Review of the Bank of America Business Advantage Customized Cash Rewards: The ultimate in customization

Overview of the Bank of America® Business Advantage Customized Cash Rewards Mastercard®

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card provides small businesses with the flexibility to tailor their rewards framework according to evolving business needs. If you're part of the Preferred Rewards® program, this no-annual-fee card can help you earn thousands in cash back annually. Card Rating*: ⭐⭐⭐½

*Card Rating reflects the views of TPG's editors and is not swayed by the card issuer.

Maximizing your credit card rewards strategy often involves points and miles, but a robust cash-back credit card is equally valuable—especially one that lets you tailor your rewards to match your business's specific spending patterns.

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card may not boast the highest sign-up bonus or the fanciest perks, but it offers plenty of value for small-business owners. For current Bank of America business clients, it's among the top cash-back business cards on the market.

This card comes with no annual fee and requires a recommended credit score of 670. Here’s what else you should know before applying.

Advantages and disadvantages of the BofA Business Advantage Customized Cash Rewards

Introduction to the BofA Business Advantage Customized Cash Rewards welcome offer

With the Bank of America Business Advantage Customized Cash Rewards, you can earn a $300 statement credit after spending $3,000 on purchases within the first 90 days. This is the typical offer associated with this card's history.

Even if you operate on a tight budget, achieving this bonus should be manageable. Most small businesses will find it easy to spend $3,000 over a 90-day period.

Advantages of the BofA Business Advantage Customized Cash Rewards

Like most no-annual-fee cards, the Bank of America Business Advantage Customized Cash Rewards doesn't offer a wide array of perks or benefits. However, it does provide a range of online tools to assist in managing your business, including the option to download transactions into Quickbooks for effortless organization during tax season.

You'll benefit from travel accident insurance, auto rental insurance, emergency ticket replacement, and assistance with lost luggage through this card. It's rare to find such travel protections on a cash-back card, making this a valuable perk.

Earning rewards with the BofA Business Advantage Customized Cash Rewards

The Bank of America Business Advantage Customized Cash Rewards card features a distinct rewards structure that resembles its personal counterpart. You can earn 3% cash back in the business-friendly category of your choice from the following options:

• Gas stations and EV charging stations
• Office supply retailers
• Travel
• TV, telecom, and wireless services
• Computer services
• Business consulting services

You’ll earn 2% back on dining and 1% on all other purchases. However, there is a limit on bonus category spending. You’ll receive 3% and 2% back on the first $50,000 spent across these categories. Once you reach the $50,000 cap, all purchases will earn 1%.

You can adjust your 3% category each month, which is a fantastic advantage for businesses that have fluctuating needs throughout the year. For instance, you might choose 3% back on computer services when updating your software, then switch to business consulting services a couple of months later. This card provides the flexibility to maximize your rewards when and where it matters most.

This card becomes exceptionally beneficial if your business qualifies for the Bank of America Preferred Rewards. You’ll receive a bonus on all rewards earned if you maintain an average combined balance of at least $20,000 in eligible Bank of America business accounts.

Explore how this rewards structure evolves when you meet the qualifications for each of the three Preferred Rewards tiers:

The Preferred Rewards program can transform this rewards structure into one of the most rewarding options available, particularly for a no-annual-fee business card. Platinum Honors members can earn up to $2,625 in cash back annually from bonus spending.

How to redeem points on the BofA Business Advantage Customized Cash Rewards

You can redeem your cash back by depositing it into an eligible Bank of America account, applying it as a statement credit on your credit card bill, or receiving a check by mail. With rewards valued at a consistent 1 cent each, you won't have to worry about inferior redemption choices. Regardless of how you choose to redeem, you’ll receive the same value.

This also means there’s no opportunity to stretch your rewards beyond their stated value. Experts in points and miles may not favor cash-back business cards for this reason, but it remains appealing to many. For instance, TPG writer Ryan Wilcox appreciates the straightforward nature of cash-back redemptions.

What cards are alternatives to the BofA Business Advantage Customized Cash Rewards?

If you’re not enrolled in the Preferred Rewards program via your business accounts, you might want to consider alternatives to the Bank of America® Business Advantage Customized Cash Rewards. Here are some excellent choices:

• If you prefer broader rewards: The Ink Business Cash® Credit Card provides 5% cash back at office supply stores and on internet, cable, and phone services, along with 2% at gas stations and restaurants. While this card has a lower rewards cap of $25,000 in spending each account anniversary year, it allows you to earn rewards across all categories at once. For further details, check our full review of the Ink Business Cash.
• If your spending leans more towards travel, shipping, and advertising: The Ink Business Preferred® Credit Card grants 3 points per dollar on up to $150,000 in spending each account anniversary year for travel, shipping, internet, cable, and phone services, as well as advertising on social media and search engines. For additional information, refer to our full review of the Ink Business Preferred.
• If you want to avoid bonus categories: The Capital One Spark Miles for Business earns at least 2 miles per dollar on all purchases, with a $95 annual fee starting in the second year (introductory $0 annual fee in the first year; see rates and fees). Additionally, you'll have access to numerous transfer partners through Capital One. For more information, read our full review of the Capital One Spark Miles card.

For more options, check out our guide to the best business credit cards.

Is the BofA Business Advantage Customized Cash Rewards worth it?

Current Bank of America Preferred Rewards business clients should explore the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card. It provides a robust rewards framework and the adaptability to tailor that framework to your business needs. However, business owners who are not members of Bank of America Preferred Rewards or those with more predictable spending patterns might opt for another card.

Final thoughts

Though the welcome bonus isn’t exceptional and the card lacks luxury perks, the Bank of America Business Advantage Customized Cash Rewards card enables you to easily accumulate thousands of dollars in rewards annually without incurring an annual fee.

While there are certainly more rewarding business cards available, this one remains a strong choice for small to medium-sized businesses seeking a customizable credit card to suit their spending preferences.

Last updated 10/2/24