Looking for an inexpensive way to level up your business savings this year? If so, you’re looking at two great options: The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card and the Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card.
Both charge no annual fee, and have the same great welcome bonus offer. The right pick really comes down to how your spending breaks down — specifically, how much you spend in your biggest expense category.
Here’s what to know.
Which card earns more cash back?
That depends on where your money actually goes.
The Bank of America Business Advantage Unlimited Cash Rewards card pays a flat 1.5% cash back on all purchases, no matter the category. There’s no cap, no category to track, and no monthly decision to make. As someone who loves easy credit card rewards, I appreciate that kind of simplicity.
The Bank of America Business Advantage Customized Cash Rewards card, on the other hand, takes some work to earn with. You earn 3% cash back in the category of your choice (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) — gas and EV charging, office supplies, travel, TV and telecom, computer services, or business consulting are all options — plus earn 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter). Everything else earns 1%.
One thing you don’t have to worry about, both cards come with the same great welcome bonus:
- Bank of America Business Advantage Unlimited Cash Rewards: Earn a $500 online cash rewards bonus after you make at least $5,000 in purchases in the first 90 days of your account opening.
- Bank of America Business Advantage Customized Cash Rewards: Earn a $500 online cash rewards bonus after you make at least $5,000 in purchases in the first 90 days of your account opening.
If your biggest expense lines up with one of the Bank of America Business Advantage Customized Cash Rewards card’s choice categories, it can out-earn the flat-rate option by a wide margin. For everyone else, though, I recommend the Bank of America Business Advantage Unlimited Cash Rewards as a no-frills pick.
Bank of America Business Advantage Customized Cash Rewards: How the choice category works
With the Bank of America Business Advantage Customized Cash Rewards, you’ll get to choose your 3% category, and you can switch it once a month if your spending shifts.
The 3% and 2% dining rate apply to the first $50,000 you spend combined in those two buckets. That’s a pretty high cap. If you’re worried about hitting it, though, you’ll want to spend as much as possible in the 3% category to maximize your earnings.
Say your business spends $2,000 a month on office supplies and $500 on dining. Choosing office supplies as your bonus category would earn you $60 a month there plus $10 on dining, compared to $37.50 a month on the flat-rate Bank of America Business Advantage Unlimited Cash Rewards.
That’s an extra $390 a year, just for picking the right card. And if you spend more, the difference can be even bigger.
Bank of America Business Advantage Unlimited Cash Rewards: Is the flat-rate option right for you?
The Bank of America Business Advantage Unlimited Cash Rewards is the better fit if your spending doesn’t cluster into one of the Bank of America Business Advantage Customized Cash Rewards card’s 3% categories — or if it moves around too much to commit to a single choice.
Restaurants, contractors, and service-based businesses with scattered costs — things like software subscriptions, shipping, and equipment — often do better locking in 1.5% on everything than betting on one category.
On the positive side, both cards allow you to boost your cash back rate through the Preferred Rewards for Business program, adding up to 75% more cash back. On the Bank of America Business Advantage Unlimited Cash Rewards card, that pushes the flat rate as high as 2.62% at the highest tier.
If you already bank with BofA and keep a healthy balance, that boost alone can make either card worth a second look.
What about fees and the intro APR?
Neither card charges an annual fee, so there’s no cost of entry to weigh against the rewards. Both offer the same intro APR deal:
- Bank of America Business Advantage Unlimited Cash Rewards: 0% Introductory APR on purchases for your first 7 billing cycles. After the intro APR offer ends, a Variable APR that’s currently 16.74% to 26.74% will apply.
- Bank of America Business Advantage Customized Cash Rewards: 0% Introductory APR on purchases for your first 7 billing cycles. After the intro APR offer ends, a Variable APR that’s currently 16.74% to 26.74% will apply.
One more small note: A foreign transaction fee of 3% of the U.S. dollar amount of each transaction applies to both, so neither is built for spending abroad.
Bank of America Business Advantage Unlimited Cash Rewards vs. Bank of America Business Advantage Customized Cash Rewards: Which card should you choose?
Pick the Bank of America Business Advantage Customized Cash Rewards card if you can easily pick out your single biggest expense category, and it’s on the card’s 3% list. Pick the Bank of America Business Advantage Unlimited Cash Rewards card if your spending is all over the map, or you just don’t want to think about it.
And for a wider look at what else is out there, check out our list of the best business credit cards before you apply.