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

I 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 cashback cards.

If you have certain other accounts with Bank of America, you may qualify for The Preferred Rewards for Business program, which can boost your earning potential by up to 75%. This turns a 1.5% cashback rate into an up to 2.62% cashback rate, which is well above average.

Let’s dig into the details in this Business Advantage Unlimited Cash Rewards card review to see if this card makes sense for you.

Key takeaways

• The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® is a somewhat average cash back card, but the potential for higher earnings comes from joining the Preferred Rewards for Business program.
• Preferred Rewards for Business can boost your earnings by up to 75%, but you’ll need to keep at least a $20,000 average daily balance in Bank of America business checking or Merrill business accounts for three months to qualify.
• 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.
• Checks, bank deposits, and statement credits are your means of redeeming rewards.
• This card has a $0 annual fee.

Bank of America Business Advantage Unlimited Cash Rewards Mastercard® at a glance

Card type	Cash Back/Business
FinanceBuzz star ratings	4.4 FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
FinanceBuzz value calculation1	Year one earnings: $680 Year two earnings: $380
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 17.99% - 27.99% Variable)
Reward rate	Earn unlimited 1.5% cash back on all purchases
Recommended credit score	Excellent
Foreign transaction fee	3%

Why could this card be a good fit for your business?

Let’s talk about who can benefit the most from a Business Advantage Unlimited Cash Rewards card:

• You want a simple and straightforward cashback rewards card.
• You have a Bank of America business checking account and can join Preferred Rewards for Business.

Simple rewards program without juggling rotating categories

For simplicity, it’s hard to beat this card. Earning 1.5% across the board for all your spending is a decent rate and it allows you to use the card for everything without worrying about bonus categories. The trade-off is that no categories earn above that rate, but if you prefer not to think about which categories earn what rate, this card is great.

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.

I can certainly see the benefits of a card where you don’t have to worry about multiple bonus categories or carrying around different rewards cards to maximize your earning potential. Carry one credit card and use it for all your eligible business expenses, such as office supplies, utilities, phone and internet services, and more.

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.

Best when combined with the Preferred Rewards for Business program

The Business Advantage Unlimited Cash Rewards card works best when combined with membership in the Preferred Rewards for Business program. If you have a Bank of America business checking account or Merrill business investment account and can keep a relatively high average daily balance across them, it’ll boost your cash rewards from credit card spending.

Here’s how to qualify based on your three-month combined average daily balance in Bank of America business checking accounts and/or Merrill accounts:

• Gold — $20,000 to $50,000 to qualify, boosts card earnings by 25%
• Platinum — $50,000 to $100,000 to qualify, boosts card earnings by 50%
• Platinum Honors — $100,000+ to qualify, boosts card earnings by 75%

Of course, you’re going for simplicity with this credit card, but honestly, it’s not that complicated if you already have a business checking account with Bank of America. You need those relatively high balances to receive the bonus earnings, but it can be pretty lucrative when you do.

When does a different business card make more sense?

The Business Advantage Unlimited Cash Rewards card isn’t for everyone. Here are a few circumstances in which you’ll want to find another option.

• You want higher earning potential in specific categories
• You’re looking for variety in rewards redemptions
• You don’t bank with Bank of America
• You do a lot of business travel abroad

You want categories with higher rewards

Many of us don’t mind keeping track of rewards categories with different earning rates, and if that’s the case, you may want to find a card that gives you more cash back. For example, the Ink Business Cash^® Credit Card offers 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.

If you already know your top business expenses, you can look for rewards cards that specifically offer higher rewards for those categories instead of choosing the Business Advantage Unlimited Cash Rewards with its flat rate.

You want rewards other than cash

I love a good cashback rewards card, but sometimes you want to redeem rewards in other forms. Plenty of rewards cards enable you to redeem rewards for travel, gift cards, or purchases at major retailers, so if you’d prefer that flexibility, the Business Advantage Unlimited Cash Rewards Mastercard probably isn’t for you.

With this card only offering cash (in the form of checks, statement credits, and deposits), you also don’t get to boost the value of your rewards.

You don’t have a Bank of America business checking account

If you’re not already a business banking customer of Bank of America, your ability to earn cash rewards with this card is fairly limited. You need to have a business checking account and keep a high average minimum balance there in order to tap into bonus rewards potential.

The 3-month combined average daily balance requirement of $100,000 across Merrill and Bank of America business accounts is pretty steep to receive the maximum 75% cashback bonus on your card spending. Other business credit cards offer higher earnings, so while the Business Advantage Unlimited Cash Rewards doesn’t come with strict business card requirements, you do need the Preferred Rewards for Business to get the most value from it.

You travel overseas

If you’re doing quite a bit of overseas travel for your business, you might want to rack up some rewards for your spending. But since there are foreign transaction fees with the Business Advantage Unlimited Cash Rewards card, you’ll negate any rewards earned.

I’d try to open up a business credit card without foreign transaction fees if travel is a fairly common occurrence. That additional 3% could end up being an expensive mistake when traveling abroad.

Earning and redeeming Bank of America rewards

Potential earnings in years one and two

Here's a look at how your earnings can add up with the Business Advantage Unlimited Cash Rewards card. To calculate these values, we used estimated spending by businesses in a variety of categories.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend. These values assume you’re not a Preferred Rewards for Business program member.

Year one earnings: $680

Year two earnings: $380

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which takes a look at points earned via spending, the welcome offer, and the annual fee.

Best ways to earn

As I’ve noted already, 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. You won’t have to carry around multiple rewards credit cards.

I’d definitely encourage joining the Preferred Rewards for Business program if you’re using this card. See below how each tier impacts your cash back if you spend $10,000:

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 Platinum Honors tier. 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, so there are no “tricks” to learn as far as maximizing your redemptions.

FAQ

Alternative 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.

Capital One Spark Cash Plus:

• $150 annual fee
• Earn unlimited 2% cash back on every purchase, every day; plus unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.

Learn more in our Capital One Spark Cash Plus review.

Ink Business Cash

• $0 annual fee
• 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

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

4.4

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

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

4.4

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

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

• No cap on rewards
• Bonus rewards on travel booked through Capital One
• Rates and fees

Ink Business Cash® Credit Card

• Solid rewards on office supply, telecom spending, gas, and dining
• Generous welcome offer
• Intro APR on purchases
• $0 annual fee
• Valuable purchase and travel protections

Bottom line

I 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. Its simplicity can be great, allowing you to rack up rewards without thinking about bonus categories.

And if you’re eligible for the Preferred Rewards for Business program, you can boost your card’s cashback earning potential by up to 75%. That would make this one of the simplest, most rewarding cash back cards available.

However, if you’re willing to do a tiny bit more planning with your business expenses (or don’t want a Bank of America business checking account), you could get a lot more out of a different business rewards card.

A Secured Credit Card for Business Owners

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

4.2

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

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

Compare Credit Cards

Current Offer

Earn cash back while building your business credit

Annual Fee

$0

Rewards Rate

1.5% cash back on every purchase

Benefits and Drawbacks

Benefits

• Earn 1.5% cash back on every purchase
• Free access to business credit scores
• No annual fee

Drawbacks

• Security deposit required

Card Details

• Earn cash back while building your business credit
• 1.5% cash back on every purchase