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Bank of America Business Advantage Unlimited Cash Rewards – Full Review [2023]

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Jarrod West
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Jarrod West

Senior Content Contributor

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Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in o...
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With years of experience in corporate marketing and as the Executive Director of the American Chamber of Commerce in Qatar, Keri is now Editor-in-Chief at UP, overseeing daily content operations and r...
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Kellie’s professional experience has led her to a deep passion for compliance, data reporting, and process improvement. Kellie’s learned the ins and outs of the points and miles world and leads UP’s c...

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Bank of America® Business Advantage Unlimited Cash Rewards

Bank of America® Business Advantage Unlimited Cash Rewards

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
4
  • $300

  • $0

  • 0% intro APR for the first 9 billing cycles; after that, variable rate of 112.49%-22.49% will apply.

Bank of America® Business Advantage Unlimited Cash Rewards

The Bank of America Business Advantage Unlimited Cash card earns 1.5% cash-back on all purchases and has no annual fee.

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
4

The Bank of America® Business Advantage Unlimited Cash Rewards credit card is a top-notch option for business owners who are looking for a simple cash-back rewards card with no annual fee. Moreover, those who hold status in the Bank of America Preferred Rewards for Business program can supercharge their cash-back rewards up to 2.625% on all purchases!

Card Snapshot

Welcome Bonus & Info

  • Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.
  • Earn unlimited 1.5% cash-back on all purchases everywhere, every time.
  • No annual cap and cash rewards don’t expire.
  • No annual fee.
  • 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 our highest Preferred Rewards for Business tier. That means you could earn up to an unlimited 2.62% cash-back on all purchases.
  • Choose how to redeem your cash rewards — as a deposit into your Bank of America checking or savings account, as a card statement credit, or as a check mailed to you.
  • 0% Introductory APR on purchases for the first 9 billing cycles. After the intro APR offer ends, a Variable APR that’s currently 12.49% to 22.49% will apply.
  • Contactless Cards — the security of a chip card, with the convenience of a tap.
  • This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.

Pros

  • 1.5% cash-back on all purchases
  • No annual fee
  • Introductory APR offer
  • Ability to boost rewards with Bank of America Business Preferred Rewards status
  • Travel accident insurance
  • Rental car insurance

Cons

  • Doesn’t offer bonus categories

Great Card If

  • You want an easy-to-use cash-back card with a fixed rate on all purchases
  • You’re a Bank of America Business Preferred Rewards member

Don’t Get If

  • You can a card that earns travel rewards points
  • You want a card that offers bonus categories on the areas where your business spends the most

Bank of America Business Advantage Unlimited Cash Card — Is It Worth It?

Any business owner who’s looking for a straightforward cash-back rewards card that earns a flat cash-back rate on all purchases without an annual fee will certainly find the Bank of America Business Advantage Unlimited Cash card worthwhile.

The card is even more worth it for those who are Bank of American Business Preferred Rewards members as they can boost their rewards rate up to 2.625% back on all purchases. You’d be hard-pressed to find a card with a higher cash-back rate on all purchases.

Bank of America Business Advantage Unlimited Cash Card — Top Benefits

Bank of America Business Preferred Rewards Cash-back Boost

In our view, the best benefit of the Bank of America Business Advantage Unlimited Cash card is the ability to increase the amount of cash-back you receive for each purchase by participating in the Bank of America Business Preferred Rewards program.

The Bank of America Business Preferred Rewards program is very similar to the personal version, in that it gives members added benefits for holding a certain level of deposits in qualifying Bank of America accounts.

One of the best benefits of the program is the ability to boost your cash-back rewards by 25%, 50%, or 75%, depending on your status tier.

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Status LevelAssets RequiredRewards BonusIncreased Earnings
Gold$20,000+ in assets25% rewards bonus1.875% back
Platinum$50,000+ in assets50% rewards bonus2.25% back
Platinum Honors and Above$100,000+ in assets75% rewards bonus2.625% back

There aren’t many cash-back rewards cards on the market that offer more than 2% cash-back on all purchases, but Platinum and Platinum Honors members can earn 2.25% and 2.625% back, respectively.

Other Card Benefits

The card also offers travel accident insurance (up to $100,000 in coverage) and secondary rental car insurance.

Best Ways To Earn and Redeem Your Cash-back

If you’re trying to earn as much cash-back as possible, you’ll want to use your card for as many purchases as you can. Since the card earns the same 1.5% back on all purchases, you won’t need to stress over whether you’re using the right card for the right purchase.

That said, if you really want to take your cash-back rewards to the next level, then you should attain status in the Bank of America Business Preferred Rewards program. Doing so will allow you to boost the cash-back rewards you receive by 25%, 50%, or even 75%, depending on the status tier you hold.

In terms of redeeming your cash-back rewards, you can choose from a deposit into your Bank of America checking or savings account, a card statement credit, or a check mailed directly to you.

Alternative Card to the Bank of America Business Advantage Unlimited Cash Card

American Express Blue Business Cash™ Card

If you’re in the market for a flat-rate cash-back card with no annual fee and don’t have any interest in the Bank of American Business Preferred Rewards program, you should consider the Amex Blue Business Cash card.

The American Express Blue Business Cash™ CardTerms Apply / Rates & Fees

The American Express Blue Business Cash™ Card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

Take control of your cash-back with the Amex Blue Business Cash card, and earn 2% cash-back on up to $50,000 in purchases each year.

Learn More(at Amex's secure site)

The American Express Blue Business Cash™ Card

Take control of your cash-back with the Amex Blue Business Cash card, and earn 2% cash-back on up to $50,000 in purchases each year.
Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
$250
$0
0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 18.49% - 26.49%, based on your creditworthiness and other factors as determined at the time of account opening. APRs will not exceed 29.99%
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

Looking for a way to keep tabs on your office supply costs and business travel expenses while earning cash-back? Then The American Express Blue Business Cash™ Card could be a good fit.

This card offers expense management solutions that are designed to give companies more control, along with a much clearer picture of their business spending. In doing so, the more you spend, the more cash-back you can earn.

Pros

  • 2% cash-back on up to $50,000 in spend, then 1% back thereafter
  • No annual fee
  • Travel and purchase protection

Cons

  • Not ideal for those who spend a lot on a specific category like groceries or gas
  • Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
  • 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 18.49% – 26.49%, based on your creditworthiness and other factors as determined at the time of account opening. APRs will not exceed 29.99%
  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
  • Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
  • No Annual Fee
  • Terms Apply

Financial Snapshot

  • APR: 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 18.49% - 26.49%, based on your creditworthiness and other factors as determined at the time of account opening. APRs will not exceed 29.99%
  • Foreign Transaction Fees: 2.7% of each transaction after conversion to U.S. dollars

Card Categories

With it, you’ll earn 2% cash-back rewards on all purchases up to a total of $50,000, and then 1% cash-back on all purchases thereafter. Depending on how much your business spends each year, you may earn more cash-back rewards using the Amex Blue Business Cash card, as you’d need to spend more than $100,000 before the Bank of America Business Advantage Unlimited Cash card surpasses it in total cash-back.

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.

For rates and fees of The American Express Blue Business Cash™ Card, click here.

Frequently Asked Questions

Is the Bank of America Business Advantage Unlimited Cash card worth it?

The Bank of America Business Advantage Unlimited Cash card might be worth it if you’re looking for a simple cash-back rewards card, aren’t interested in paying an annual fee, and are a member of the Bank of America Business Preferred Rewards program.

Does the Bank of America Business Advantage Unlimited Cash card have a foreign transaction fee?

Yes, the Bank of America Business Advantage Unlimited Cash card charges a 3% foreign transaction fee, so you’ll want to use another card when making purchases in another country.

What are the benefits of the Bank of America Unlimited Cash Rewards card?

The top benefit of the Bank of America Business Advantage Unlimited Cash card is the ability to earn extra cash-back by participating in the Bank of America Business Preferred Rewards program. Doing so allows you to boost your cash-back by up to 75%, bringing your rewards up to 2.625% back on all purchases.

Does the Bank of America Business Advantage Unlimited Cash card charge an annual fee?

No, the Bank of America Business Advantage Unlimited Cash card does not charge an annual fee.

Does the Bank of America Business Advantage Unlimited Cash card charge a late fee?

Yes. If your payment is late, you will be charged $19 if your balance is less than or equal to $100, $29 if your balance is between $100 and $1,000, $39 if your balance is between $1,000 and $5,000, and $49 if your balance is greater than $5,000.

Jarrod West's image

About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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