
The Bank of America Business Advantage Cash Rewards credit card is the no-annual-fee “cash back” credit card in the Bank of America small business card line-up. The normal bonus recently has been a $300 statement credit, but has a $750 statement credit after spending $5,000 within the first 90 days. Here are the cash back highlights:
- 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services.
- 2% cash back on dining and unlimited 1% cash back on all other purchases. The 3% and 2% cash back applies to the first $50,000 in combined category/dining purchases each calendar year, 1% thereafter.
- No annual fee.
This card really gets interesting if you can take advantage of their Preferred Rewards for Business program, which can boost your effect cash back rates by up to 75% (to effectively 5.25% on your selected choice category, 3.5% on dining, and unlimited 1.75% cash back on all other purchases.) Unfortunately, the Preferred Rewards for Business program is separate from the consumer version of Preferred Rewards. You will need a eligible Bank of America business checking account, as well as 3-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts.
You can find more information on the consumer Preferred Rewards program in my review of the consumer version of this card, the .
Due to the increased bonus offer, I will be adding this to the . This $750 bonus brings it to the same level as the , , and cards on that list. Each has different rewards structures, and the best ongoing card will depend on your business expense needs.
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