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For business owners who want valuable cash back on purchases, the Bank of America® Business Advantage Customized Cash
The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card has no annual fee, an introductory APR offer, and lets you supercharge your cash back if you have tier status with BofA Rewards. Let's look at the Bank of America Business Advantage Customized Cash card to see if it can meet your business's needs.
- 3% cash back in the category of your choice: gas stations & EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services
- 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year)
- 1% cash back on all other purchases
Bank of America Business Advantage Customized Cash Pros
- $0 annual fee
- Introductory APR offer
- Bonus cash back on popular categories, including the ability to choose a bonus-earning category that aligns with your spending
- Elevated earning with BofA Rewards account
Bank of America Business Advantage Customized Cash Cons
- Cash back cannot be redeemed with airline and hotel partners
- Harsh application restrictions
- Not many card benefits
Bank of America Business Advantage Customized Cash Welcome Bonus
New Bank of America Business Advantage Customized Cash cardholders can earn a $500 Online Cash Rewards Bonus Offer: Get a $500 online cash rewards bonus after you make at least $5,000 in purchases in the first 90 days of your account opening. This is a decent offer for a no-annual-fee card, as it's essentially equivalent to another 1% back on the $5000 spend required.
Bank of America Business Advantage Customized Cash Benefits
The Bank of America Business Advantage Customized Cash doesn't boast many card benefits, but a few will help with your business organization.
Introductory APR offer
Credit card interest can make a single purchase much more expensive if you cannot pay it off in full. However, with the Bank of America Business Advantage Customized Cash, you get 0% introductory APR on purchases for the first seven billing cycles. Then, 16.99% - 26.99% Variable APR on purchases and balance transfers.
This card perk is great for big purchases and spreading payments over time. However, remember that you will pay interest if you don't pay off your purchases by the end of the introductory period.
$0 annual fee
Perhaps the best perk of the Bank of America Business Advantage Customized Cash is that you don't have to pay an annual fee to carry it. That means you can earn cash back without having an annual fee cut into your rewards.
Cash flow management tools
Cardholders can efficiently manage their business with automatic payments, transfers, and by downloading transactions to QuickBooks.
Purchase and travel coverage
The Bank of America Business Advantage Customized Cash offers the following coverage:
- Purchase protection — Covers eligible items against theft, damage, fire, or accidental breakage within 90 days of purchase.
- Auto rental coverage — Covers physical damage and theft of a rental vehicle, reasonable towing costs, and any valid loss-of-use charges from the rental agency. Coverage is secondary.
- Travel accident insurance — Up to $1,000,000 in accidental death and dismemberment coverage when you pay for your common carrier travel tickets with the card.
- Zero Liability protection
Employee cards at no additional cost
This can help you control and enable your employees to make purchases for your business.
Related: Top
Bank of America Business Advantage Customized Cash Earning Rates
The Bank of America Business Advantage Customized Cash has good earning rates that business owners can take advantage of:
- 3% cash back in the category of your choice: gas stations & EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services
- 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year)
- 1% cash back on all other purchases
The ability to choose the best 3% category for your needs, as well as 2% on dining, is solid, although they are capped at $50,000 in spend per calendar year. The default choice category is Gas Stations and Electric Vehicle (EV) Charging Stations but can be changed once per calendar month in the Bank of America app or website.
Boost your earnings through BofA Rewards
If you have banking and investing assets you could move to Bank of America, these accounts can increase your earning rates on the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card through the BofA Rewards program.
The program has several tiers, based on a three-month combined average daily balance between Bank of America and Merrill accounts. The tiers are as follows, including the bonus earnings applied to your credit card earning rates:
- Member tier (no minimum balance required): 10% bonus
- Preferred Plus tier ($30,000 to $100,000): 25% bonus
- Preferred Honors tier ($100,000 to $1 million): 50% bonus
- Premier tier ($1 million or higher): 75% bonus
If you fall into one of the above categories, you can earn even more cash back when you use the Bank of America Business Advantage Customized Cash. If you have $1 million or higher in combined assets, you'll earn a 75% bonus rewards boost.
Although the boost applies only to the base earnings rate, Premier members can still earn a total of 5.25% on their chosen category each quarter — 3% base rate plus a 2.25% Premier bonus. The 2% dining category could bump as high as 3.5% for BofA Premier members. That is a great return on spend.
The BofA Rewards program also applies to other cards in the Bank of America portfolio, like the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card credit card, giving you plenty of options when considering a new card.
Bank of America Business Advantage Customized Cash Redeeming Rewards
As a cash back card, redeeming earnings on your Bank of America Business Advantage Customized Cash is easy. You can deposit rewards into your eligible Bank of America checking or savings account, redeem as a card statement credit, or have a check mailed to you. You don't have to worry about complicated transfers and maximizing your value; just redeem your cash back to save your business money.
Application Restrictions
If you're wondering whether you should apply for the Bank of America Business Advantage Customized Cash, you'll want to familiarize yourself with Bank of America's credit card application rules.
Bank of America has a 2/3/4 rule for new applications. You can be approved for a maximum of two new cards in any two-month period, three new cards per rolling 12-month period, or four new cards per rolling 24-month period. Luckily, business cards do not count when 2/3/4 is calculated. That means the Bank of America Business Advantage Customized Cash could be attractive if you aren't eligible for personal cards.
Plus, applications are reviewed differently depending on whether you have a banking relationship with Bank of America. If you have a banking relationship, your credit card application will be denied if you have more than seven new credit cards in the past year showing on your credit report. This limit drops to three new credit cards in the past year for those without a banking relationship.
Also, you will not be approved for the Bank of America Business Advantage Customized Cash if you have, or have had, another business card with Bank of America in the preceding 24-month period. That means you should really weigh which Bank of America business card is right for you, as you can only hold one at a time.
Related: Understanding Credit Card Application Rules and Restrictions
Cards That Compete With the Bank of America Business Advantage Customized Cash
- If you want a 0% APR card but with great earning potential, check out the Ink Business Cash® Credit Card. It offers 0% APR on purchases for the first 12 months, then a variable APR of 16.99% – 24.99%. Plus, you earn 5% cash back at office supply stores and on cellular phone, landline, internet and cable TV services and 2% cash back on dining and gas on the first $25,000 spent in combined purchases each account anniversary year on all purchases, all for no annual fee. Check out our full review of the Ink Business Cash card here.
- If you want a no-annual-fee card with rewards you can transfer to airlines and hotels, the The Blue Business® Plus Credit Card from
American Express - If you want a different Bank of America business card, the Bank of America Business Unlimited Card is worth a look. This card has a $0 annual fee, the same welcome offer, and earns a flat 1.5% cash back on all other purchases.
- 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
- 2% cash back on the first $25,000 spent in combined purchases on dining and gas each account anniversary year
- 1% cash back on all other card purchases with no limit to the amount you can earn
No annual feeRates & Fees
(Terms Apply)
- Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply.
$0
- 3% cash back in the category of your choice: gas stations & EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services
- 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year)
- 1% cash back on all other purchases
Bottom Line
The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card is an excellent cash-back card for business owners who want to accelerate their earnings. It offers generous bonus earning categories and lets you increase that cash back through BofA Rewards investing. With no annual fee, it is a solid card, but it falls short compared with cards that earn transferable points, which may offer even more value when you transfer rewards to hotels and airlines.
Page Contents
- Bank of America Business Advantage Customized Cash Pros
- Bank of America Business Advantage Customized Cash Cons
- Bank of America Business Advantage Customized Cash Welcome Bonus
- Bank of America Business Advantage Customized Cash Benefits
- Bank of America Business Advantage Customized Cash Earning Rates
- Bank of America Business Advantage Customized Cash Redeeming Rewards
- Application Restrictions
- Cards That Compete With the Bank of America Business Advantage Customized Cash
- Bottom Line
For rates and fees of the cards mentioned in this post, please visit the following links: Ink Business Cash® Credit Card (Rates & Fees), and The Blue Business® Plus Credit Card from American Express (Rates & Fees)
