Bank of America® Business Advantage Customized Cash Rewards Mastercard®
While these two business credit cards are similar, neither card charges sign-up bonuses and annual fees, and introductory APR offers for new purchases—there are important differences in the reward structure. I have. That's why it's important to compare the offerings of each card before you apply. Read on to decide which of these cash back business cards is better suited for your business needs.
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Main details
| Card | Business Advantage Customized Cash Rewards Mastercard | |
|---|---|---|
| Welcome Bonus | $250 statement credit with purchase of $3,000 in first 3 months | 90 days of $300 statement credit after first $3,000 spent |
| Reward Rate | 2% cash back on all qualifying purchases (up to $50,000 annually, then 1% thereafter) | 3% cash back on selected categories. 2% back on dining purchases (1% after first $50,000 purchase in select category/dining combinations per calendar year) |
| First Year APR | 0 % introductory annual rate for 12 months of new purchases (then variable annual rate from 17.49% to 25.49%) | 0% introductory annual rate for first 9 billing cycles of new purchases (15.99 % to 25.99% variable annual interest) |
| Annual fee | $0 | $0 |
Bank of America Business Advantage Customized Cash Rewards and Amex Comparison Blue Business Cash Highlights
Welcome Bonus Winner: Bank of America Business Advantage Customized Cash Rewards
Both Bank of America Business Advantage Customized Cash Rewards and Amex Blue Business Cash offer great welcome bonuses on par with competing cards. Additionally, both cards have reasonable spending requirements to earn their respective welcome bonuses. For Blue Business Cash, you must open the card and spend at least $3,000 in his first three months to receive the $250 statement credit.
Similarly, for the Business Advantage Customized Cash Rewards Mastercard, the same amount must be used within the first 90 days. However, with the same spending requirements, you can earn a $300 statement credit with Business Advantage Customized Cash Rewards. This is $50 more than the Blue Business Cash bonus.
Unfortunately, for Amex Blue Business Cash, bonuses are only issued as statement credits. Points earned with Business Advantage Customized Cash Rewards can be redeemed as statement credit, direct deposit or mailed check.
Rewards rate Winner: Bank of America Business Advantage Customized Cash Rewards
With Amex Blue Business Cash, earn a flat rate of 2% cash back on all purchases up to $50,000 in annual spending. Once you reach your spending cap, you will earn 1% of your earnings. This is a particularly good price for companies with annual expenses under $50,000 per year. However, if you plan to spend more than that, we recommend comparing the earnings you receive using the Amex Blue Business Cash card or another card with no spending limits.
On the other hand, Bank of America Business Advantage's customized cash rewards give you more options when it comes to earning rewards. Earn 3% cash back in your chosen category each month and 2% cash back on dining purchases. All other purchases will be refunded 1%.
Similar to Amex Blue Business Cash, there is a $50,000 total annual spending limit, which applies to select categories and meal purchases. After reaching the limit, you will get 1% back on all purchases. Again, this can be a limit for heavy spenders, but for businesses whose spending matches predetermined categories and who plan to do a little planning each month to stay within the limit. , you can easily see that this card is worth it.
Annual Fee Winner: Both
Potential cardholders have no annual fee for either of these business cards. Nice to know that we don't charge membership fees.
Foreign Transaction Fee Winner: Amex Blue Business Cash
For businesses that make frequent purchases abroad, it is important to consider the foreign transaction fees associated with the card before applying. am. The Business Advantage Customized Cash Rewards card charges a 3% foreign transaction fee, which is the average fee associated with most cards. 2.7% Transaction Fee — Those who travel frequently or purchase goods in other currencies may find this card worth more in the long run.
Which card earns the most?
Get 2% cash back when you use the Amex Blue Business Card. That means you'll earn 2 cents on every dollar spent on all purchases up to $50,000 (1% thereafter). This means that if you reach the $50,000 limit, you will receive $1,000 in cashback. However, once you reach this spending threshold, your reward rate drops to 1 cent on further purchases, and spending an additional $50,000 over this limit will give you an additional $500. This is a total cash back earnings of $1,500.
3% cash back on select category purchases, 2% cash back on restaurant purchases, and 1% otherwise with the Bank of America Business Advantage Customized Cash Rewards Card. Unfortunately, this card also has a $50,000 cap (in the 3 and 2 percent categories). If you stay below this threshold, you'll earn 3 cents per dollar spent in your selected category, so you can maximize your rewards where you spend the most.
Similar to the Amex Blue Business Card, when you reach your spending limit, your reward rate drops to 1 cent. So if you spend $25,000 equally in both the 3% and 2% categories in one year, you'll get a total return of $1,250. Spend another $50,000 and you'll get another $500 for a total cash back of $1,750.
Why Get an Amex Blue Business Cash Card
Additional Benefits
In addition to the welcome bonus, Amex Blue Business Cash has other perks that add value to cardholders. The card offers a 0% referral APR on new purchases for 12 months, and thereafter a variable APR between 17.49% and 25.49%. This is a great way for cardholders to pay off balances in a solid year while avoiding high interest rates.
Plus, enjoy purchase protection, extended warranty, and loss/damage insurance for your rental car.
Redemption Options
You can only redeem cash back on your statement.
Recommended Credit Scores
Before applying for the Amex Blue Business Cash Card, we recommend that you have a FICO credit score in the good to excellent range. That is, the score must fall between 670 and 850.
Why not get Bank of America Business Advantage Customized Cash Rewards?
Additional Benefits
Bank of America Business Advantage Customize The Cash Rewards Card offers an introductory APR of 0% on purchases for the first 9 billing cycles (followed by a variable APR between 15.24% and 25.24%). While not as long as the offer offered by Amex Blue Business Cash, cardholders can afford to pay off their purchases while avoiding interest.
With this card, you get travel and purchase coverage such as accident insurance, theft insurance, lost luggage assistance and car rental insurance on new purchases.
Replacement Options
This card offers several options. To redeem cashback rewards. You can receive it as a postal check, direct deposit, or as a statement credit.
Recommended Credit Score
To be approved for the Business Advantage Customized Cash Rewards card, you must have a good FICO credit score (740-850). If your credit score is not yet high enough, improving your score before applying will increase your chances of being approved.
Conclusion
With both Bank of America Business Advantage Personalized Cash Rewards and American Express Blue Business Cash, you can save on annual fees while earning valuable cash back benefits. You can earn Not only this, but each card also offers welcome bonuses, referral APR offers on new purchases, and purchase protection.
However, both cards have a spending limit of $50,000, so both options cost less. If your business is well over that amount, consider browsing Bankrate's complete list of the best small business credit cards. 2022.