Our Verdict
The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card offers a little bit of nearly everything for no annual fee: 1.5% cash back on all purchases, a 0% introductory APR on purchases for the first 9 billing cycles, followed by a 18.49% - 28.49% variable APR on purchases and balance transfers. Balance transfer fee of 4% of the amount of each transaction applies, $0 fraud liability, travel perks and purchase protections. The card even offers a welcome bonus: $300 online statement credit after making at least $3,000 in purchases in the first 90 days of account opening.
Pros
- Simple rewards structure
- Welcome bonus
- Intro APR on purchases
Cons
- Foreign transaction fee
- No intro APR on balance transfers
Highlights
- 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 18.49% to 28.49% 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.
Introduction
For small to medium-sized business owners who bank with Bank of America and carry significant cash in the bank, the Bank of America Business Advantage Unlimited Cash Rewards card offers solid benefits and decent cash back potential. The card earns an unlimited 1.5% cash back on all purchases, but those businesses with a Bank of America checking account and qualifying deposit amounts can earn Preferred Rewards for Business. This boosts the cash back earning potential to a maximum of 2.62% cash back with the highest tier reward (requires maintaining a $100,000 minimum account balance).
The card’s 0% introductory APR on purchases for the first 9 billing cycles, followed by a 18.49% - 28.49% variable APR on purchases and balance transfers. Balance transfer fee of 4% of the amount of each transaction applies offers a medium-length opportunity for businesses to defer paying off large purchases. Extra benefits include purchase protection, extended warranty, an auto rental collision damage waiver, travel accident insurance coverage up to $100,000 and other minor travel and credit-related convenience benefits.
The card charges no annual fee but it does charge a 3% of the U.S. dollar amount of each transaction foreign transaction fee, so it isn’t a great option for international businesspeople. A welcome bonus is also offered with the card: $300 online statement credit after making at least $3,000 in purchases in the first 90 days of account opening.
Quick Facts
- No annual fee
- Welcome bonus: $300 online statement credit after making at least $3,000 in purchases in the first 90 days of account opening
- Earn 1.5% cash back on all purchases
- 0% introductory APR on purchases for the first 9 billing cycles, followed by a 18.49% - 28.49% variable APR on purchases and balance transfers. Balance transfer fee of 4% of the amount of each transaction applies
- Purchase protection and extended warranty
- Collision damage waiver and travel accident insurance
Bank of America Business Advantage Unlimited Cash Rewards Mastercard Credit Card Rewards
Earning Rewards
The Business Advantage Unlimited Cash Rewards earns cardholders 1.5% cash back on all purchases with no limit on the rewards that may be earned. Rewards earned with the Business Advantage Unlimited Cash Rewards card can be significantly supplemented if the cardholding business has a business checking account with Bank of America and qualifies for the Preferred Rewards for Business. Participating cardholders can receive additional cash back bonuses depending on their balances in eligible accounts.
| Tier | Gold | Platinum | Platinum Honors and Higher |
|---|---|---|---|
|
Required Balance
|
$20,000
|
$50,000
|
$100,000+
|
|
Cash Back Bonus
|
25% (1.875%)
|
50% (2.25%)
|
75% (2.62%)
|
The Business Advantage Unlimited Cash Rewards card includes a welcome bonus: $300 online statement credit after making at least $3,000 in purchases in the first 90 days of account opening.
Redeeming Rewards
Business Advantage Unlimited Cash Rewards cardholders can choose to redeem rewards as a deposit into a Bank of America checking or savings account, as a card statement credit or as a check to be mailed.
Rewards Potential
The rewards potential offered by the Bank of America Business Advantage Unlimited Cash Rewards card is dependent on business spending and Preferred Rewards qualification tier.
- A business that spends $5,000 annually would earn $75 in cash back.
- A business that spends $15,000 annually would earn $225 in cash back.
- A business that spends $25,000 annually would earn $375 in cash back.
- A business that spends $50,000 annually would earn $750 in cash back.
Businesses that qualify for Preferred Rewards can earn a 25% to 75% bonus on all rewards earned depending on qualification tier.
0% Introductory Rates
The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card offers a 0% introductory APR on purchases for the first 9 billing cycles, followed by a 18.49% - 28.49% variable APR on purchases and balance transfers. Balance transfer fee of 4% of the amount of each transaction applies.
Other Bank of America Business Advantage Unlimited Cash Rewards Mastercard Credit Card Benefits
- $0 fraud liability: Cardholders aren’t responsible for unauthorized purchases.
- Travel accident insurance: Up to $100,000 in coverage for covered accidents that happen while traveling.
- Auto rental insurance: Collision damage waiver for rental cars paid for with the card.
- Purchase protection: Eligible purchases are protected from damage, loss, theft and fire.
- Extended warranty protection: Manufacturer-provided warranties are extended when an eligible item is purchased with the card.
Fine Print
Interest Rates
- Regular APR: 18.49% - 28.49% Variable APR on purchases and balance transfers
- Purchase intro APR: 0% introductory APR on purchases for the first 9 billing cycles
- Balance transfer intro APR: N/A
Fees
- Annual fee: $0
- Balance transfer fee: 4% of the amount of each transaction.
- Foreign purchase transaction fee: 3% of the U.S. dollar amount of each transaction
How the Bank of America Business Advantage Unlimited Cash Rewards Mastercard Credit Card Stacks Up
Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card vs. Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card also offers rewards to the tune of an unlimited 1.5% cash back rewards on every business purchase for no annual fee. The Ink Business Unlimited bests the Business Advantage Unlimited Cash Rewards’ introductory APR with a 0% introductory APR for 12 months on purchases, then a 18.49% - 24.49% variable APR applies for purchases and balance transfers. A balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater, applies. It also offers similar benefits: both cards offer some version of an auto rental collision damage waiver, purchase protection and extended warranty.
The Ink Business Unlimited’s welcome bonus is slightly bigger, but also comes with a higher required spending: $750 bonus cash back after spending $6,000 on purchases in the first 3 months from account opening. Those who bank with Chase may prefer its card, which is quite similar.
Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card vs. The American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card (terms apply, see rates & fees) earns cardholders 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. For those who put more than about $100,000 in reward-eligible charges on the card (assuming no use of the Preferred Rewards for Business bonus rewards) the Business Advantage Unlimited Cash Rewards will earn more rewards than the Amex Blue Business Cash. Otherwise, the Amex Blue Business Cash will earn better rewards.
The Amex Blue Business Cash also offers a 0% intro APR on purchases for 12 months from the date of account opening, then a 18.49% - 26.49% variable APR applies.
Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card vs. Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
The fraternal twin to the Business Advantage Unlimited Cash Rewards is the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card, which offers similar benefits, a low intro APR and other perks but offers a completely different cash back earning structure. With the Business Advantage Customized Cash Rewards, cardholders can earn 3% cash back in the category of choice, 2% cash back on dining purchases and unlimited 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 1% thereafter. Which card is a better choice between these two will depend solely on your spending patterns.
Compare Bank Of America Business Advantage Unlimited Cash Rewards Credit Card With Other Cards
Is the Bank of America Business Advantage Unlimited Cash Rewards Mastercard Credit Card for You?
For small to medium businesses who already have accounts or do business with Bank of America, the Business Advantage Unlimited Cash Rewards card might make a lot of sense. For those who want to better leverage cash back against a specific category, its sister card, the Business Advantage Customized Cash Rewards might make more sense. For non-Bank of America customers, other cards out there might make better sense—or at least offer similar benefits and rewards with bigger welcome bonuses.
To view rates and fees for The American Express Blue Business Cash™ Card please visit this page.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
