The Business Advantage Unlimited Cash Rewards Credit Card is a simple rewards credit card for small business owners. It’s from Bank of America, which is one of the largest credit card issuers in the U.S., so you can trust that it’s legitimate.
But is it the right cash-back credit card for your business? Keep reading to find out.
What Is the Business Advantage Unlimited Cash Rewards Credit Card?
The Bank of America Business Advantage Unlimited Cash Rewards credit card is a small-business credit card that offers a simple but effective cash-back earning structure, a 0% intro APR offer, and a solid sign-up bonus, all for no annual fee.
New applicants can earn a $300 online statement credit after making $3,000 in purchases in the first 90 days of account opening.
The card earns 1.5% cash back on all purchases. There is no annual cap and rewards don’t expire. That’s not earth-shattering, but it’s competitive nonetheless.
Plus, you can earn up to 75% more cash back on every purchase if you have a business checking account with Bank of America and qualify for the highest Preferred Rewards for Business tier. This would give you an unlimited 2.62% cash back on all purchases.
Other cardmember benefits include overdraft protection and free access to your Dun & Bradstreet business credit scores, which is useful as you begin your business credit journey.
The card also offers some useful travel protections for cardholders, including up to $100,000 in travel accident insurance, complimentary auto rental insurance when you pay for the car in full with your card, emergency ticket replacement, lost luggage assistance, and legal and medical referrals while traveling.
There is no annual fee for this card, but there is a 3% foreign transaction fee on transactions processed outside the United States.
What Sets the Business Advantage Unlimited Cash Rewards Credit Card Apart?
This card has several features that help set it apart from other business cash rewards credit cards.
- 0% intro APR promotion. New cardholders may qualify for the intro APR promotion, where you can get 0% intro APR on purchases for the first 9 billing cycles. A variable APR, which is currently 18.49% to 28.49%, applies on purchases after the promotional period ends and on balance transfers from day one.
- Overdraft protection with a linked Bank of America deposit account. As a business owner running a tight ship, you may occasionally spend close to the bone. This card helps out with an optional service to help prevent negative balances, returned checks, and purchases declined due to insufficient funds. You just need to link your credit card to an existing Bank of America business checking account.
- Travel and emergency services. While it’s not a true travel rewards card, this card does offer some travel and emergency services, including up to $100,000 in travel accident insurance, auto rental insurance, emergency ticket replacement, lost luggage assistance and legal and medical referrals while traveling. You’ll want these benefits whenever you’re away from home.
Key Features of the Business Advantage Unlimited Cash Rewards Credit Card
The Business Advantage Unlimited Cash Rewards credit card offers a 0% intro APR promotional offer, a sign-up bonus and a simple but effective earning structure.
Earn a $300 online statement credit after making $3,000 in purchases in the first 90 days of account opening.
This card offers an unlimited 1.5% cash back on all purchases, with no caps or restrictions. Rewards don’t expire unless you close your account.
If you have a business checking account with Bank of America and qualify for the highest Preferred Rewards Business tier, you can earn a 75% bonus on all cash back earnings. That works out to an unlimited 2.62% cash back on all purchases — a very competitive rate for a no-annual-fee card.
The most convenient way to redeem your cash rewards is as a deposit into your Bank of America checking or savings account. If you prefer, you can redeem for a statement credit or check mailed to your business address.
0% Intro APR Promotion
New cardholders may qualify for the intro APR promotion, where you can get 0% introductory APR for the first 9 billing cycles following your account opening. After the intro APR offer ends, a variable APR will apply, which is currently 18.49% to 28.49%.
This card has several important fees:
- Late payment fees ranging from $29 to $49, depending on the late balance (waived for balances under $100)
- A 4% balance transfer fee
- A 4% convenience check (cash advance) fee
- A 3% foreign transaction fee
On the bright side, this card does not charge an annual fee.
Overdraft Protection (Balance Connect)
When you link your credit card to an eligible Bank of America business checking account, you get overdraft protection through Balance Connect. Fees may apply, but at least your transactions will go through when they need to.
This card requires excellent credit to qualify. If your FICO score is much below 720 to 740, or your personal credit history is limited in time or scope, then you may have trouble being approved.
Pros & Cons
The Bank of America Business Advantage Unlimited Cash Rewards Credit Card might be a simple rewards card, but it has several clear advantages all the same.
- Unlimited cash back on all purchases
- Cash-back boost with Preferred Rewards program
- Nice 0% intro APR offer
- Solid sign-up bonus
- No bonus rewards categories
- Foreign transaction fees
- Limited cardholder perks
This card has a strong cash-back program and some great opportunities for new cardholders to start earning right away.
- Unlimited cash back. This card offers 1.5% cash back on all purchases, with no limits. That’s pretty simple.
- Bank of America Preferred Rewards. Bank of America customers with business checking accounts can earn as much as 75% more cash back, potentially allowing this card to return as much as 2.62% which would be phenomenal.
- Great new cardholder incentives, including 9 months of 0% APR financing. The sign-up bonus and 0% intro APR promotion are pretty strong incentives for new customers, especially by the standards of a no-annual-fee small-business card.
This card’s biggest downsides include the effective cap on the cash-back earning rate, the foreign transaction fee, and some limits on cardholder incentives.
- No bonus rewards categories. You earn the same rewards for all purchases, and there’s no opportunity to earn any bonuses. The best you can do is claim the Preferred Rewards for Business premium — if you qualify.
- Foreign transaction fees. This card imposes a 3% charge on any transaction processed outside of the United States. So instead of earning 1.5% cash back, you’re actually paying 1.5% for no good reason. You’ll want to use another card for purchases from foreign companies, or when traveling outside the U.S.
- Not as many perks as premium rewards cards. If you’re looking for points and miles to spend towards travel, this isn’t the card for you. Don’t expect perks like airport lounge access either.
- Not the best sign-up bonus. This card’s sign-up bonus isn’t bad by any means, but it’s not tops in the category.
How the Business Advantage Unlimited Cash Rewards Credit Card Stacks Up
The card’s closest competitor is probably the Chase Ink Business Unlimited Credit Card. Here’s how the two cards compare.
|BofA Business Advantage Unlimited Cash Rewards
|Chase Ink Business Unlimited
|0% Intro APR
|0% intro APR for 9 months
|0% intro APR for 12 months
|Foreign Transaction Fee
|Good or better
Both of these cards would make an excellent addition to your business spending repertoire. But a better sign-up bonus and longer 0% intro APR promotion helps Ink Business Unlimited nose ahead of Business Advantage Unlimited Cash Rewards. The only exception to this: If you can qualify for Bank of America’s Preferred Rewards for Business, your cash-back earnings could be noticeably higher with Business Advantage.
The Business Advantage Unlimited Cash Rewards credit card from Bank of America is a solid cash-back credit card that’s designed to offer consistent rewards on all purchases. And for Bank of America’s Preferred Rewards customers, the level of cash back can be outstanding.
Bottom line: With a decent sign-up bonus, a strong promotional financing offer, and no annual fee, this card is a good small-business credit card with potential flashes of greatness.