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Bank of America Business Advantage Unlimited Cash Rewards Credit Card Review


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The Bank of America® Business Advantage Unlimited Cash Rewards Credit Card
earns a straightforward 1.5% cash back on all purchases (no cap), comes with a decent intro APR, and has flexible redemption options. So if your small business is looking for simple rewards and decent benefits for no annual fee, then the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card is worth considering. But if you spend big in certain categories (like travel purchases and office supplies), or are looking for higher reward rates, there are better no-annual-fee small-business cards on the market.  


Regular APR


14.49% to 24.49% variable


Recommended Credit Score


Excellent


Regular APR


14.49% to 24.49% variable


Recommended Credit Score


Excellent

Pros

  • You can earn a $300 welcome bonus offer
  • 1.5% cash back on all purchases with no cap
  • No annual fee

Cons

  • Some cards offer longer intro APR and higher rewards rates
  • You need to be a Preferred Rewards member to earn higher rewards
  • 3% foreign transaction fee

More Information

  • The information related to the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
  • No annual fee
  • Earn unlimited 1.5% cash back on all purchases

Review: Is the Bank of America Business Advantage Unlimited Cash Rewards the best credit card for you?

Insider’s Featured Small Business Credit Cards

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Earn 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants. 1% cash back on all other eligible net purchases. Earn 5% cash back on prepaid hotels and car rentals booked directly in the Travel Rewards Center.

$500 cash back after spending $4,500 on purchases on the account holder’s card in the first 150 days of opening your account

Earn 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. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases.

$750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening

Earn unlimited 1.5% cash back on every purchase made for your business.

$750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening

If your business expenses vary, and you don’t want to juggle spending categories, you should consider the no-annual-fee Bank of America® Business Advantage Unlimited Cash Rewards Credit Card. It earns unlimited 1.5% cash back on every purchase and a solid welcome bonus: a $300 statement credit after you spend $3,000 in purchases in the first 90 days of your account opening. 

This card is great for folks looking to earn simple flat-rate rewards on business expenses, with no cap on how much you can earn. And there are solid redemption options so you can decide the best way to use your cash back.

Folks looking for high reward earnings on select bonus categories (like cash back on travel bookings and office supplies) should consider a different cash-back card. For example, the Bank of America Business Advantage Customized Cash Rewards Credit Card
earns 3% on a category of your choosing (gas, travel, office supplies stores, computer services, and business consulting services) and 2% on dining, and 1% on everything else.  

The Bank of America® Business Advantage Unlimited Cash Rewards Credit Card has strong benefits for a no-annual-fee card. You’ll get travel emergency coverage (such as $100,000 in travel accident insurance, auto rental insurance, and lost luggage insurance), overdraft protection, and extended warranty coverage. However, it does have a foreign transaction fee, so it’s not a good option for international travel. 

If you’re looking for luxurious travel benefits, you might want to consider a premium travel rewards card. Although good travel cards often come at a cost, businesses that spend a lot on travel might find the generous benefits more than worth it. 

But if your small business doesn’t spend big in one category, the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card definitely still worth considering since you’ll earn rewards on multiple spending categories without restrictions. Plus, if you’re a Bank of America Preferred Rewards member, which requires meeting certain account balance requirements, you can earn up to 75% more cash back on purchases. 

The Bank of America® Business Advantage Unlimited Cash Rewards Credit Card has a 0% intro APR on purchases for the first 9 months from account opening (then a 14.49% to 24.49% variable APR). This is great for small businesses needing to pay off larger purchases (like equipment, computers, or other supplies) over multiple billing cycles. However, the 0% APR deal doesn’t apply to balance transfers, so it’s not a good option for folks trying to pay down credit card debt. 

There are also other small business rewards cards with longer intro APR deals. For example, the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® earns a 0% intro APR on purchases and balance transfers for 15 billing cycles (then a 16.24% – 25.24% (Variable) APR). So if you need to prioritize APR offers, you should consider a credit card with a significant introductory APR offer

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

How to earn cash back from the Business Advantage Unlimited Cash Rewards card

The Bank of America® Business Advantage Unlimited Cash Rewards Credit Card earns a straightforward 1.5% cash back (equal to $0.015 for every $1 spent) on all purchases, with no cap. Your rewards won’t ever expire as long as your account is open. 

Plus, Bank of America Preferred Rewards members can earn up to 75% more cash back on purchases (rates vary based on tier level). This means you can earn up to 2.62% cash back on all purchases (no cap). 

The Preferred Rewards program also earns you benefits such as a discount on ATM transaction fees, cash back on eligible payroll service fees, and discounts on commercial real estate loans. 

How to use cash back rewards from the BofA Business Advantage Unlimited Cash Rewards

You can redeem cash-back rewards earned with the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card as a statement credit, a check, a direct deposit into your Bank of America checking or savings account, or as a credit to an eligible Merill investment account. Rewards are redeemable at any time. 

While your rewards won’t expire, keep in mind that cash rewards checks will expire after 90 days. So if you prefer to receive cash back as a check, make sure to deposit it into your Bank of America account in a timely manner. Or you could skip the extra step altogether and redeem your rewards as a direct deposit. 

Bank of America Business Advantage Unlimited Cash Rewards benefits and features

$0 liability protection

If your Bank of America account is lost or stolen, and you notify the bank in a timely manner, you won’t be held responsible for unauthorized transactions. But if you don’t report the lost or stolen card, you won’t be eligible to receive this benefit. 

Cash flow management tools

Your business will get access to management services such as automatic payments, transfers, and the ability to download transactions into QuickBooks. 

Travel and emergency services

You’ll receive travel benefits like auto rental insurance, emergency ticket replacement, lost luggage assurance, and legal and medical referrals while traveling. Most notably, you’ll get $100,000 in travel accident insurance. 

Online and mobile access

You can securely manage your account either online or through the Bank of America app. Whether online or in the app, you can check your business’s balance and monitor account activity. 

Overdraft protection

You can avoid declined purchases or returned checks when you link your Bank of America checking account to an eligible credit card. Plus, you won’t receive an overdraft fee (other fees may still apply). 

Fraud protection and monitoring

Bank of America will notify you if it detects potentially fraudulent activity or abnormal patterns. 


Regular APR


14.49% to 24.49% variable


Recommended Credit Score


Excellent


Regular APR


14.49% to 24.49% variable


Recommended Credit Score


Excellent

Pros

  • You can earn a $300 welcome bonus offer
  • 1.5% cash back on all purchases with no cap
  • No annual fee

Cons

  • Some cards offer longer intro APR and higher rewards rates
  • You need to be a Preferred Rewards member to earn higher rewards
  • 3% foreign transaction fee

More Information

  • The information related to the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
  • No annual fee
  • Earn unlimited 1.5% cash back on all purchases

Fees and Costs

The Bank of America® Business Advantage Unlimited Cash Rewards Credit Card comes with a decent 0% intro APR on purchases for the first 9 months from account opening (then a 14.49% to 24.49% variable APR). 

It has a balance transfer fee, a cash advance fee, a late payment fee of up to $49, and a 3% foreign transaction fee. Since the card charges a foreign transaction fee, it’s not a good card to travel internationally with. 

Business Advantage Unlimited Cash Rewards vs other Bank of America credit cards

*On the Bank of America Business Advantage Customized Cash Rewards Credit Card, earn 3% and 2% cash back on up to the first $50,000 spent in these categories combined each year, then 1% cash back

***Eligible Bank of America Business Advantage Customized Cash Rewards Credit Card 3% categories are gas stations, office supply stores, travel, TV/telecom & wireless, computer services, and business consulting services

Business Advantage Unlimited Cash Rewards vs other business cash back cards

*On the Bank of America Business Advantage Customized Cash Rewards Credit Card, earn 3% and 2% cash back on up to the first $50,000 spent in these categories combined each year, then 1% cash back

***Eligible Bank of America Business Advantage Customized Cash Rewards Credit Card 3% categories are gas stations, office supply stores, travel, TV/telecom & wireless, computer services, and business consulting services

Bank of America Business Advantage Unlimited Cash Rewards frequently asked questions (FAQ)

If your small business is looking for a no-annual-fee cash-back card with straightforward rewards rates, decent benefits, and a solid welcome bonus, the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card might be a good fit. The card also has a generous introductory APR on purchases, which can benefit folks trying to pay off larger purchases without incurring interest. The Bank of America® Business Advantage Unlimited Cash Rewards Credit Card earns even more cash back for Preferred Rewards members. 

But if your business spends big in select categories, you’re probably better off with a rewards card that earns bonus rewards specifically in those categories. Also, if you need to pay down credit card debt, you should look for a card with an APR deal that covers balance transfers as well as purchases. 

You need excellent credit to qualify for the Bank of America® Business Advantage Unlimited Cash Rewards Credit Card. That’s a FICO score of at least 800, or a VantageScore of at least 781. 



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