Bank Of America® Business Advantage Unlimited Cash Rewards Mastercard® Credit Card Review [2024]: Simple Cashback Rewards

CREDIT CARDS - BUSINESS CREDIT CARDS
The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card makes it easy to earn cash back on all your business expenses.
Updated May 22, 2024
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We like the simplicity of the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card, including its $0 annual fee. But earning an unlimited 1.5% cash back on all purchases is average at best, so it’s important to take advantage of this card’s unique Preferred Rewards for Business benefit to compete with other cash back cards.

The Preferred Rewards for Business program can boost your earning potential by up to 75%, turning a 1.5% cashback rate into a 2.62% cashback rate, which is well above average.

Let’s dig into the details of our Business Advantage Unlimited Cash Rewards credit card review to see if this cash back card makes sense for you.

Unlimited 1.5% Cash Back

4.4

Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

Annual Fee

$0

Benefits and Drawbacks
Card Details

In this Bank of America Business Advantage Unlimited Cash Rewards review

Key takeaways

  • We think the Bank of America Business Advantage Unlimited Cash Rewards credit card is a somewhat average cash back card with the potential to become an amazing cash back card if you can take advantage of the Preferred Rewards for Business program.
  • The Preferred Rewards for Business program can boost your earnings by up to 75%. That turns a 1.5% cashback rate into a 2.62% cashback rate, which is a big improvement.
  • This card has some travel insurance benefits, but you also have to pay foreign transaction fees, so it’s not a great choice for international travel.
  • Redemption options include bank deposits, statement credits, and mailed checks.
  • This card has a $0 annual fee.

Who should get the Bank of America Business Advantage Unlimited Cash Rewards

If you want a straightforward cash back credit card with simple rewards rates, then The Bank of America Business Advantage Unlimited Cash Rewards makes sense.

This card does have some travel insurance benefits, but you also have to pay foreign transaction fees. So it’s not the best travel companion for cardholders.

But for earning cash back, it can’t get much simpler than the Business Advantage Unlimited Cash Rewards card. With a $0 annual fee and the option to earn unlimited 1.5% cash back on all purchases, there’s nothing complicated about this card.

You don’t have to worry about multiple bonus categories or carrying around different rewards cards to maximize your earning potential. You can carry one credit card and use it for all your eligible business expenses — simple as that.

And if you don’t think the 1.5% earning rate is high enough, consider joining the Bank of America Preferred Rewards for Business program. This program can boost your earning potential by up to 75% if you reach the Platinum Honors tier.

How to qualify for Bank of America Preferred Rewards for Business

You need an active and eligible Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America and/or Merrill accounts to participate in the Preferred Rewards for Business program.

If you don’t participate in the Preferred Rewards for Business program, then the Bank of America Business Advantage Unlimited Cash Rewards is just an average cash back card. But, if you’re able to participate in the program, this card becomes an excellent cash back card with high earning potential.

Credit card basics

Card type Cash Back/Business
Credit card issuer Bank of America
Credit card network Mastercard
Annual fee $0
Welcome offer Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening
Intro APR 0% intro APR for 9 billing cycles on purchases (then 18.49% - 28.49% Variable)
Reward rate Earn unlimited 1.5% cash back on all purchases
Recommended credit score Excellent
Foreign transaction fee 3%

Why we like Bank of America Business Advantage Unlimited Cash Rewards: benefits and perks

  • Generous welcome bonus: Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
  • Earning potential: Earn unlimited 1.5% cash back on all purchases.
  • $0 annual fee: Avoid an annual cost with a $0 annual fee.
  • Introductory APR offer: Receive 0% intro APR for 9 billing cycles on purchases (then 18.49% - 28.49% Variable).
  • Travel insurance: Receive auto rental insurance, emergency ticket replacement, lost luggage assistance, travel and emergency assistance, and up to $1 million in travel accident insurance.
  • Preferred Rewards for Business program: Earn 25% to 75% more cash back on your eligible purchases with the Preferred Rewards for Business program. Preferred Rewards for Business is free to join, but you must have an active and eligible Bank of America business checking account. You also need a three-month combined average daily balance of $20,000 or more in qualifying Bank of America and/or Merrill® accounts.

What we don’t like about the Bank of America Business Advantage Unlimited Cash Rewards card

  • Foreign transaction fees: You have to pay foreign transaction fees on any purchases you make abroad or from a foreign retailer, making this a sub-par card for frequent travelers who need a card to use on their trips.
  • Strict Preferred Rewards requirements: Not everyone can spare putting at least $20,000 away in eligible accounts to receive a rewards boost. And if you can’t participate in the Preferred Rewards for Business program, the earning potential on this card is right around average. Some of the best business credit cards might provide better earning potential without having to participate in a program with such steep requirements.
  • Short intro APR period: This card has no intro APR offer for balance transfers and the intro APR period for purchases is shorter than what you can find on the best 0% intro APR credit cards.

Earning and redeeming Bank of America rewards

Best ways to earn

The Bank of America Business Advantage Unlimited Cash Rewards doesn’t have a huge variety of bonus categories where you can maximize your earning potential. Rather, you can earn a flat rate unlimited 1.5% cash back on all purchases. It’s a simple earning rate that makes it easy to earn rewards on all eligible purchases without having to carry around multiple rewards credit cards.

And if you want to boost your earning potential, consider joining the Preferred Rewards for Business program. This is a unique program you won’t find anywhere else that can boost the cash back you receive on purchases by 25% to 75%.

Here’s how much more cash back that could equate to if you spent $10,000:

1.5% rate 1.5% rate with 25% bonus 1.5% rate with 50% bonus 1.5% rate with 75% bonus
Potential cashback rewards after spending $10,000 $150 $187.50 $225 $262.50

Earning $150 cash back after spending $10,000 isn’t bad for your standard 1.5% rewards rate. But you could earn up to an additional $112.50 with a 75% boost from Preferred Rewards for Business. That would effectively be a 2.62% unlimited rewards rate, which is competitive with any of the best cash back credit cards.

Maximizing your redemptions

The Bank of America Business Advantage Unlimited Cash Rewards credit card provides these redemption options with its rewards program:

  • Deposits into Bank of America checking or savings accounts
  • Card statement credits
  • Mailed checks

Your cashback rewards are worth the same regardless of which redemption method you choose. For example, earning $150 in cash back means you have $150 to use as a bank deposit, statement credit, or mailed check.

Since there’s no difference in value between the different redemption options, there’s no obvious way to maximize your redemptions. It comes down to your personal preference as to which option you choose.

FAQ

What is the limit on a Bank of America business Advantage credit card?

There’s no official credit limit for Bank of America credit cards. It depends on several different factors. These factors could include your credit score, total income, and your total existing credit. For most credit cards, it’s reasonable to expect a $500 or $1,000 starting credit limit, but values vary by card issuer and individual cardholder.

How do I redeem Bank of America unlimited cash rewards?

You can redeem your rewards by logging into your Bank of America online account or by calling Bank of America customer service. Through your online account:

  1. Click on the credit card you want to redeem rewards for.
  2. Click on the “Rewards” tab.
  3. Choose to “Redeem Rewards.”

What can I use my Bank of America Cash Rewards for?

You can typically redeem Bank of America cashback rewards for:

  • Deposits into eligible Bank of America bank accounts
  • Statement credits
  • Mailed checks

The redemption value for your rewards is the same for any of these options, so how you want to redeem your rewards comes down to personal preference.

Other cards to consider

If the Bank of America Business Advantage Unlimited Cash Rewards doesn’t seem like the right fit for you, consider how much cash back you could earn with the Capital One Spark Cash Plus and Ink Business Cash® Credit Card.

The Capital One Spark Cash Plus has a $150 annual fee, but its baseline earning potential is much better than the Business Advantage Unlimited Cash Rewards. You can earn 2% cash back on every purchase, every day; plus 5% cash back on hotels and rental cars booked through Capital One Travel.

Learn more in our Capital One Spark Cash for Business review.

The Ink Business Cash has a $0 annual fee and provides bonus categories that are potentially more rewarding than the flat cashback rate on the Business Advantage Unlimited Cash Rewards. This includes 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year; 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year; and 1% cash back on all other purchases.

Check out our Chase Ink Cash Business Credit Card review.

Unlimited 1.5% Cash Back

4.4

Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card

Why We Like It

Earn a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening

See how these cards compare:

Capital One Spark Cash Plus
Capital One Spark Cash Plus
  • Earn $1,200 after spending $30,000 in the first 3 months
  • 2% unlimited cash back on every purchase, every day
  • Charge card with no preset spending limits
  • $150 cash bonus every year you spend $150,000 or more
Ink Business Cash® Credit Card
Ink Business Cash® Credit Card
  • Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening
  • $0 annual fee
  • 0% intro APR on purchases for 12 months (then 18.49% - 24.49% Variable)
  • Up to 5% cash back

Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card review: bottom line

We think the Bank of America Business Advantage Unlimited Cash Rewards makes sense if you’re a small business owner who wants a simple cash back card with a $0 annual fee. It’s a good choice if you’re new to credit card rewards or don’t want to worry about different bonus categories and maximizing your earning potential through multiple rewards cards.

This card could also make sense if you’re eligible to take advantage of the Preferred Rewards for Business program, which can boost your earning potential by up to 75%. That would make this one of the simplest, most rewarding cash back cards available.

To see more of our top recommendations, compare credit cards yourself and explore different credit card offers.

Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.