The
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is a good credit card for business owners who want a
$0 annual fee and the freedom to choose their own top bonus rewards category. The
Bank of America Customized Cash Rewards Business Card gives up to
3% cash back in the category you choose, along with up to 2% cash back on dining purchases, and 1% back on all other purchases. Plus, if you apply online and spend at least
$3,000 in the first
90 days your account is open, you’ll get a
$300 bonus.
In addition to its bonus rewards, the
Bank of America Customized Cash Rewards Business Card offers a low introductory interest rate for new purchases. You can find more details below that should help you decide whether or not to apply for the
Bank of America Customized Cash Rewards Business Card.
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card Review Highlights
$300 initial bonus
New cardholders can get this bonus by applying for the card online and then making at least
$3,000 in purchases in the first
90 days after opening an account. For context,
$300 is well above the average initial bonus being offered by credit cards right now. It’s still a rung below the best business credit card bonuses, though.
2% - 3% cash back in bonus categories
You will earn
3% cash back in a bonus category that you get to choose from a list of available options. You will also earn 2% cash back on dining purchases.
However, these rates only apply to the first $50,000 spent in the bonus categories each calendar year. After that, all purchases will get you 1% back for the rest of the year.
Options for the
3% bonus category include gas stations and EV charging stations, office supply stores, travel, TV/telecom and wireless, computer services, and business consulting services. Gas stations and EV charging stations are the default option to start, and you can change your category up to once a month.
1% cash back on purchases normally
Purchases that don’t qualify for the
Bank of America Customized Cash Rewards Business Card’s bonus rewards rates will get you just 1% cash back. That’s standard for a rewards card, but there are some cards that offer a higher, flat rewards rate for all purchases.
Up to 75% more rewards for banking customers
If you have a business checking account from Bank of America with a balance of at least $20,000, you can get 25% to 75% more rewards on every purchase you make with the
Bank of America Customized Cash Rewards Business Card. That’s as much as 5.25% and 3% back in the card’s bonus categories, for example.
0% introductory APR
The
Bank of America Customized Cash Rewards Business Card will not charge interest on new purchases for the first
9 billing cycles, as long as you make at least the minimum payment due each month. That interest-free period is a bit shorter than average, compared to other credit card offers available right now. So, if low-cost financing is what you’re after, make sure to consider the
best 0% APR credit cards, too.
$0 annual fee
The
Bank of America Customized Cash Rewards Business Card is
$22.29 per year cheaper than the average credit card offer. Not having to pay an annual fee is a particularly good thing for people who don’t plan to use the card often or spend a lot.
18.49% - 28.49% Variable regular APR
The
Bank of America Customized Cash Rewards Business Card’s interest rate could be well below average or well above average, depending on your overall creditworthiness. The average rate among business credit card offers right now is
22.15%.
Regardless of the exact rate you receive, it’s best not to carry a balance from month to month with the
Bank of America Customized Cash Rewards Business Card when its regular rate is in effect. Doing so would be too expensive to be worthwhile.
750+ credit score recommended
The
Bank of America Customized Cash Rewards Business Card requires
excellent credit for approval. That means you’ll need a credit score of
750 or higher to have good odds of getting approved. You can
check your credit score for free on WalletHub to see where you stand right now.