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Credit Cards
Ben Luthi
Robin Saks Frankel
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Published 5:42 pm ET March 22, 2023
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Preferred Rewards for Business members can earn up to 75% more than the standard 1.5% cash-back rate. Those who don’t qualify will get an OK (but not the best) cash-back rate.
On the surface, the Bank of America Business Advantage Unlimited Cash Rewards Mastercard® credit card seems like a run-of-the-mill cash-back credit card. Most business owners will earn 1.5% cash back and get a $300 statement credit online bonus after spending $3,000 in the first 90 days, plus an introductory APR on purchases for nine billing cycles.
But if your business holds a lot of cash with Bank of America or invests with Merrill, you could earn up to 2.62% on every purchase you make, a rate you’ll be hard-pressed to beat with another card. Even if you don’t meet the requirements for the Preferred Rewards for Business program the card’s lack of an annual fee and a flat rewards rate on every purchase could be appealing for fee-averse business owners who prefer simplicity.
The card offers a flat 1.5% cash back on every purchase you make. You can find other cash-back business credit cards that offer more, but if you’re a Bank of America Preferred Rewards for Business member, you can earn 25% to 75% more cash back, giving you as much as 2.62% back on everything.
To qualify for the program, you must have an active, eligible Bank of America business checking account and a three-month combined average daily balance of at least $20,000 in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts. To earn the maximum 75% bonus, the threshold is $100,000.
As a new cardholder, you’ll receive a $300 statement credit when you spend $3,000 in the first 90 days after opening your account. That’s not the best welcome bonus among cash-back business credit cards, but it’s decent.
When you’re ready to redeem your rewards, you can request a deposit into a Bank of America checking or savings account, a statement credit on your card or a paper check.
The amount you can earn with the card will depend on how much you spend. Fortunately, the math is relatively simple because the rewards rate is flat.
For instance, if you spend $3,000 per month, you’ll get $45 per month in cash back, totaling $540 per year. But if you qualify for the 2.62% rewards rate, your rewards haul jumps to $78.60 per month and $943.20 per year.
When you open an account, Bank of America will give you a 0% introductory APR on purchases for the first 9 billing cycles on purchases, followed by a 16.74% – 26.74% variable APR on purchases and balance transfers. Balance transfer fee of either $10 or 4% of the amount of each transaction, whichever is greater, applies.
American Express Blue Business Cash™ Card offers a flat 2% cash back on the first $50,000 you spend each calendar year, after which you’ll earn 1% back. As a new cardholder, you’ll also get a $250 statement credit when you spend $3,000 in the first three months, plus a 0% intro APR on purchases for 12 months from the date of account opening, then a 17.74% – 25.74% variable APR applies. The card charges no annual fee. The biggest drawback is that rewards are automatically redeemed as a monthly statement credit, with no other redemption options.
If you want a larger welcome bonus, the Ink Business Unlimited offers a staggering $900 when you spend $6,000 in the first three months from account opening. The card also offers a flat 1.5% cash back on every purchase, as well as an introductory 0% APR on purchases for 12 months. After that, the variable APR ranges from 17.74% to 23.74%. The card has a $0 annual fee and offers a variety of redemption options.
With the Bank of America® Business Advantage Customized Cash credit card, you’ll earn 3% cash back on a category of your choice from the following list of options: gas stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. You’ll also earn 2% back on dining and 1% back on everything else. You can earn up to 75% more cash back as a Preferred Rewards for Business member. Keep in mind that the 3% and 2% rewards rates are capped at $50,000 in combined purchases each calendar year. As a new cardholder, you’ll get a $300 statement credit when you spend $3,000 in the first 90 days, plus a 0% intro APR for nine billing cycles on purchases, 16.49% – 26.49% variable APR thereafter on purchases and balance transfers. A balance transfer fee of either $10 or 4% of the amount of each transaction, whichever is greater, applies.
The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard credit card can be an excellent fit for your business if you participate in the Preferred Rewards for Business program that the card issuer offers. If you’re not a Bank of America® customer, or if you want a card with a higher rewards rate, bigger welcome bonus or tiered rewards program, take your time to shop around and compare other options before making a decision.
The card requires excellent credit, but Bank of America doesn’t specify a minimum credit score. In general, you may have good approval odds if your FICO score is in the mid-to-upper 700s.
Yes, you can add employee cards to your account and keep tabs on account activity for each card through your online account.
No, the card is made from plastic.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Ben Luthi
Blueprint
Ben Luthi is a freelance writer who covers all things personal finance and travel. His work has appeared in dozens of online publications. Ben lives in Salt Lake City with his two children and two cats.
Robin Saks Frankel
Blueprint
Robin Saks Frankel is a credit cards lead editor at USA TODAY Blueprint. Previously, she covered credit cards and related content at other national web publications including NerdWallet, Bankrate and HerMoney. She’s been featured as a personal finance expert in outlets including CNBC, Business Insider, CBS Marketplace, and has appeared on or contributed to The New York Times, Fox News, CBS Radio, ABC Radio, NPR, International Business Times and NBC, ABC and CBS TV affiliates nationwide. She holds an M.S. in Business and Economics Journalism from Boston University. Follow her on Twitter at @robinsaks.
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