Bank of America Business Advantage Customized Cash Rewards credit card review

• Pros:
• No annual fee
• Customizable 3% cash back category of your choice
• Competitive sign-up bonus
• Enhanced rewards for Bank of America Preferred Rewards for Business members

• Cons:
• 3% foreign transaction fee
• Cap on bonus category earnings
• Requires excellent credit to qualify

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card gives you a $500 online cash rewards bonus. To get it, you need to spend $5,000 on purchases in the first 90 days after you open the account. For a business card with no annual fee, this is a very good offer. The spending target is realistic for most small businesses. The bonus gives you a nice amount of cash back right away.

This card has more than just a rewards program. It gives you tools to manage your cash flow. You can set up automatic payments and download your transactions into QuickBooks. You also get travel and emergency services. These include travel accident insurance, auto rental insurance, and help if your luggage is lost. If you want to watch your business credit, the card gives you free access to your Dun & Bradstreet business credit score.

You can get employee cards for free. This makes it easy to track what your employees spend and earn rewards on their purchases. The card also has zero liability protection for purchases you did not authorize and fraud monitoring to keep your account safe.

The main reason to get this card is its rewards structure. You earn:

• 3% cash back in a category you choose from a list of six options. The options are gas stations and EV charging stations (this is the default), office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services.
• 2% cash back on dining purchases.
• 1% cash back on all other purchases.

The 3% and 2% cash back rates apply to the first $50,000 in combined spending in these categories each calendar year. After you hit the $50,000 cap, you earn 1% on those purchases. You can change your 3% category once a month to match your business's spending.

If you are in the Preferred Rewards for Business program, you can earn a lot more. Based on your program tier, you can get up to 75% more cash back on every purchase. This means your 3% category could earn up to 5.25% cash back. Your 2% dining category could earn up to 3.5% cash back. And your 1% base rate on everything else becomes 1.75%.

Getting your cash back is simple. You can have it as a credit on your statement, a deposit into a Bank of America checking or savings account, or a check sent to you. You can redeem any amount you want. Your rewards do not expire as long as your account stays open. A statement credit or direct deposit is the easiest way to use your rewards to lower your business expenses.

Chase Ink Business Cash® Credit Card

The Chase Ink Business Cash® Credit Card is a major competitor. It also has no annual fee. It gives you 5% cash back on the first $25,000 you spend each account anniversary year at office supply stores and on internet, cable, and phone services combined. It also gives 2% cash back on the first $25,000 you spend at gas stations and restaurants combined, and 1% on everything else. If your business spends a lot in those 5% categories, the Ink Business Cash might be better. But the Bank of America card gives you more choice with its 3% category.

The American Express Blue Business® Cash Card

The American Express Blue Business® Cash Card is another great card with no annual fee. Its rewards are simple. You get 2% cash back on all eligible purchases up to $50,000 per calendar year, then 1% after that. This card is perfect for businesses that want simple, flat-rate rewards and don’t want to track bonus categories. But if your spending is heavy in one of the Bank of America card's 3% categories, you will likely earn more with the Customized Cash Rewards card.

This card is a great choice for small to medium-sized businesses with steady spending in one of the bonus categories. If you are already a Bank of America customer, and especially if you are in the Preferred Rewards for Business program, this card is a clear winner. The chance to earn up to 5.25% cash back in a category you choose is excellent.

But, if your business spends a lot and would go over the $50,000 annual cap on bonus rewards, you might want a card with a higher cap or no cap. Also, if you travel outside the U.S. Often, the 3% foreign transaction fee is a real downside. A card with no foreign transaction fees would be a smarter pick in that case.

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is a useful and flexible card for many business owners. It has a good sign-up bonus, no annual fee, and a rewards program you can change to fit your needs. For people who can use the Preferred Rewards for Business program, it is one of the best business credit cards you can get.