As any business owner knows, every penny saved is another penny earned and the Bank of America Business Advantage Cash Rewards Mastercard gets that. Think of the credit card that adjusts to you and your business relationship providing you with points based on the category you spend most.
That is precisely the kind of value that is brought to the table by this card. Whether its at fill stations with clients, or stocking the office, this card lets you earn cash back where you spend it most. This is not all about revenue; it is about optimizing every dollar investment, which makes it an indispensable accessory for any business person.
Main features of the Bank of America Business Advantage Cash Rewards Mastercard
The Bank of America Business Advantage Cash Rewards Mastercard is not your run of the mill business credit card, instead it is a multi-jack of all trades credit card designed by one of the largest banks in America. This card has been in the market for many years proving to be one of the best in its category to offer by Bank of America.
Designed primarily for small and mid-size business owners, it provides an uncommon combination of incentive and accounting services to ensure the efficiency of your working day. It will suit those business people who would wish to have personal charge over their expenditure and earn some minimal rewards in the process.
Understanding the annual fee
The Business Advantage Cash Rewards Mastercard has any annual fee, which stands out as one of the card’s best qualities. This fee free model is specifically favorable to small business people who can barely afford high overhead charges and at the same time require prompt access to attractive incentive opportunities and exceptional financial resources.
Deciphering credit limits
Firstly, the bank analyses the revenue of the business and its stability in general. As part of the credit limit set, there is a business income review; business expenses and profit margins to make sure the business is capable of paying back. Also, it is important to consider matters of the personal credit score and the business credit score.
Advantages of the Bank of America Business Advantage Cash Rewards Mastercard
- Customizable Cash Back: Get up to 3% cash back on your first choice category. If it is gasoline, office supplies, travel, or business consulting services, there is the freedom to go where the most money is being made.
- No Annual Fee: All of these without the inconvenience of an annual fee eating into the rewards received in advance.
- Introductory APR: Sign up for the promotional 0% introductory APR on purchases offer that provides consumers the first nine billing cycles without being charged interest.
Standout advantage
The only aspect that distinguishes the Business Advantage Cash Rewards Mastercard from other business credit cards is the possibility to get the most out of the extra cash back with Bank of America Preferred Rewards for Business. There are higher membership levels and if you are a Platinum Honors Member, your cash back can be increased by as much as 75%
Addressing potential drawbacks
- Limited Cash Back Categories: It is good to be able to choose your cash back category however this is only available in a limited number of choices.
- Cap on Higher Rewards: These rates of 3% in categories and 2% in dining are valid only for purchases of up to $50,000 for the combined spending in these two categories in a calendar year.
- High Variable APR: The variable APR as established after the introductory period may vary between 18 and 25. 49% to 28. 49% on the higher end of what is being offered by other business cards. This is somewhat a worry for organizations that may sometimes find themselves with such a balance.
Standout disadvantage
The only negative of the Business Advantage Cash Rewards Mastercard is the limit on the higher cash back rates. When the combined spending reaches $50,000, across the category purchases and eating places, the rewards are slashed to only 1% back in cash.
Eligibility criteria
To begin with, to qualify for the payment the applicant must be a U. S. based business person and have a TIN – Tax Identification Number. This card is ideal for small and medium-sized enterprises, so when applying for it, your company’s financial standing, revenue and credit score will be taken into consideration.
Moreover, you should have ‘good to excellent’ credit score. However, Bank of America does have some degree of openness in this respect; thus, improve your credit standing, which will improve your chances of being approved and, depending on the outcome, receive a better credit limit.
How to apply for the Bank of America Business Advantage Cash Rewards Mastercard
The process of getting the Bank of America Business Advantage Cash Rewards Mastercard is quite easy but it is crucial to know what is possible. Apart from the traditional means of applying for a credit card, Bank of America offers more options in both online and through interacting with a representative.
Via website
To those who appreciate time, applying online is most definitely the fastest way to do it. The Business Account application process is well illustrated at the Bank of America website where you key in some basics about your business such as your TIN, revenue and other financial data.
The online application is very simple and there are instructions on how to fill each of the parts. After the submission, you will receive the decision in a few minutes, although, it is possible to meet applications that need further consideration.
Through the mobile application
Alternatively, if you are a mobile person, there is another touch point for the application of the Business Advantage Cash Rewards Mastercard which is via the Bank of America mobile application. Straightforward, you do not need to visit the college’s website to fill the application since it is done on the app of your smartphone.
This option is especially convenient for the business owners with a very busy schedule to manage their finances on the go. It also allows tracking of application status in real time, to give the user a timely status update of their application.
Through the store/branch
When using this method, ensure that you have all your required documents with you like the business’s Tax Identification Number, financial statements, among other documents that may be required in the process of applying for the credit.
A representative will examine your file and may give you a decision on the spot or give you notice that secondary review is needed. Although, this method may a longer time than the online or app-based methods, it provides the convenience of customization of the experience assisted by the Bank of America staff.