Building a strategy to maximize credit card business rewards takes time and attention—a rarity for any business owner. But some credit card issuers make it easy to earn rewards for every business purchase.
The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® Credit Card* is a business credit card which offers unlimited cashback of 1.5% on all purchases with no spending limit.
Whether you’re shopping for new gear or booking travel, you’ll earn unlimited cash back without worrying about spending categories or reward requirements. The Bank of America business card currently comes with a $300 online statement credit welcome bonus (after you purchase $3,000 in the first 90 days), travel perks, and no annual fee, making it a good choice for entrepreneurs who want a simple, hassle-free rewards structure.
Here’s an overview of the Bank of America Business Advantage Unlimited Cash Rewards card, which offers other business credit cards to consider.
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Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® Credit Card
Introductory offerEarn a $300 online credit bonus after making at least $3,000 in net purchases within the first 90 days of account opening
APR16.49% – 26.49% Variable APR on purchases and balance transfers
Introductory Purchase APR0% introductory APR for 9 billing cycles on purchases
Recommended credit Excellent
- Earn unlimited 1.5% cashback on all purchases everywhere, every time.
APR balance transfer16.49% – 26.49% Variable APR on purchases and balance transfers
Balance transfer fee Either $10 or 4% of each transaction amount, whichever is greater.
Fees for foreign transactions 3% of the amount of each transaction in US dollars
- Earn unlimited 1.5% cashback on all purchases everywhere, every time.
Rewards and Redemption
The Bank of America Business Advantage Unlimited Cash Rewards Mastercard offers unlimited cash back of 1.5% on all purchases. This means you will earn 1.5% on all business purchases such as travel, office supplies, dining, printing and more with no spending or category limits.
And if you enroll in the Bank of America Preferred Rewards for Business program, you may qualify for a boost monetary awards and privileges as a cardholder. You can redeem your rewards as a statement credit, check in the mail, deposited into your checking or savings account, or sent to a qualified Merrill investment account.
There are others business credit cards with multiple and revolving cash back rewards that have multiple rates to maximize your rewards on future purchases. But if you want simple rewards, this card’s flat rewards structure ensures you’ll earn cash on every purchase.
As a new cardholder, you can qualify for a $300 credit card welcome bonus if you spend at least $3,000 in purchases within the first 90 days of account opening. That works out to about $1,000 each month. Compared to other business credit cards, this welcome offer is smaller. For example, The Chase Ink Business Unlimited® Credit Card you can earn $900 after spending $6000 in the first three months. However, since the spending threshold is much lower — $3,000 compared to $6,000 — Bank of America’s welcome offer for this card could be more affordable.
The Business Advantage Unlimited Cash Rewards Card has a 0% introductory APR on purchases for the first nine billing cycles. After that, the variable APR starts from 16.49% to 26.49%. However, there is no introductory balance transfer offer — balance transfers have a variable APR of 16.49% – 26.49%, plus a 4% balance transfer fee.
If you’re planning to make a major business purchase, such as buying equipment or software, you’ll have until the end of the introductory period to pay off your debt and avoid interest. But if you need to transfer a balance from another business credit card, it’s best to consider another option.
There are several other travel benefits that the Bank of America Business Advantage Unlimited Cash Rewards Credit Card offers to help when travel plans go awry:
- Up to $100,000 in travel accident insurance
- Rental car insurance
- Help with lost luggage
- Medical assistance with referrals
- Free access to your Dun and Bradstreet business credit score
- Cash flow management tools to manage transactions and transfers using Quickbooks
- Fraud monitoring and protection against unauthorized transactions
Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card is a business card with fixed cash back. This one Chase Business Credit Card offers 1.5% unlimited cash back on all business purchases and has a bigger welcome bonus compared to other business credit cards. You can earn $900 if you spend $6,000 within the first three months of account opening. You can redeem your rewards for cash back, gift cards and travel through Chase Ultimate Rewards. There’s no annual fee, and there’s a 0% introductory 12-month APR on new purchases. After that, there is a variable APR of 16.99% – 22.99%.
Ink Business Unlimited comes with roadside assistance, along with legal and medical referrals. There’s also extended warranty protection for up to one year and purchase protection for up to 120 days to cover up to $10,000 in damage or theft per claim.
American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card earns 2% cash back on up to $50,000 in eligible business purchases per calendar year and 1% thereafter. You can earn a $250 welcome bonus if you spend $3,000 within the first three months. American Express automatically issues cash back as a statement credit.
This one American Express business card comes with an introductory period of 0% APR on new purchases for the first 12 months from account opening. After that, there is a variable APR of 17.49% – 25.49%.
Travel benefits for this card include car rental loss and damage insurance** when you book a rental car with your card. Also included is access to the 24-hour Global Assist® Hotline, concierge service for emergency assistance, reservations and more. Other benefits include extended warranty** and purchase protection** for 90 days and up to $1,000 per claim.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
**Eligibility and benefit level varies by card. Terms, conditions and restrictions apply. Visit americanexpress.com/benefitsguide for more details. Insured by Amex Assurance Company.
Wells Fargo Business Platinum Credit Card
The Wells Fargo Business Platinum Credit Card* is a no-annual-fee card with two ways to earn rewards. You can earn 1.5% cash back on eligible purchases or earn one point for every $1 spent, along with 1,000 bonus points every billing cycle where you spend at least $1,000 on qualifying purchases.
This card comes with a welcome bonus of $300 or 30,000 points when you spend $3,000 within the first three months of account opening. You can redeem your rewards as a statement credit, gift card, deposit into your Wells Fargo bank account, or toward travel and other merchandise. There is an introductory APR of 0% on purchases for the first nine months, then a variable rate of 15.49% – 25.49%.
Benefits include Visa purchase security if eligible purchases are lost, stolen or damaged. And when you book a trip with this card, you’ll have up to $250,000 in travel accident insurance and collision and theft insurance.
Does a business credit card affect my personal credit?
Applying for a business credit card can affect your personal credit score since a strict inquiry is placed on your individual credit profile. This can cause a temporary drop in your credit score. However, this card can help build your business credit if you follow good credit habits, such as paying your debt in full each month.
How to choose the best credit card for your business?
To choose the best credit card for your business, start by reviewing your business’ top spending categories. It’s best to choose a card that earns you rewards in spending categories where your business often spends money. If your spending varies or you spend a fairly equal amount in all categories, a fixed rewards business card that earns you money with every purchase can help the feeling.
You should also review any fees, such as annual and foreign transaction fees. A high annual fee, for example, may cost you more than you earn in rewards, depending on your company’s spending habits. Finally, look at the benefits on the card – you might find a benefit you weren’t aware of, like travel insurance, that will be lucrative for your business.
How do reward cards work?
Rewards credit cards allow you to earn cash back or points on eligible purchases. You can only earn rewards from certain categories or within spending limits. You can often redeem rewards for gift cards, travel, merchandise, statement credits and more – depending on the issuer and credit card.
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*All information about the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® and Wells Fargo Business Platinum Credit Card was independently collected by CNET and has not been reviewed by the issuer.