Bank of America Business Advantage Unlimited Cash Rewards review

• Pros:
• $0 annual fee: You get all the benefits of this card without having to pay a yearly fee. This is great for new businesses or those looking to keep costs down
• Unlimited 1.5% cash back on everything: You earn a solid, flat rate of cash back on every single purchase you make. No need to worry about categories or limits
• $500 welcome offer: After you meet the spending requirement, you get a $500 bonus. That's a nice injection of cash for your business
• You can earn up to 2.62% cash back: If you're in the Preferred Rewards for Business program, you can get a bonus of up to 75% on your rewards. This turns a good card into a great one

• Cons:
• It charges a 3% foreign transaction fee: If you travel internationally for business, this fee will eat into your rewards. You'd be better off with a card that has no foreign transaction fees
• There are no bonus categories to earn more cash back: While the flat rate is simple, you might miss out on higher earning rates in categories where you spend a lot, like travel or office supplies
• The travel benefits are basic: You get some travel protections, but you won't find premium perks like airport lounge access or travel credits

If you're a business owner who wants a simple way to earn cash back on your spending, the Bank of America Business Advantage Unlimited Cash Rewards credit card is a great option. It has no annual fee, which makes it a smart choice for businesses of any size. The card is especially useful for people who already bank with Bank of America. Why? Because you can earn a much higher rewards rate through the bank's Preferred Rewards for Business program. This program gives you a bonus on your rewards based on your combined balances in your Bank of America and Merrill accounts. The more you have with the bank, the more you earn. It's a great way to get more value from a card that already has a solid rewards rate.

This card is for the business owner who wants to keep things simple. You don't have to track spending categories. You just earn cash back on every purchase, with no caps. It's that easy. This is perfect for businesses with varied spending that doesn't fall into the typical bonus categories offered by other cards. If you're a consultant, a freelancer, or run a small shop, this card can be a great way to earn rewards on all your business expenses. But if your business spends a lot on travel or dining, you might find a different card that offers bonus rewards in those specific areas to be more rewarding. For example, a travel card might offer 3x or 5x points on flights and hotels, which would be much more valuable than the 1.5% cash back you'd get with this card.

When you get this card, you can earn a $500 cash rewards bonus. You just have to spend $5,000 on purchases in the first 90 days. For a business card with no annual fee, to be a pretty generous deal. It's a nice chunk of cash to put right back into your business. This offer is competitive with other no-annual-fee business cards on the market. Some cards might offer a slightly higher bonus, but they often come with a higher spending requirement or an annual fee. For a simple cash back card, this is a very strong offer.

The main reason to get this card is the unlimited 1.5% cash back. But it has a few other useful benefits. You get travel accident insurance, which provides up to $100,000 in coverage for you and your family when you pay for your trip with the card. You also get help if your luggage is lost, which can be a lifesaver when you're on the road. And the secondary car rental insurance can save you money on your rental car. For managing your business, you can get employee cards at no extra cost. This makes it easy to track employee spending and earn rewards on their purchases. Bank of America also provides expense management tools that can help you categorize your spending and prepare for tax time. The card doesn't have fancy travel credits, but the protections it does have are good for a card with no annual fee.

You get a flat 1.5% cash back on every single purchase. It's simple. No rotating categories. No spending caps. But the card gets really interesting if you are a Bank of America Preferred Rewards for Business member. This program has three tiers: Gold, Platinum, and Platinum Honors. To qualify for the Gold tier, you need to have a three-month combined average daily balance of $20,000 to $49,999 in your Bank of America business deposit and/or Merrill business investment accounts. This will get you a 25% bonus on your rewards, for a total of 1.875% cash back. The Platinum tier requires a balance of $50,000 to $99,999 and gives you a 50% bonus, for a total of 2.25% cash back. And the top Platinum Honors tier requires a balance of $100,000 or more and gives you a 75% bonus, for a total of 2.62% cash back. That's a fantastic rate for a no-annual-fee card.

Getting your cash back is simple. You can have it deposited into your Bank of America checking or savings account. This is a great option if you want to use your rewards to increase your cash flow. You can also take it as a statement credit on your card, which will reduce your next bill. Or, you can ask for a check to be mailed to you. Your rewards never expire as long as your account is open, which is great. This means you can save up your rewards for a big purchase or use them as you earn them.

There are other cards to consider. The Ink Business Unlimited® Credit Card from Chase is very similar, offering 1.5% cash back on all purchases with no annual fee. It also has a generous welcome offer and an introductory APR on purchases. If you want a higher flat rate, the Capital One Spark Cash Plus gives you 2% cash back on everything. It has a $150 annual fee, but that fee is waived if you spend $150,000 or more on the card in a year. If you want points you can transfer, I'd look at the Ink Business Preferred® Credit Card. It has a $95 annual fee but earns 3x points on the first $150,000 spent in combined purchases on travel, shipping, internet, cable, and phone services, and advertising with social media sites and search engines each account anniversary year. You can transfer those points to airlines and hotels, which can give you a much higher value for your rewards.

This card is a perfect fit for business owners who want a simple rewards card and don't want to pay an annual fee. It's a home run if you already have a lot of money with Bank of America and can get into the Preferred Rewards for Business program. The ability to earn up to 2.62% cash back on all your spending is hard to beat. If you just want to earn a good, flat cash-back rate on all your spending without thinking about it, this is your card. It's also a good choice for businesses that have a lot of expenses that don't fall into the typical bonus categories.

On the other hand, if your business spends a ton on travel, restaurants, or at office supply stores, you should probably look for a card that gives you bonus rewards in those areas. You'll likely earn more rewards with a card that is tailored to your spending habits. And if you travel outside the U.S. a lot, that 3% foreign transaction fee will hurt. You'd be better off with a card that doesn't have one, like the Capital One Spark Cash Plus.

The Bank of America Business Advantage Unlimited Cash Rewards credit card is a very strong choice if you want a business card with no annual fee. Its simple rewards and the chance to earn a lot more with the Preferred Rewards program make it a great option for many business owners. It's a card that can grow with your business. As your business grows and your balances with Bank of America increase, your rewards will too. It's a card that rewards loyalty, and that's a compelling proposition.