Pick your 3% category from six — flexible category coverage.
Find your card type — 60-second quiz →
Good–Excellent credit — 670+ FICO typical; hard pull + personal guarantee
ClearValue Rating: 4.4 / 5 — our editorial assessment (how we rate)
Editorial confidence (30%), cost (25%), value (25%), accessibility (20%) — scored consistently across every product, independent of compensation.
SMBs whose dominant category is on BofA's list but not Chase's or U.S. Bank's. Consultancies, SaaS-heavy operators, travel-heavy field teams.
| Year 1 value | Ongoing value |
|---|---|
| $500 welcome bonus | 3% in your chosen category (from 6 options), 2% dining — combined $50K/yr cap; no annual fee |
| Welcome spend: $5K in first 90 days; Preferred Rewards multiplier available for BofA deposit holders | |
Bank of America Business Advantage Customized Cash Rewards — Pick your 3% category from six — flexible category coverage. Best for: SMBs whose dominant category is on BofA's list but not Chase's or U.S. Bank's. Consultancies, SaaS-heavy operators, travel-heavy field teams.. Compare it against alternatives before applying; the right fit depends on your situation, credit, and goals.
You choose your 3% category from six options — the current list includes gas and EV charging stations, office supply stores, travel, TV/telecom and wireless, computer services, and business consulting services. You can change your selected category once per calendar month. The 3% rate applies up to a combined $50,000 per year in the 3% and 2% categories, then drops to 1%.
BofA's Preferred Rewards program adds 25% to 75% on top of the base cash-back earn rate, depending on your total deposit and investment balances held at Bank of America or Merrill. The multiplier requires maintaining significant deposits at BofA — it's most valuable for businesses that already bank there.
No — the annual fee is $0. The welcome bonus is $500 after $5,000 in purchases in the first 90 days. A personal guarantee and hard credit pull are required at application.
The 3% and 2% categories share a combined $50,000 per year cap. Once you hit $50K in combined 3% + 2% category purchases, all spending earns 1% for the rest of the year. For businesses with spend heavily concentrated in the chosen category, this cap can be a binding constraint — factor it into the math before comparing to uncapped options.
How we rate
Every pick gets a 1–5 ClearValue Rating computed from four weighted factors: Editorial confidence (30%), Cost (25%), Value (25%), and Accessibility (20%).
Scored consistently across every product and independent of any compensation. Full methodology →
Advertiser disclosure: some links are from our partners — we may earn a commission at no cost to you. Rankings and editorial assessments are independent of compensation.