Bank of America Business Advantage Customized Cash Rewards Card: $500 Statement Credit

The Bank of America Business Advantage Customized Cash Rewards Mastercard (what a name…) is the no-annual-fee “cash back” credit card in the Bank of America small business card line-up. The normal bonus recently has been a $300 statement credit, but this special link has a $500 statement credit after spending $5,000 within the first 90 days. Here are the cash back highlights:

• 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services.
• 2% cash back on dining and unlimited 1% cash back on all other purchases. The 3% and 2% cash back applies to the first $50,000 in combined category/dining purchases each calendar year, 1% thereafter.
• No annual fee.

This card really gets interesting if you can take advantage of their Preferred Rewards for Business program, which can boost your effect cash back rates by up to 75% (to effectively 5.25% on your selected choice category, 3.5% on dining, and unlimited 1.75% cash back on all other purchases.) Unfortunately, the Preferred Rewards for Business program is separate from the consumer version of Preferred Rewards. You will need a eligible Bank of America business checking account, as well as 3-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts.

You can find more information on the consumer Preferred Rewards program in my review of the consumer version of this card, the Bank of America Cash Rewards card.

I will be adding this to the Top 10 Best Small Business Card Bonus Offers. Chase Ink Business Unlimited, Chase Ink Business Cash, and US Bank Business Leverage cards are also on that list. Each has different rewards structures, and the best ongoing card will depend on your business expense needs.