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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.
Review: Is the Bank of America Business Advantage Customized Cash Rewards card the best small-business card for you?
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 Bank of America Business Advantage Customized Cash Rewards Credit Card. 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 (U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard®, then a U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard® 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 rentalsTV, telecom, and wireless: Monthly cable, satellite, mobile phone, and online music services, radio, telegraph services, and telecommunication servicesComputer 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 Bank of America Business Advantage Customized Cash Rewards Credit Card (then a Bank of America Business Advantage Customized Cash Rewards Credit Card 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.
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 CardAnnual fee
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 CardRewards 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
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 CardBenefits
Bank of America Business Advantage Customized Cash Rewards Credit Card (then a Bank of America Business Advantage Customized Cash Rewards Credit Card 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
Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card (then a Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card APR)
Cash flow management tools
Travel accident insurance
Lost luggage reimbursement
Trip cancellation coverage
Trip delay reimbursement
No foreign transaction fees
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 World Elite Mastercard®Ink Business Cash® Credit CardAnnual feeBank of America Business Advantage Customized Cash Rewards Credit CardU.S. Bank Business Triple Cash Rewards World Elite Mastercard®Ink Business Cash® Credit CardRewards 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
Bank of America Business Advantage Customized Cash Rewards Credit Card
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®Ink Business Cash® Credit CardBenefits
Bank of America Business Advantage Customized Cash Rewards Credit Card (then a Bank of America Business Advantage Customized Cash Rewards Credit Card 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
U.S. Bank Business Triple Cash Rewards World Elite Mastercard® (then a U.S. Bank Business Triple Cash Rewards World Elite Mastercard® APR)
Mobile payments
24/7 customer service
U.S. Bank ExtendPay Plan
Track spending services
Real-time rewards
Ink Business Cash® Credit Card (then a Ink Business Cash® Credit Card 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)
Is the Business Advantage Customized Cash Rewards worth it?
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.
What credit score do I need to qualify for the Business Advantage Customized Cash Rewards credit card?
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.
What are the Preferred Rewards for Business tiers?
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)