card offers a competitive cash-back rate, there are other cards that offer greater rewards per dollar spent — without requiring you to jump through the hoops to become a Preferred Rewards for Business member.

For instance, take

The American Express Blue Business Cash™ Card

, which offers 2% cash back across the board on your first $50,000 in spending. Terms apply. If you plan to spend that amount or less, that’s a higher rewards rate than Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card offers. But after $50,000, the AmEx card’s rewards rate drops to 1% — so the more you plan to spend, the more competitive the Bank of America® option becomes.

Your spending aligns with bonus categories

If you use your business credit card on gas, office supplies, travel or business consulting services, consider the

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

instead. That card offers this cash-back system: 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.

Preferred Rewards for Business members still get the rewards bonuses laid out in the table above — which means the highest possible rewards rate on your chosen category is 5.25%.

Also, take a look at the

Ink Business Cash® Credit Card

. This card offers as much as 5% cash back in certain categories, which may make it a good choice for entrepreneurs who don't have other accounts at Bank of America®.

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card comes with a respectable 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.

But some competitor cards come with larger perks for bigger spenders — like the

Ink Business Unlimited® Credit Card

. Its offer is: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. That card also has an intro APR period and no annual fee.

Best no annual fee business credit cards

Longer 0% APR intro periods

The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card gives you 0% intro APR on Purchases for 9 billing cycles, and then the ongoing APR of 17.24%-27.24% Variable APR. That’s useful if your business wants to front a large expense and pay it off over time.

But there are other

business credit cards with 0% APR intro periods

lasting 12 months or longer, which buys you a little more time to pay down major purchases. Consider the

U.S. Bank Triple Cash Rewards Visa® Business Card

, for instance, which offers 0% intro APR on Purchases and Balance Transfers for 12 billing cycles, and then the ongoing APR of 17.74%-26.74% Variable APR.

Should you get the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card?

This card is a solid choice for business owners looking for simple, easy-to-manage cash back. It comes with no annual fee, plus a decent sign-up bonus and intro APR period.

But you won’t realize the full power of this card unless you keep enough cash with Bank of America® to qualify for its Preferred Rewards for Business program — at least $20,000 on average over three months. The more cash you keep in the bank, the more your rewards rate rises, potentially peaking at 2.62% cash back.

To view rates and fees of The American Express Blue Business Cash™ Card, see

this page

Bank of America Business Advantage Unlimited Cash Rewards: Simple Cash Back, No Annual Fee