The Business Advantage credit card from Bank of America is an amazingly straightforward option for business owners. Get 4% back on your preferred category, 2% on eating, and 1% on all other purchases, forever. You will receive 2% and 4% cash back on your first $50,000 in combined purchases across all choice categories each calendar year, and after that, you will only receive 1% cash back. Using this card will not require you to pay an annual fee of any kind.

Some cards give greater rewards in business and travel categories, but the Business Advantage Customized Cash Rewards card stands out for its extensive category selection options. Another interesting possibility for those looking to maximize incentives is the ability to switch their 3% bonus category from month to month.

Benefits Of The Bank Of America Business Advantage Cash Rewards Card

Success In Acquiring Prizes

Credit cardholders of the Business Advantage Customized Cash Rewards program can receive limitless 1% cash back on all transactions and 3% cash back on the category of their choice. For the first $50k spent in a calendar year across all choice categories and eating purchases, you'll get a 3% and 2% cash back bonus.

Participating In The Rewards Redemption Process

It's easy to cash in your Bank of America points for cash by submitting a redemption request using the bank's website or mobile app. You can receive a check in the mail, have money deposited into your Bank of America bank or savings account, or get a credit on your credit card statement. You can only collect cash-back rewards from Bank of America if you have a checking or savings account with them. Awards cannot be transferred to an externally linked checking or savings account.

Possibilities Of Gain

Forbes Advisor has estimated the annual spending in each category for a family in the 70th percentile of income based on data from multiple government agencies. Our calculations are based on the assumed income level of a single business owner. Wage-earning households in the 70th percentile have an annual income of $107,908 and annual credit card expenses of $32,072. The potential benefits from this credit card are estimated using these numbers.

Credit Card With Rewards Vs. American Express Business Gold Card

The American Express® Business Gold Card (Terms apply.) is a rewards card similar to the Business Advantage Customized Cash Rewards Card. A higher percentage of points is awarded in some business-friendly categories (for a full list, see rates & fees). The card provides 4 Membership Rewards® points for every dollar spent in carefully chosen categories, where most business spending occurs. In all other cases, you will earn one point for every dollar spent. Up to $150,000 in combined purchases from eligible categories per calendar year will earn the standard point per dollar earning rate.

Comparing The Amex Blue Business Card To The Rewards Mastercard®

Compared to multiple cards, one that offers rewards on all purchases is a clear winner in terms of convenience and value. There are a variety of possibilities for persons who would prefer only to have to carry one card. The Citi® Double Cash Card is consistently voted as consumers' best cash-back credit card, but several small business credit cards provide high returns on all purchases.

The American Express Blue Business CashTM Card is a good option if you'd rather get paid in cash than points. A flat 2% cash back on up to $50,000 in annual purchases (see rates & fees for details) and a further 1% cash back on anything else

Pros And Cons:

Pros

• When you select the rewards category that gives you the most money, you have more control over your income.
• This bonus is simple to obtain and works well with corporate funds.
• There is no yearly fee, and thus no need to compensate for it through awards.

Cons

• This card is not recommended for use abroad due to the steep 3 percent fee it imposes on all foreign purchases.
• Income could be hampered by the annual expenditure limit of $50,000.
• Due to the stringent requirements, a good credit score is required (740 or higher on the FICO scale) before acceptance is even considered.

Conclusion

A great cash-back small company credit card with high rewards in many areas is the Bank of America credit card. With the attainment of Platinum status in the Preferred Rewards program, this card emerges as the most advantageous of its kind for small business owners who are already customers of Bank of America or Merrill.