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  Bank of America Business Advantage Cash Rewards

Bank of America Business Advantage Cash Rewards

in Business Credit Cards from Bank of America

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Bank of America Business Advantage Cash Rewards

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in Business Credit Cards from Bank of America

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Highlights
Purchase APR  (Variable APR) 12.24% - 22.24%
Balance Transfer APR  (Variable APR) 14.24% - 24.24%
Credit Score Range 650 - 850
Annual Fee $0

Bank of America Business Advantage Cash Rewards Review

Key Takeaways
  • Business credit card with generous reward rate. You will get a cashback rewards rate of up to 3%.
  • 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases.
  • Signup bonus. Offers a signup bonus of $300 if you spend $3000.
  • Competitive APRs. Bank of America Business Advantage Cash Rewards has a variable purchase APR that ranges from 12.24% up to 22.24%.
  • No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your purchases, but you don't have to pay an annual fee for the privilege.
  • 4% Balance transfer fee. Bank of America Business Advantage Cash Rewards charges a fee of 4% on balance transfers. For example, a balance of $1,000 could cost $40 in transfer fees. The minimum fee is $10.
  • Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
  • Multiple business credit card benefits. Includes generous credit card perks, such as rental insurance, emergency support, extended warranty protection on purchases, travel accident insurance, travel assistance, and fraud protection.
  • Fair or better credit required. You will have good approval oods if your credit score is above650.
Pros & Cons of Bank of America business Advantage Cash Rewards
The Good The Bad
  • Lower than average purchase APRs.
  • 0% APR on new purchases .
  • No annual fee.
  • Multiple business credit card perks.
  • Offers auto rental collision damage waiver.
  • Extended warranty on purchases.
  • Free access to your credit score.
  • Travel accident and travel assistance insurance.
  • Cardholders can earn rewards on purchases everywhere Bank of America Business Advantage Cash Rewards is accepted.
  • Bank of America Business Advantage Cash Rewards reports to multiple credit bureaus.
  • Charges a foreign transaction fee of 3%.
  • Charges a 4% balance transfer fee.
Bank of America business Advantage Cash Rewards FAQ

Who is Bank of America business Advantage Cash Rewards designed for?

This is a credit card issued by Bank of America. 

This business card is designed for small businesses with fair credit. The minimum credit score to apply is 650.

What are the relevant APRs?

This business credit card has a variable purchase APR that ranges from 12.24% up to 22.24%. The card has a variable balance transfer APR that ranges from 14.24% up to 24.24%.

It also has a variable cash advance APR starting at 26.24% .

The good news is this business card does not charge a penalty APR if you are late on a payment.

Does it have an introductory APR offer?

No, this business card does not come with an introductory APR offer for balance transfers.

This business card does offer an introductory APR rate on new purchases of 0%

Bank of America business Advantage Cash Rewards Rates & Terms
Purchase APR 12.24% - 22.24%
Balance Transfer APR 14.24% - 24.24%
Cash Advance APR Starting at 26.24%
Penalty APR 0%

What fees does it charge?

The following fees apply to this business credit card:

  • There is no annual fee.
  • A late payment penalty of up to $49.
  • A returned payment fee of up to $39.

Does it charge a foreign transaction fee?

This business card charges a foreign transaction fee of 3%. For example, if you spend $2,000 on a week vacation abroad you would pay a foreign transaction fee of $60. If you travel abroad you may want to leave this business card at home and apply for one that doesn't charge a foreign transaction fee.

Bank of America business Advantage Cash Rewards Fees
Fees Amount
Annual Fee $0
Foreign Transaction Fee 3%
Balance Transfer Fee 4%
Minimum Balance Transfer Fee $10
Returned Payment Fee $39
Late Payment Fee $19 to $49

Does it offer a cash back rewards program?

This business credit card offers a rewards program to its customers. The rewards program allows you to earn cash with every purchase you make. This business card offers rewards to small business owners that use the card to make purchases in the following bonus categories:

  • Advertising Services
  • Internet, Cable and Phone Services
  • Every Purchase
  • Gas stations
  • Office Supply Stores
  • Restaurants

Does it have a sign up bonus?

Yes, it offers card users a signup bonus worth up to $300 after you spend $3000.

Does it offer an annual loyalty bonus?

This business card doesn't offer a cash loyalty bonus.

Can I get it with just an employer identification number (EIN)?

You can apply for this business credit card with your EIN number, but expect the credit card issuer to also require your Social Security number. This is because, as with most business cards, it requires you to personally guarantee the line of credit.

What are the benefits?

This business credit card provides the following benefits:

  • Free Credit Score
  • Auto Rental Collision Damage Waiver
  • Emergency Support
  • Extended Warranty Protection
  • Fraud Liability
  • Travel Accident Insurance
  • No blackout dates when redeeming miles
  • Travel Assistance
  • Reports to major credit bureaus

What is the customer service phone number?

The customer service number for this business card is (800) 932-2775.

What is the support contact email?

The support contact email for this business credit card is customerservicealert@bankofamerica.com.

Does Bank of America Business Advantage Cash Rewards report your account activity to credit bureaus?

Yes, Bank of America Business Advantage Cash Rewards reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply?

  • Visit the Bank of America .
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
  • Check the information is accurate and submit your application.
  • If you're denied click here to find out why your application may have been rejected and what you can do about it.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Bank of America Business Advantage Cash Rewards

3% cash back in the category of your choice, 2% cash back on dining and 1% cash back on all other purchases. 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 our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% on your selected choice category, 3.5% on dining, and unlimited 1.75% cash back on all other purchases. Not enrolled? Redeem your cash back 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. Manage your business with a suite of online services including automatic payments, transfers and downloading transactions into QuickBooks.

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Feature Breakdown

Annual Fee $0
No Annual Fee
No Interest Grace Period for Late Payment 25 days
Cash Advance Fee (%) Starting at 4%
Cash Advance Fee Minimum $10
Foreign Currency Transaction Fee 3%
Late Fee Amount $19 - $49
Minimum Cash Advance Fee ($) Starting at $10
Minimum Interest Charge $1
Returned Payment Fee $39
Customer Type Business
Minimum Age 18
Credit Score Range 650 - 850
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Credit Card Benefits
  • Auto Rental Collision Damage Waiver
  • Extended Warranty Protection
  • Emergency Support
  • Fraud Liability
  • Free Credit Score
  • Travel Accident Insurance
  • Travel Assistance
All Other Purchases Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining
Bonus Rewards Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening
No Blackout Dates
Rewards Rates
  • Advertising Services
  • Internet / Cable / Phone Services
  • Gas
  • Office Supplies
  • Restaurants
  • Every Purchase
Signup Bonus Starting at $300
Cash Advance APR (Variable APR) Starting at 26.24%
Penalty APR (Variable APR) 0%
Purchase APR (Variable APR) 12.24% - 22.24%
Balance Transfer Fee % 4%
Balance Transfer Fee % After Intro Period Starting at 4
Balance Transfer Fee Minimum $10
Balance Transfer APR (Variable APR) 14.24% - 24.24%
Card Network Mastercard
Card Type
  • Rewards
  • Cashback
  • Gas
  • Bonus Offers
  • Zero Percent

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