Bank of America Business Advantage Customized Cash Rewards Credit Card
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Bank of America Business Advantage Customized Cash Rewards Credit Card Review
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Bank of America Business Advantage Customized Cash Rewards credit card review: Earn a $300 bonus and customize your own 3% cash back category for no annual fee
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The no-annual-fee Bank of America Business Advantage Customized Cash Rewards Credit Card is great for small-business owners who want to control how they earn rewards and maximize every dollar spent. The card has a solid welcome bonus, good redemption options, and a fair intro APR deal. But if you don't spend big in the select bonus categories, you should consider a different no-annual-fee business rewards card.
Bank of America Business Advantage Customized Cash Rewards Credit Card
- Good welcome bonus for a no-annual-fee business card
- Cardholders can choose their own 3% cash-back category from a list
- Bank of America Preferred Rewards for Business customers can earn up to 75% more rewards
- 3% and 2% cash back categories are capped at $50,000 in combined purchases per year (then 1%)
- Card only earns 1% back in non-bonus categories
- Foreign transaction fees
- The information related to the Bank of America Business Advantage Customized Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
- Earn a $300 statement credit online bonus after making $3,000 in net purchases in the first 90 days of your account opening
- No annual fee
- 3% cash back in the category of your choice (gas stations is the default category) and 2% cash back on dining purchases on the first $50,000 spent in both categories combined each calendar year
- Unlimited 1% cash back on all other purchases
- 0% intro APR on purchases for your first 9 billing cycles, then 12.99% to 22.99% variable APR
- Earn up to 75% more cash back on every purchase if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business tier
Review: Is the Bank of America Business Advantage Customized Cash Rewards card the best small-business card for you?
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U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
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Ink Business Cash® Credit Card
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Ink Business Unlimited® Credit Card
There are plenty of no-annual-fee credit cards for small-business owners to pick from, but few allow cardholders to choose their highest earning category. With the Bank of America Business Advantage Customized Cash Rewards Credit Card, you'll earn 3% cash back in an eligible bonus category of your choosing. So if you'd prefer more control over how you earn, the Bank of America Business Advantage Customized Cash Rewards Credit Card is definitely worth considering.
The card earns rewards on all purchases (1%), with higher rates on select bonus categories like dining (2%) and the eligible category of your choosing (3%). You're allowed to switch categories up to once a month, which means if you plan ahead, you can customize your rates frequently to follow your company's highest spending categories.
But keep in mind the higher cash-back rates only apply to the first $50,000 spent in combined purchases every calendar year (1% earned then after). So if your business easily exceeds that total, you might want to consider a different small-business credit card.
The Bank of America Business Advantage Customized Cash Rewards Credit Card earns you a $300 statement credit after making $3,000 in purchases in the first 90 days of your account opening. It also comes with a decent 0% intro APR offer on purchases (not balance transfers), standard redemption options, and travel insurance. That said, if your business is trying to consolidate credit card debt with a balance transfer to save on interest, this card won't be much help.
If you're a Bank of America Preferred Rewards for Business program member, the card becomes a lot more compelling, because you can earn up to 75% more cash back on all purchases (still capped at the first $50,000).
The Bank of America Business Advantage Customized Cash Rewards Credit Card is great for businesses that want more control over their earnings, and who spend big in the card's select bonus categories. But if you don't often spend in those categories, or just don't want the hassle of manually shifting your selection every month, you should consider a different small-business rewards credit card.
Another card to consider is the U.S. Bank Business Triple Cash Rewards World Elite Mastercard®. It earns 5% cash back on travel purchased through the Travel Rewards Center, 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers, and restaurants, and 1% on everything else.
Most notably, the card has a super long intro APR on purchases and balance transfers (0% intro APR on purchases and balance transfers for 15 billing cycles, then a 16.24% - 25.24% (Variable) APR). So if your business is planning on paying off large purchases (like tech equipment, supplies, or travel expenses) over multiple billing cycles to avoid incurring interest — or you need to pay down credit card debt — you should consider the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® instead.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
How to earn cash back with the Business Advantage Customized Cash Rewards
The Bank of America Business Advantage Customized Cash Rewards Credit Card earns 3% cash back on the category of your choice (from six preselected options), and 2% cash back on dining purchases — but these rates only apply to the first $50,000 spent in combined purchases each calendar year (then 1% cash back). You earn unlimited 1% cash back on all other purchases.
Cardholders can change their 3% cash back category up to once a month. You can earn 3% cash back in one of the six select categories:
- Gas stations (default): Gasoline purchases in merchant categories including automated fuel dispensers and service stations (gasoline purchases at boat marinas or businesses that primarily sell heating oil propane and other fuel don't count)
- Office supply stores: Office supplies like stationery, printing, and writing paper from office supply stores (doesn't include drugstores or merchants who sell high-priced office equipment like computers)
- Travel: Parking, public transit, taxis/rideshare, airfare, hotels, and car rentals
- TV, telecom, and wireless: Monthly cable, satellite, mobile phone, and online music services, radio, telegraph services, and telecommunication services
- Computer services: New or ongoing computer-related expenses, such as peripheral equipment, software, network and cloud services, programming, data processing services, and maintenance and repair services
- Business consulting services: Consulting, public relations, legal, accounting, tax preparation, and general and professional consulting services
Bank of America Preferred Rewards for Business members earn up to 75% more cash back on all purchases. For example, members can earn up to 5.25% cash back in the category of their choosing, up to 3.5% on dining, and up to 1.75% on all other purchases. It should be noted that to qualify for a membership, your business has to have a least $20,000 in eligible accounts with Bank of America or Merrill (Bank of America's wealth management division) to qualify for the lowest tier (Gold tier).
How to use rewards earned with the BofA Business Advantage Customized Cash Rewards credit card
At any time, you can redeem rewards earned with the Bank of America Business Advantage Customized Cash Rewards Credit Card as either a statement credit, checks, a direct deposit into your Bank of America account, or credit to an eligible Merill investment account. Your rewards won't expire as long as your account remains open.
Bank of America Business Advantage Customized Cash Rewards benefits and features
$0 liability protection
If you lose your card or notice suspicious transactions on your account, you can file a claim to avoid being held liable for unauthorized purchases and transactions.
Cash flow management tools
You'll get access to a suite of online services to help you manage your business. Plus, access to automatic payments and transfers, and you can download transactions into Quickbooks.
Travel and emergency services
Your business will get access to additional benefits such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, as well as legal and medical referrals while traveling.
Auto rental insurance
You can contact the 24/7 Benefit Administrator to get emergency and assistance resources in case of emergency while traveling.
Overdraft protection
When you link your company's eligible Bank of America checking account to your company's credit card account, it allows Bank of America to automatically transfer funds from your account to cover any overdraft (as long as there are sufficient funds available). Other fees may still apply.
Purchase protection and extended warranty
When you purchase eligible items with your Bank of America Business Advantage Customized Cash Rewards Credit Card, you could be covered against certain losses, damage, theft, or fire. You may also be eligible for extended warranty coverage on qualified warranties.
Fraud monitoring
Bank of America will notify and block any potential fraudulent activity or abnormal patterns detected.
Fees and costs
The no-annual-fee Bank of America Business Advantage Customized Cash Rewards Credit Card has a 0% intro APR on purchases for the first 9 billing cycles (then a 14.49% - 24.49% Variable APR). This deal only applies to new purchases, so it's not ideal for folks looking for deals on balance transfers.
The card does charge a balance transfer fee, cash advance fee, and a penalty fee up to $49. It also adds foreign transaction fees, so it's not a good card option for international travel.
Bank of America Business Advantage Customized Cash Rewards Credit Card
- Good welcome bonus for a no-annual-fee business card
- Cardholders can choose their own 3% cash-back category from a list
- Bank of America Preferred Rewards for Business customers can earn up to 75% more rewards
- 3% and 2% cash back categories are capped at $50,000 in combined purchases per year (then 1%)
- Card only earns 1% back in non-bonus categories
- Foreign transaction fees
- The information related to the Bank of America Business Advantage Customized Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
- Earn a $300 statement credit online bonus after making $3,000 in net purchases in the first 90 days of your account opening
- No annual fee
- 3% cash back in the category of your choice (gas stations is the default category) and 2% cash back on dining purchases on the first $50,000 spent in both categories combined each calendar year
- Unlimited 1% cash back on all other purchases
- 0% intro APR on purchases for your first 9 billing cycles, then 12.99% to 22.99% variable APR
- Earn up to 75% more cash back on every purchase if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business tier
Business Advantage Customized Cash Rewards card vs other Bank of America credit cards
| Bank of America Business Advantage Customized Cash Rewards Credit Card | Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card | Bank of America® Business Advantage Unlimited Cash Rewards Credit Card | |
| Annual fee | $0 | ||
| Rewards rates | 3% cash back* in a category of your choice each calendar month*** 2% cash back at grocery stores and wholesale clubs* 1% cash back on all other purchases | 3x points on travel bookings through Bank of America Travel Center 1.5x points on all other purchases | 1.5% cash back on all purchases |
| Welcome bonus | $300 statement credit after making $3,000 in purchases in the first 90 days of your account opening | 30,000 bonus points after you spend $3,000 in purchases in the first 90 days of your account opening | $300 statement credit after you spend $3,000 in purchases in the first 90 days of your account opening |
| Benefits | 0% intro APR on purchases for the first 9 billing cycles (then a 14.49% - 24.49% Variable APR) Cash flow management tools Travel accident insurance Auto rental insurance Emergency ticket replacement Lost-luggage assistance Legal and medical referrals Online and mobile access $0 liability protection Purchase protection Extended warranty coverage Overdraft protection Fraud monitoring | 0% intro APR on purchases for the first 9 months from account opening (then a 14.49% - 24.49% variable APR) Cash flow management tools Travel accident insurance Lost luggage reimbursement Trip cancellation coverage Trip delay reimbursement No foreign transaction fees | 0% intro APR on purchases for the first 9 months from account opening (then a 14.49% to 24.49% variable APR) Travel accident insurance Auto rental insurance Emergency ticket replacement Lost-luggage assistance Legal and medical referrals Online and mobile access $0 liability protection Purchase protection Extended warranty coverage |
| Review | Business Advantage Travel Rewards World Mastercard card review |
*On the Bank of America Business Advantage Customized Cash Rewards Credit Card, earn 3% and 2% cash back on up to the first $50,000 spent in these categories combined each year, then 1% cash back
***Eligible Bank of America Business Advantage Customized Cash Rewards Credit Card 3% categories are gas stations, office supply stores, travel, TV/telecom & wireless, computer services, and business consulting services
Business Advantage Customized Cash Rewards card vs other small-business credit cards
Bank of America Business Advantage Customized Cash Rewards Credit Card | U.S. Bank Business Triple Cash Rewards Card | Ink Business Cash® credit card | |
| Annual fee | $0 | $0 | $0 |
| Rewards rates | 3% cash back* in a category of your choice each calendar month*** 2% cash back at grocery stores and wholesale clubs* 1% cash back on all other purchases | 5% cash back on prepaid hotel and car rentals booked through the Travel Rewards Center 3% cash back on eligible purchases at gas and EV charging stations, office supply stores, cell phone protection providers, and restaurants 1% on all other eligible purchases | 5% cash back (5x points) at office supply stores and on internet, cable, and phone services** 2% cash back (2x points) at gas stations and restaurants** 1% cash back (1x points) on all other purchases |
| Welcome bonus | $300 statement credit after making $3,000 in purchases in the first 90 days of your account opening | $500 cash back after spending $4,500 on purchases on the account holder's card in the first 150 days of opening your account | $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening |
| Benefits | 0% intro APR on purchases for the first 9 billing cycles (then a 14.49% - 24.49% Variable APR) Cash flow management tools Travel accident insurance Auto rental insurance Emergency ticket replacement Lost-luggage assistance Legal and medical referrals Online and mobile access $0 liability protection Purchase protection Extended warranty coverage Overdraft protection Fraud monitoring | 0% intro APR on purchases and balance transfers for 15 billing cycles (then a 16.24% - 25.24% (Variable) APR) Mobile payments 24/7 customer service U.S. Bank ExtendPay Plan Track spending services Real-time rewards | 0% intro APR on purchases for 12 months from account opening (then a 14.74% - 20.74% Variable APR) Primary car rental insurance Extended warranty Purchase protection Travel and emergency assistance services Roadside dispatch |
| Review | U.S. Bank Business Triple Cash Rewards World Elite Mastercard review | Chase Ink Business Cash card review |
*On the Bank of America Business Advantage Customized Cash Rewards Credit Card, earn 3% and 2% cash back on up to the first $50,000 spent in these categories combined each year, then 1% cash back
***Eligible Bank of America Business Advantage Customized Cash Rewards Credit Card 3% categories are gas stations, office supply stores, travel, TV/telecom & wireless, computer services, and business consulting services
Bank of America Business Advantage Customized Cash Rewards frequently asked questions (FAQ)
The Bank of America Business Advantage Customized Cash Rewards Credit Card is worth it for folks who want a cash-back business card with customizable rewards, and decent redemption options (no annual fee). It has a solid welcome bonus, a decent intro APR (only on purchases), and no foreign transaction fees. Plus, Preferred Rewards members can earn up to 75% more cash back on purchases.
But if you want more reward opportunities, an intro APR on balance transfers, or more flexible redemption options, the Bank of America Business Advantage Customized Cash Rewards Credit Card might not be the card for you. Moreover, there are other no-annual-fee business rewards cards on the market with similar rewards rates and benefits. So before applying for a credit card, make sure you've considered all your options.
You need excellent credit to qualify for the Bank of America Business Advantage Customized Cash Rewards Credit Card. A FICO score of at least 800 is considered excellent, or a VantageScore of at least 781.
Your business needs at least a total of $20,000 in combined Bank of America or Merrill accounts to be eligible for the lowest Preferred Rewards tier. Members get access to additional rewards benefits and saving opportunities. Your rewards rates and benefits will vary based on your tier level.
Preferred Rewards for Business tiers:
- Gold tier: Earns 25% more rewards on purchases (a minimum of $20,000 on deposit)
- Platinum tier: Earns 50% more rewards on purchases (a minimum of $50,000 on deposit)
- Platinum honors tier: Earns 75% more rewards on purchase (a minimum of $100,000 on deposit)
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
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