Bank of America quietly changed the structure of their 3% category on the Business Advantage Cash Rewards Mastercard to allow users to choose one of six categories to earn 3%, up to $50,000 maximum. This is somewhat similar to what they did recently on the personal Cash Rewards card.
Here are the six options on the business card:
- Gas stations (default)
- Office supply stores
- Travel
- TV/telecom & wireless
- Computer services
- Business consulting services
Under the old terms, you got 3% on gas stations and office supply stores, up to $250,000. Under the new terms, you get to choose one of these six categories, and are limited to $50,000. The $50,000 limit combines with the limit on earning 2% in the dining category (that’s the other bonus category on the card).
Overall, I’d say it’s a downgrade since under the old terms you could get 3% on both office supplies and gas stations, up to $250,000 per year, whereas under the new terms you get to choose just one category, and the limit is now $50,000, and the limit now also combines with the 2% dining limit. The upside is that someone who isn’t interested in the gas or office categories, can now choose one of the other four.
I don’t know what happens to existing cardholders, they’ll probably change everyone over eventually, but for now I’d assume it remains the same.
The card is more interesting if you have Preferred Rewards business status (that’s separate from the Preferred Rewards personal program), which gives you an extra 25-75% points on points earning. This means the 3x category becomes 5.25%% at the highest level.
Hat tip to reader Harry for sending this in
Best Signup Offer
The signup offer on the Bank of America Business Advantage Cash Rewards Mastercard is $300 after spending $3,000 within 90 days.
R/churning members mention this as an increased offer (alongside the changes to the card), but doing a site search it looks like there’s been a $350 offer with $3,000 in spend available since last year which is still available.
Interestingly, that offer page still shows the old 3% terms. I guess they haven’t updated all pages, it probably won’t last. Going through the $350 page should get you an extra $50 bonus, plus lock you in (at least temporarily) to the old 3% structure, which would be superior for many people.
[Update 5/16/19: The $350 link, is no longer working. I got an email with a targeted $350 link, but it doesn’t appear to publicly available any longer. If anyone sees a public link, please let us know. $300 offer is still publicly available.]
I’m not sure if the signup bonus gets the 25-75% Preferred Rewards boost. Check out these Things to Know about Bank of America Credit Cards before applying.