BofA Business Advantage Unlimited card review: 1.5% cash back
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% cash back on every 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 — among the highest flat-rate earning rates available on a cash-back business card. The best part? There's no annual fee. 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. Because of this, a card like the Bank of America Business Advantage Unlimited Cash Rewards card is a good way to earn cash-back rewards on your business expenses with no annual fee.
TPG recommends applicants have a credit score of 740 or above to increase their chances of approval for this card. Let's dive into the card's benefits and see if it's right for your business.
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 $500 online cash rewards bonus after spending $5,000 on purchases in the first 90 days of your account opening.
That's a relatively easy welcome bonus to earn, although not as lucrative as many travel business cards. Either way, it's $500 back to your company's bottom line.
Related: The best time to apply for these 9 popular travel credit cards based on offer history
BofA Business Advantage Unlimited benefits
The BofA Business Advantage Unlimited's main purpose is to give business owners an easy way to earn cash back on all of their expenses. In turn, it lacks some of the benefits you may see on premium travel business cards.
A few noteworthy travel and emergency services benefits with this card include:
- $100,000 in travel accident insurance
- Emergency ticket replacement
- Legal and medical referrals when you're away from home
- Lost luggage assistance
- Secondary car rental insurance
However, this card has a downside: It charges a 3% foreign transaction fee on purchases made abroad, so you'll want to use another card when you're traveling outside the U.S.
Related: Foreign transaction fees: Everything you need to know
Earning cash back on the BofA Business Advantage Unlimited
The main value of this card comes from its sheer simplicity: cardholders earn 1.5% cash back on all purchases, with no limit on how much cash back they can earn.
This card becomes even more valuable for existing Bank of America customers thanks to the Preferred Rewards for Business program. To qualify, you need an active, eligible Bank of America business checking account and a three-month combined average daily balance of at least $20,000 in your qualifying Bank of America business deposit or Merrill business 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 Business Advantage Unlimited is a solid no-annual-fee option for many business owners, the ability to earn up to 2.62% cash back on everything makes it especially intriguing 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 do not expire as long as your credit card account is open.
Related: Why you may want a cash-back card
Which cards compete with the BofA Business Advantage Unlimited?
The business card market has competitive options from other banks, too, so it's worth assessing your options. Here's a look at other cards to consider:
- If you prefer Chase: The Ink Business Unlimited® Credit Card (see rates and fees) from Chase offers the same earning rate: 1.5% cash back on every purchase made for your business, and doesn't have an annual fee. Read our review of the Ink Business Unlimited.
- If you prefer flexible redemption options: The Ink Business Preferred® Credit Card (see rates and fees) is one of the best business cards on the market and has a manageable $95 annual fee. You can access Chase's airline and hotel transfer partners, where your points can be worth more. 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. Plus, it doesn't add foreign transaction fees to purchases made abroad. The card comes with a modest $150 annual fee (which is refunded if you spend at least $150,000 on the card each 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 Bank of America accounts and qualify for Preferred Rewards for Business. However, this card lacks bonus categories, premium perks and the ability to transfer rewards to airlines or hotels.
Bottom line
Certain businesses prefer cash back to points and miles for a more straightforward way to earn rewards on their business expenses. That way, business owners can spend their rewards exactly how they want and reduce their overall business expenses.
The Bank of America Business Advantage Unlimited Cash Rewards is an approachable, no-frills business card that makes it a great starter card for many small-business owners.
Apply here: Bank of America Business Advantage Unlimited Cash Rewards Mastercard