RECOMMENDED CREDIT CARD

Bank of America® Business Advantage
Cash Rewards Mastercard®

bank of america business advantage cash rewards mastercard
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Are you a business owner in need of a cash-back credit card that also offers a cash bonus to you fairly quickly? Check out the Bank of America Business Advantage Cash Rewards Mastercard that offers a sign-up bonus of $200. All you need to do is 1) apply, 2) get approved, and 3) spend $500 in purchases during the first 60 days of account ownership to qualify for a statement credit of $200. Just like that!

The Bank of America Business Advantage Cash Rewards Mastercard requires the credit card’s applicant to either be the business’ actual owner or a fiduciary or agent legally authorized to act on behalf of the business owner.  Applicants must either be Resident Aliens or U.S. residents with a valid U. S. address to qualify for the credit card. Let’s take a look at the benefits (and its term and conditions) offered to account holders using the Bank of America Business Advantage Cash Rewards Mastercard.

Annual Percentage Rate (APR) for Purchases 0% intro APR for 9 billing cycles

This APR will vary with the market based on the Prime Rate.

APR for Balance Transfers 11.99% – 21.99% (Variable APR)
Annual Fee $0
Redeem your cash rewards for cash back, or apply them to a Bank of America® savings or checking account.

Introductory APR – 0% for every purchase transaction during the first nine billing cycles after account opening. Balance transfers are not, however, included with this intro APR offer. At the end of the promotional period, the APR will then change to a variable APR somewhere from 12.24 % to 22.24 %

Penalty Annual Percentage Rate (APR) – There are no modifications made to the APR that are punitive in nature.

Foreign Transaction Fee – Transactions made outside of the United State will be charged a three percent foreign transaction fee

Annual Fee – 0%, Finding a business credit card that has no annual fee is a difficult task. The cost to maintain this credit card is zero, making it even more appealing.

Premium Rewards – Potential cash back rewards are unlimited. They are earned as follows:

  • 3% Cash back rewards for purchases at office supply businesses and gas stations. When total expenditures exceed $250,000 during each fiscal year, this cash back benefit drops to 1%. It returns to 3% when the next fiscal year begins.
  • 2% Cash back for restaurant purchases; and
  • 1% on all other purchases

This example should help clarify just how much you can earn by selecting the right card from the right credit card issuer:

Mr. Business-Owner.com spends more than $10,000 per month at office supply stores. Mr. Business-Owner.com uses a business cash back rewards card that generates 5% cash back on purchases up to $50,000. So, at the end of the year, his cash back rewards were as follows:

5% of $50,000 = $2,500

+

1% of $70,000 = $700  [He spent a total of $120,000]

Total = $3,200

Had Mr. Business-Owner.com used the Bank of America Business Advantage Cash Rewards Mastercard instead, he would have received $3,600, as follows:

3% of $120,000 = $3,600

As such, business owners who are large spenders – especially in the 3% bonus category included with the Bank of America Business Advantage Cash Rewards Mastercard – have the opportunity to earn cash back faster than some of the other cash rewards credit cards on the market.

Cash rewards are redeemed several different ways.

–Cash deposited into a Bank of America account; savings or checking

–A credit on your monthly billing statement, or

–A check

How to Apply for a Bank of America Business Advantage Cash Rewards Mastercard

Every credit decision that is made by a credit card company involves some form of financial assessment of the business, as well as the business owner. You can even request additional cards for business employees at no additional cost. You should expect to provide all, or any combination of the documents listed below:

Personal Documentation (required for each & every cardholder) 

  • Your date of birth
  • Your Social Security # – the verification method used to identify who you are
  • A valid email address  and a legitimate mailing address

Documentation Needed for the Business Entity

  • The Gross Annual Sales for the business
  • The Net Profit for the subject business
  • The Business’ tax ID [Sole proprietors should use their Social Security number]
  • The date that the business entity was formed and/or incorporated
  • The Business’ name and proof of how it is legally structured, i.e. LLC, Corp, Partnership, Sole Proprietorship, et al.
  •  Those businesses formed within the United States are required to
    • Apply online and,
    • Be operating in the U.S.

By submitting an application with any combination of the above noted documentation that authorizes the underwriters at Bank of America to access your credit report and crosscheck the information provided on your Bank of America Business Advantage Cash Rewards Mastercard application.

In general, business credit lines are personally backed by the account holder but they are NOT revealed in a personal credit report until such time when the account falls from good standing.

The reality is, the bank can ask for pretty much everything they want. Business owners can always refuse to provide any financial paperwork that makes them uncomfortable. But, be forewarned, refusals to provide request documentation will likely lead an underwriter to cancel the credit card application because relevant information could not be successfully verified.

And, the rest…

The Balance Transfer Fee is four percent, with a minimum transaction charge of $10.  The APR for balance transfers is a variable rate that ends up somewhere between 12.24 % and 22.24 %, depending on the cardholder’s creditworthiness.

The Cash Advance Fee is four percent of the transaction, with a minimum fee of $10. The cash advance APR is 24.99%. Late fees can be as high as $49. Should a payment remitted by the account holder bounce; the return payment fee is $39.

The Bank of America Business Advantage Cash Rewards Mastercard credit card is quite advantageous if your needs align with the specific benefits offered by this business credit card. If your monthly expenses for office supplies and gasoline are significantly higher than average, this is the perfect business credit card for anyone who is looking for a cash rewards credit card.


If you are in the market for cash rewards business credit cards, check out the Business Financing Hub online. Dedicated financial professionals with oodles of experience in the areas of credit building and obtaining financing methods for small business owners and entrepreneurs have created this one-stop financial website. Business owners and consumers alike can analyze, compare and apply for business cash reward credit cards simply by visiting our website.  See you soon.

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