Bank of America Business Credit Card Review: Which Business Advantage Card Is Best?

Bank of America has 3 different no-annual-fee Business Advantage cards. These cards have a lot in common and a few differences. They are all strong options. 

Quick Hits

• $0 annual fee on all 3 cards
• Up to 75% more rewards with Preferred Rewards for Business
• 0% intro APR on purchases for 7 billing cycles, then a 16.99-26.99% variable APR
• Museums on Us is a great benefit that all of these have and it works with business cards and employee cards.

Bank of America Business Advantage Cards

Key Similarities

These three cards have a lot in common. This includes:

• $0 annual fee
• Currently the welcome offers all offer the same value
• 0% intro APR on purchases for the first 7 billing cycles, then a 16.99-26.99% variable APR
• Employee cards at no additional cost.
• Museums on Us perks (explained below)
• Eligibility for Preferred Rewards for Business (explained below)

Bank of America Museums on Us: My Favorite Underrated Perk

This is one of my favorite perks of having a Bank of America card! Business cards qualify for you for this (as do debit cards and personal credit cards).

How Museums on Us Works

With this program, you get free general admission on the first full weekend of every month to participating museums. You can find a full list of locations here.

It’s not just museums! It also includes arboretums, botanical gardens, and even a few zoos or aquariums!

The exact way to redeem your free entry can vary by location. I typically like to call the location ahead of time to find out their process. Some locations will let you just show your card at the door. At some locations like one we use frequently in the Chicago suburbs — the Morton Arboretum — you have to buy your tickets online and then go into customer service to have them process a refund. 

You’ll typically need your card and a photo ID. 

Business and Employee Cards Both Work

For most locations you’ll receive one admission per card. Note that employee cards (which are free to add on all of these cards!) work too. I can confirm this from our own use!

Participating Museums

You can find a full list of locations here.

In Chicagoland, for example, this includes some really great spots:

• Adler Planetarium

• Art Institute of Chicago

• Griffin Museum of Science and Industry (Sundays only)

• Illinois Holocaust Museum presents Experience360

• Museum of Contemporary Art

• The Morton Arboretum

How Preferred Rewards for Business Boosts Your Rewards

In addition to the regular earn rates, Bank of America also gives you boosted rates if you are also a Preferred Rewards for Business customer.

To qualify you’d first need to have an active Bank of America business checking account. 

There are 3 tiers you can achieve based on your 3-month combined average daily balance in the following accounts:

• Bank of America® business deposit accounts
• Qualifying Merrill Edge® and/or Merrill Lynch® business investment accounts 

U.S. Trust® Small Business clients are automatically enrolled in the program at the Platinum Honors tier as long as you maintain your U.S. Trust relationship.

For Gold level, you need to have a minimum of $20,000 in your 3 month combined average balance. Then you’ll receive a 25% bonus on your credit card earning. 

For Platinum, you need $50,000 in your 3 month combined average balance. Then you’ll receive a 50% bonus on your credit card earning. 

For Platinum Honors, you need $100,000 in your 3 month combined average balance. Then you’ll receive a 75% bonus on your credit card earning. 

Boosted Earn Rates by Tier

Key Differences Between Cards

Here are the key differences between these 3 cards. 

Earning Rates

Unlimited Cash: 1.5% on all purchases, no cap.

Customized Cash:

• 3% in your choice category (pick between gas stations & EV charging stations, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services)
• 2% on dining
• The 2%/3% is capped to the first $50,000 in combined purchases each calendar year, then 1%;
• 1% on everything else.

Travel Rewards: 3 points per $1 at the Bank of America Travel Center, 1.5 points per $1 on everything else.

Foreign Transaction Fees

Unlimited Cash: 3%

Customized Cash: 3%

Travel Rewards: None 

Redemption Options

Unlimited Cash: As a deposit into your eligible Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.

Customized Cash: As a deposit into your eligible Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.

Travel Rewards:

• As a travel credit (statement credit against travel and dining purchases from the past 12 months) at 1 cent per point, 2,500 points = $25.
• If you choose cash credit (check or Bank of America deposit) you’ll just get 0.6 cent per point, 2,500 points = $15.
• Travel booked through the Travel Center starts at 2,500 points (2,500 points = $25)

Which Bank of America Business Card Is Best?

Trick question! Because there isn’t one flat out best card here and there’s a fair amount of overlap between them. But here are the main factors I think you should consider. 

If you don’t want to mess with maximizing certain earning categories: pick the Unlimited Cash. The 1.5% cash back is a solid rate and keeps it easy. 

If you have a lot of spending in one of these categories (gas stations & EV charging stations, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services): pick the Customized Cash. You’ll rack up double points versus the 1.5% of the Unlimited Cash in that category you choose until you get to your max of $50,000/year. 

If you plan to use this card while traveling internationally: pick the Travel Rewards, it’s the only one with no foreign transaction fees. 

My Take Overall: For most people, my top recommendation would be the Unlimited Cash — I think most people will come out with better earning on the flat 1.5% cash back. But if you know you spend big in one of those Customized Cash categories, then go for that one. The Travel Rewards is my least favorite of the three because the rewards points you are earning are the most restrictive. At best they are worth 1 cent per point if you redeem them against travel expenses — but this is the exact same value as the cash back you’d get on the Unlimited and Customized Cash. The cash back cards make it easier to redeem your rewards. 

One Caution About AutoPay

Bank of America’s website won’t let you set up autopay for a new credit card account until you’ve been through at least one full billing cycle. Sometimes it has taken me 2 cycles to have this option appear in my account. 

Because of this you’ll need to pay close attention to your first 2 statement due dates until you’re able to set up autopay successfully. 

Even once you’re eligible it can be hard to navigate the website to find this option. If you have problems, I suggest calling the number on the back of your credit card, they have been able to help me walk through it in the past. 

Frequently Asked Questions

What is the best Bank of America business credit card?

For most people, my top recommendation would be the Unlimited Cash — I think most people will come out with better earning on the flat 1.5% cash back. But if you know you spend big in one of those Customized Cash categories, then go for that one. 

Do Bank of America business credit cards have an annual fee?

No, all 3 Business Advantage cards have a $0 annual fee.

What is Preferred Rewards for Business?

You can earn up to 75% more rewards on your credit card spending, depending on the balances you keep in Bank of America and Merrill business accounts. See full details above! 

Can I change my Customized Cash Rewards category?

Yes, once per calendar month.

Does the Business Advantage Travel Rewards card have foreign transaction fees?

No. The two cash back cards do charge 3%.

Do Bank of America business cards qualify for Museums on Us?

Yes, including employee cards, one admission per card.

Do Bank of America business cards report to personal credit?

No.