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

Name: Bank of America Business Advantage Unlimited Cash Rewards – Full Review [2023]
Item: Bank of America Business Advantage Unlimited Cash Rewards
Rating: 4
Author: Jarrod West

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"Cash-back rewards on all purchases!"

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

Jarrod West

- Updated: February 20, 2023, 5:11pm CST

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.

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!

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

Business Advantage Unlimited Cash - Snapshot

Welcome Bonus & Info (Partner Content)
- 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.
Card 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

Business Advantage Unlimited Cash - Fees

Foreign Transaction Fees
3% of the U.S. dollar amount of each transaction.
Interest Rates
- 0% intro APR for the first 9 billing cycles; after that, variable rate of 112.49%-22.49% will apply.
Late fees
- $19 if balance less than or equal to $100; $29 if $100.01 - $1,000; $39 if $1,000.01 - $5,000; $49 if greater than $5,000.
Balance Transfers
- 12.49% - 22.49% Variable
- Fee: Either $10 or 4% of the amount of each transaction, whichever is greater.
Cash Advance APR
- 24.49% Variable
- Fee: Either $10 or 4% of the amount of each transaction, whichever is greater.

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

Business Owner Thinking — Image Credit: Dragon Images via Shutterstock

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.

Status Level	Assets Required	Rewards Bonus	Increased Earnings
Gold	$20,000+ in assets	25% rewards bonus	1.875% back
Platinum	$50,000+ in assets	50% rewards bonus	2.25% back
Platinum Honors and Above	$100,000+ in assets	75% rewards bonus	2.625% 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.

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.

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

Featured Image Credit: Bank of America

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.

About Jarrod West

Jarrod has been writing about the ins and outs of credit cards and loyalty programs, along with airlines and hotels, for over 6 years. He is regularly called upon to share his expertise on the latest news within the space, and has been featured in publications such as Matador Network, The New York Times, RetailMeNot, and Yahoo! Finance. Jarrod has over 20 credit cards in his wallet and has tested out dozens more in order to vet the very best card options for readers. As he is constantly sampling new cards, Jarrod also earns (and redeems) over 1 million points and miles each year. This allows him to book luxury travel experiences the world over, and save tens of thousands of dollars in the process.

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

Pros

Cons

Business Advantage Unlimited Cash - Snapshot

Great Card If

Don't Get If

Business Advantage Unlimited Cash - Fees

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

Bank of America Business Advantage Unlimited Cash Card - Top Benefits

Bank of America Business Preferred Rewards Cash-back Boost

Other Card Benefits

Best Ways To Earn and Redeem Your Cash-back

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

American Express Blue Business Cash™ Card

Frequently asked questions

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

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

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

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

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

About Jarrod West

Any thoughts or questions? Comment below! Cancel reply

Advertiser Disclosure

Pros

Cons

Business Advantage Unlimited Cash - Snapshot

Great Card If

Don't Get If

Business Advantage Unlimited Cash - Fees

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

Bank of America Business Advantage Unlimited Cash Card - Top Benefits

Bank of America Business Preferred Rewards Cash-back Boost

Other Card Benefits

Best Ways To Earn and Redeem Your Cash-back

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

American Express Blue Business Cash™ Card

Frequently asked questions

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

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

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

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

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

About Jarrod West

Any thoughts or questions? Comment below! Cancel reply

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Advertiser Disclosure