Bank of America® Business Advantage Unlimited Cash Rewards Mastercard credit card review
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 7:08 a.m. UTC Nov. 14, 2023
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.
Preferred Rewards for Business members can earn up to 75% more than the standard 1.5% cash back on purchases. Those who don’t qualify will get an OK (but not the best) cash-back rate.
About the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card * The information for the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
On the surface, the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card * The information for the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. seems like a run-of-the-mill cash-back credit card. Most business owners will earn 1.5% cash back on purchases and get a $300 statement credit after spending $3,000 on purchases in the first 90 days of account opening, plus an introductory APR on purchases for nine billing cycles.
But if your business holds a lot of cash with Bank of America or invests with Merrill, you could earn up to 2.62% on every purchase you make, a rate you’ll be hard-pressed to beat with another card. Even if you don’t meet the requirements for the Preferred Rewards for Business program the card’s lack of an annual fee and a flat rewards rate on every purchase could be appealing for fee-averse business owners who prefer simplicity.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card basics
- Annual fee: $0.
- Welcome bonus: $300 statement credit after spending $3,000 on purchases in the first 90 days of account opening.
- Rewards: Earn 1.5% cash back on purchases; receive 25% to 75% more cash back if you’re a Preferred Rewards for Business member.
- APR: 0% intro APR on purchases for the first nine billing cycles, followed by a 18.49% to 28.49% variable APR on purchases and balance transfers. Balance transfer fee of 4% of each transaction applies.
- Other perks and benefits: Cash flow management tools and free business credit score access.
- Does the issuer offer a pre approval tool? No.
- Recommended credit score: Excellent.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit other details
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card rewards
The card offers a flat 1.5% cash back on purchases. You can find other cash-back business credit cards that offer more, but if you’re a Bank of America Preferred Rewards for Business member, you can earn 25% to 75% more cash back, giving you as much as 2.62% back on everything.
To qualify for the program, you must have an active, eligible Bank of America business checking account and a three-month combined average daily balance of at least $20,000 in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts. To earn the maximum 75% bonus, the threshold is $100,000.
As a new cardholder, you’ll receive a $300 statement credit after spending $3,000 on purchases in the first 90 days of account opening. That’s not the best welcome bonus among cash-back business credit cards, but it’s decent.
When you’re ready to redeem your rewards, you can request a deposit into a Bank of America checking or savings account, a statement credit on your card or a paper check.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card rewards potential
The amount you can earn with the card will depend on how much you spend. Fortunately, the math is relatively simple because the rewards rate is flat.
For instance, if you spend $3,000 per month, you’ll get $45 per month in cash back, totaling $540 per year. But if you qualify for the 2.62% rewards rate, your rewards haul jumps to $78.60 per month and $943.20 per year.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card APR
When you open an account, Bank of America will give you a 0% intro APR on purchases for the first nine billing cycles, followed by a 18.49% to 28.49% variable APR on purchases and balance transfers. Balance transfer fee of 4% of each transaction applies.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card pros
- Offers impressive rewards to select cardholders: If your business qualifies for the Preferred Rewards for Business program, you’ll have a nearly impossible time finding another rewards credit card that consistently offers higher rewards on every purchase.
- Introductory APR on purchases: It’s less common for business credit cards to offer APR promotions than personal credit cards, so if your business needs one for a large purchase or short-term cash flow management, this card could be worth your while.
- Business credit score access: Your business credit score helps determine your eligibility for financing options when you need them. With this card, you’ll get free access to your Dun & Bradstreet business credit score.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card cons
- No bonus rewards categories: If your business spends a lot in certain categories, such as office supplies, gas, restaurants or others, you may be able to earn more cash back, points or miles with a card that offers bonus rewards on those transactions.
- Requires excellent credit: You can get approved for many of the best business credit cards on the market with good credit, but this one requires excellent credit. If your score isn’t in the mid-to-upper 700s, you may have a hard time getting approved.
How the Bank of America Business Advantage Unlimited Cash Rewards credit card compares to other cards
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card vs. The American Express Blue Business Cash™ Card * The information for the The American Express Blue Business Cash™ Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The American Express Blue Business Cash™ Card * The information for the The American Express Blue Business Cash™ Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. (terms apply) offers a flat 2% cash back on all eligible purchases (automatically rewarded via statement credits), up to $50,000 per calendar year, then 1%. The card offers a 0% intro APR on purchases for the first 12 months, then a 18.49% to 26.49% variable APR. The card charges no annual fee. The biggest drawback is that rewards are automatically redeemed as a monthly statement credit, with no other redemption options.
All information about The American Express Blue Business Cash™ Card has been collected independently by Blueprint.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card vs. Ink Business Unlimited® Credit Card
If you want a larger welcome bonus, the Ink Business Unlimited offers a staggering $750 cash back after spending $6,000 on purchases in the first three months of account opening. The card also offers a flat 1.5% cash back on purchases, as well as a 0% intro APR for 12 months on purchases, then a 18.49% to 24.49% variable APR applies to purchases and balance transfers. A balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater, applies. The card has a $0 annual fee and offers a variety of redemption options.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card vs. Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card * The information for the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
With the Bank of America Business Advantage Customized Cash credit card, you’ll earn 3% cash back in the category of choice, 2% cash back on dining purchases and 1% cash back on all other purchases. Earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year and then 1% thereafter. You can earn up to 75% more cash back as a Preferred Rewards for Business member. As a new cardholder, you’ll get a $300 statement credit after spending $3,000 on purchases in the first 90 days of account opening, plus a 0% intro APR on purchases for the first nine billing cycles, then a 18.49% to 28.49% variable APR on purchases and balance transfers. A balance transfer fee of 4% of each transaction applies.
Ink Business Unlimited® Credit Card
Should you get the Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card?
The Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card can be an excellent fit for your business if you participate in the Preferred Rewards for Business program that the card issuer offers. If you’re not a Bank of America® customer, or if you want a card with a higher rewards rate, bigger welcome bonus or tiered rewards program, take your time to shop around and compare other options before making a decision.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card summary
Frequently asked questions (FAQs)
The card requires excellent credit, but Bank of America doesn’t specify a minimum credit score. In general, you may have good approval odds if your FICO score is in the mid-to-upper 700s.
Yes, you can add employee cards to your account and keep tabs on account activity for each card through your online account.
No, the card is made from plastic.
*The information for the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card, Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card and The American Express Blue Business Cash™ Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
