BofA Business Advantage Unlimited Cash Rewards Mastercard credit card review: Earn cash back for your business
Editor's Note
Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card overview
The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card is a business-friendly option that earns 1.5% on everything, regardless of purchase. If you qualify for the Bank of America Preferred Rewards® for Business program, you could earn up to 2.62% cash back on all purchases — one of the highest flat-rate earning opportunities of any card on the market. The best part? There's no annual fee, meaning you can focus on your urgent business needs and earn rewards. Card rating*: ⭐⭐⭐½
*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
When it comes to owning and managing a business, the last thing you want to do is overcomplicate your finances. That's why a card like the Bank of America Business Advantage Unlimited Cash Rewards card is a good solution for earning and redeeming cash-back rewards in addition to carrying no annual fee.
This card has a recommended credit score of 740 or above. Let's dive into the card's benefits.
Related: Everything you should know about Bank of America's Preferred Rewards program
BofA Business Advantage Unlimited pros and cons
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BofA Business Advantage Unlimited welcome offer
The BofA Business Advantage Unlimited is currently offering a $300 online statement credit after making at least $3,000 in purchases within the first 90 days of account opening.
That's a relatively easy welcome bonus to earn, although obviously not very lucrative.
Related: The best time to apply for these popular travel credit cards based on offer history
BofA Business Advantage Unlimited benefits
The BofA Business Advantage Unlimited's main purpose is to simplify cash-back earning and redeeming possibilities for business owners, so it generally lacks other benefits you may see on more premium cards.
A few noteworthy travel and emergency services benefits with this card include $100,000 in travel accident insurance, secondary car rental insurance, emergency ticket replacement, lost luggage assistance, and legal and medical referrals when you're away from home.
However, this card has a downside: It charges a 3% foreign transaction fee on purchases abroad, so you'll want to use another card when traveling to other countries.
Related: Everything you need to know about foreign transaction fees
Earning cash back on the BofA Business Advantage Unlimited
The main value of this card comes from its sheer simplicity: cardholders will earn 1.5% on all purchases with no limit to how much cash back you can earn.
This card becomes even more valuable for existing customers of Bank of America thanks to the Preferred Rewards for Business program. To qualify, you'll need to have an active, eligible Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in your qualifying Bank of America business deposit or Merrill investment accounts.
| Preferred Rewards for Business tier | Assets required | Credit card bonus | Bonus with the Bank of America Business Advantage Unlimited |
|---|---|---|---|
| Gold | $20,000-$49,999 | 25% bonus | Earn 1.875% cash back on all purchases |
| Platinum | $50,000-$99,999 | 50% bonus | Earn 2.25% cash back on all purchases |
| Platinum Honors | $100,000+ | 75% bonus | Earn 2.62% cash back on all purchases |
While the BofA Advantage Unlimited is a solid option for most business owners, the ability to earn up to 2.62% makes it the better choice for those who already have business bank and investment accounts with Bank of America.
Related: The best Bank of America credit cards
Redeeming cash back on the BofA Business Advantage Unlimited
There are three ways to redeem your cash rewards from the BofA Business Advantage Unlimited card:
- Deposit into your Bank of America checking or savings account
- Redeem for a statement credit
- Opt for a check to be mailed to you
Your rewards will never expire as long as your credit card account is open. TPG staffers like Augusta Stone carry a cash-back credit card, and redemption choices can vary based on personal preference.
Related: Why you may want a cash-back card
Which cards compete with the BofA Business Advantage Unlimited?
The business card market is quite saturated with competitive options from other issuers, so let's look at a couple of other cards.
- If you prefer Chase: The Ink Business Unlimited® Credit Card from Chase offers the same earning rate: 1.5% cash back on every purchase made for your business, and the card does not come with an annual fee. Read our review of the Ink Business Unlimited.
- If you prefer flexible redemption options: The Ink Business Preferred® Credit Card is one of the best business cards and has a manageable $95 annual fee. You can access Chase's 11 airline and three hotel transfer partners, with whom your points increase in value. Read our review of the Ink Business Preferred.
- If you prefer a solid earning rate and no foreign transaction fees: The Capital One Spark Cash Plus offers a competitive 2% cash back on all purchases and no foreign transaction fees (see rates and fees) for all your international business-related expenses. The card comes with a modest $150 annual fee (see rates and fees), which can be refunded if you spend at least $150,000 a year. Read our review of the Spark Plus Cash.
Related: Chase Ink Business Preferred vs. Ink Business Unlimited: Which Ink card is best for your business?
Is the BofA Business Advantage Unlimited worth it?
The BofA Business Advantage Unlimited card is a simple, no-fuss business credit card that gives business owners peace of mind when making every transaction. It's best for those who already have accounts with Bank of America. However, this card lacks bonus categories and premium perks.
Bottom line
Certain businesses may prefer to earn cash back rather than points and miles for a more straightforward approach to earning rewards. That way, business owners can spend their rewards exactly how they want — reducing their current expenses or growing and innovating over time.
The Bank of America Business Unlimited Cash Rewards is an approachable business card with no frills, making it a great starter card for many small-business owners.
Apply here: Bank of America Business Advantage Unlimited Cash Rewards Mastercard