The Bank of America® Business Advantage Cash Rewards Mastercard® is a compelling option for small business owners seeking a versatile and rewarding credit card.
With attractive cash back offers and a $300 online statement credit bonus, this card provides significant value to those who can leverage its benefits effectively. In this article, we will delve into the details of this credit card, highlighting its key features, advantages, disadvantages, and application process.
Key information about the credit card
How does the annual fee work?
One of the standout features of the Bank of America® Business Advantage Cash Rewards Mastercard® is its lack of an annual fee. This aspect is particularly appealing for small business owners looking to maximize their rewards without the burden of additional yearly costs.
How is the credit limit determined?
The credit limit for the Bank of America® Business Advantage Cash Rewards Mastercard® is determined based on various factors, including the applicant’s creditworthiness, income, and overall financial profile. For conventional credit cards, the bank assesses the business’s financial health, taking into account its credit history and current obligations.
Advantages of the credit card
- $300 online statement credit bonus: New cardholders can earn a $300 statement credit after making at least $3,000 in purchases within the first 90 days of account opening.
- 3% cash back in the category of your choice: Earn 3% cash back on purchases in one of the following categories: gas stations and EV charging stations, office supply stores, travel, TV/telecom and wireless, computer services, or business consulting services.
- Up to 75% more cash back: If you have a business checking account with Bank of America and qualify for the Preferred Rewards for Business Platinum Honors tier, you can earn up to 5.25% cash back in your selected category and up to 3.5% cash back on dining purchases.
- Flexible redemption options: Redeem your cash rewards as a deposit into your Bank of America® checking or savings account, as a statement credit, or receive a check.
Standout advantage
A standout advantage of the Bank of America® Business Advantage Cash Rewards Mastercard® is its customizable 3% cash back category. This feature allows business owners to tailor their rewards to align with their spending habits, whether they spend more on travel, office supplies, or other essential business services.
Disadvantages
- Limited high cash back category: The 3% cash back is only applicable to one selected category, which might not cover all major business expenses.
- Cash back cap: The higher cash back rates (3% and 2%) apply only to the first $50,000 in combined purchases each year, after which the rate drops to 1%.
- Variable APR: After the introductory period, the APR ranges from 18.49% to 28.49%, which can be high depending on your creditworthiness.
A standout disadvantage
A notable disadvantage of the Bank of America® Business Advantage Cash Rewards Mastercard® is the cap on higher cash back earnings. Cardholders earn 3% and 2% cash back on the first $50,000 in combined choice category and dining purchases each calendar year, after which the cash back rate drops to 1%.
Who can apply for this card?
To apply for the Bank of America® Business Advantage Cash Rewards Mastercard®, applicants must meet several criteria. The primary applicant should be at least 18 years old and have a registered business in the United States. The business should demonstrate a stable income, which will be considered during the credit evaluation process.
Additionally, the applicant’s personal credit score and financial history play a significant role in the approval process. The card is available to businesses of various sizes, from small to medium enterprises, but those with better credit profiles are more likely to receive favorable terms and higher credit limits.
How to apply for the Bank of America® Business Advantage Cash Rewards Mastercard®
For the website
To apply for the card through the Bank of America website, start by navigating to the Business Advantage Cash Rewards Mastercard® page. Here, you will find detailed information about the card’s features and benefits. Click on the “Apply Now” button to begin the application process.
You will be prompted to enter your business information, including the business name, address, and type of business. Additionally, personal details such as your name, address, and Social Security number will be required. The online application form will also ask for financial information, including your business’s annual revenue and monthly expenses. Once all the necessary information is provided, review your application for accuracy and submit it for review. Bank of America typically processes online applications quickly, and you may receive a response within a few business days.
Through the app
Applying for the Bank of America® Business Advantage Cash Rewards Mastercard® through the mobile app is a convenient option for tech-savvy business owners. First, download the Bank of America mobile banking app from the App Store or Google Play Store. Once installed, log in to your existing Bank of America account or create a new one if you are not already a customer.
Navigate to the credit card section within the app and select the Business Advantage Cash Rewards Mastercard®. The app will guide you through the application process, prompting you to enter your business and personal information. The mobile app offers the advantage of allowing you to save your progress and complete the application at your convenience. After submitting your application, you can track its status through the app and receive notifications regarding your approval status.
At the branch
For those who prefer a more personal touch, applying for the Bank of America® Business Advantage Cash Rewards Mastercard® in person at a branch is an excellent option. Start by locating the nearest Bank of America branch using the bank’s website or mobile app. Schedule an appointment with a banking specialist to ensure you receive dedicated assistance.
During your visit, a bank representative will guide you through the application process, answering any questions you may have about the card’s features and benefits. You will need to provide your business and personal information, including financial details, just as you would in an online application. The banking specialist can also offer insights and recommendations based on your specific business needs. Applying in person allows for immediate feedback and assistance, making it a preferred choice for some business owners.
