Great Card If
- You want to earn 3% cash-back rewards on the top category of your choice.
- You have status in the Bank of America Preferred Rewards for Business program.
Don’t Get If
- You want a card that earns travel rewards.
- You prefer a card with a flat cash-back rate.
Bank of America Business Advantage Customized Cash Card: Is It Worth It?
If you’re looking for a card that helps you earn as much cash-back as possible for the items your business spends the most on, then the Bank of America Business Advantage Customized Cash card is a great option.
It earns 3% cash-back in the category of your choice, including gas stations and EV charging stations; office supply stores; travel, TV, telecom and wireless; computer services; and business consulting services. Plus, you earn 2% cash-back on dining purchases and 1% cash-back on all other purchases.
However, those who participate in the Bank of America Preferred Rewards for Business program can boost their cash-back rate by up to 75%. The card comes with other nice perks as well, like a cash-back welcome offer, a 0% intro APR offer, and a $0 annual fee.
Bank of America Business Advantage Customized Cash Card Top Benefits
The best benefit of the Bank of America Business Advantage Customized Cash card is the ability to boost all of the cash-back you earn from the card by 25% to 75%, thanks to the Bank of America Preferred Rewards for Business program.
Here is how it works:
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Status Level | Assets Required | Rewards Bonus | Increased Earnings |
Gold | $20,000 or more | 25% | 3.75% back on your top category, 2.5% back on dining, and 1.25% back on all other purchases |
Platinum | $50,000 or more | 50% | 4.5% back on your top category, 3% back on dining, and 1.5% back on all other purchases |
Platinum Honors and Above | $100,000 or more | 75% | 5.25% back on your top category, 3.5% back on dining, and 1.75% back on all other purchases |
This perk alone can be massively beneficial to cardholders, as it allows you to earn up to 5.25% cash-back on the top category of your choice.
Keep in mind that increased rewards are limited to the first $50,000 in your combined top choice category and dining purchases each calendar year, and you earn 1% thereafter. That said, if you were to spend that entire $50,000 on your top category, you’d earn $2,625 in cash-back rewards if you had Platinum Honors status or above.
Best Ways To Earn and Redeem Your Cash-Back Rewards
Naturally, the best way to rack up cash-back rewards with your Bank of America Business Advantage Customized Cash card is to use it for as many of your business expenses as you can. This is especially true for purchases that fall within your top 3% back category, which can be boosted up to 5.25% back depending on your Bank of America Preferred Rewards for Business status.
Once you are ready to redeem your cash-back rewards, Bank of America will let you redeem for a statement credit, a check, a direct deposit into your Bank of America checking or savings account, an eligible 529 account, or a contribution to an eligible Merrill account, with no minimum redemption amount.
Alternative Cards to the Bank of America Business Advantage Customized Cash Card
If you like the idea of participating in the Bank of America Preferred Rewards for Business program to boost your cash-back rewards but your business expenses are more diverse and you prefer a card with a flat cash-back rate on all purchases, then the Bank of America Business Advantage Unlimited Cash card might be the one for you.
Usually, it earns an uncapped 1.5% cash-back on all purchases, but you can boost this up to 2.625% back on all purchases. Plus, it has a $0 annual fee and offers a 0% introductory APR on purchases for the first 9 billing cycles, then a variable APR of 17.74% to 27.74% thereafter.
For those who prefer a card that can be used to earn cash-back and travel rewards and don’t mind paying a small annual fee, the Ink Business Preferred card is one of the best business credit cards on the market.
It earns 3 points per $1 on up to $150,000 in combined purchases on internet, cable, and phone services; shipping expenses; travel; and ads purchased with search engines or social media sites.
Plus, it comes loaded with benefits like cell phone protection, purchase protection, rental car insurance, extended warranty coverage, access to the Chase transfer partners, and more.
The information regarding the Bank of America® Business Advantage Customized Cash Rewards credit card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Bank of America® Business Advantage Unlimited Cash Rewards was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
