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

Cardholders can earn 1.5% cash back on all purchases, or more for if they’re Bank of America® Preferred Rewards for Business members.
By Rosalie Murphy
Last updated on December 6, 2023
Edited byRyan Lane
Fact checked and reviewed

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Our Take

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.
Full review

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

Annual fee
$0
Regular APR
18.49%-28.49% Variable APR
Intro APR
0% intro APR on Purchases for 9 billing cycles
Apply now

on Bank of America's website

Pros & Cons

Pros

  • No annual fee
  • New cardholder bonus offer
  • High cash back rate

Cons

  • Has foreign transaction fee
  • Requires excellent credit

Full Review

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 18.49%-28.49% 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
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®.

Larger sign-up bonuses

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 $750 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.

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 18.49%-28.49% 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 more time to pay down those major purchases. Consider the
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
, for instance, which offers a
0% intro APR for 15 billing cycles on purchases and balance transfers, and then the ongoing APR of 19.24%-28.24% Variable APR
. It's unusual for a business credit card to extend an intro period to balance transfers, but this one does.

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.

Apply now

on Bank of America's website

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