BofA Customized Cash Rewards Business Credit Card: $500 Welcome Bonus; No Annual Fee

BofA Customized Cash Rewards Business Credit Card Review

[Note] If this is your first time applying for a business credit card, please read “Introduction to Business Credit Cards” carefully first.

Benefits

• Choose Your Own 3% Category: Options include gas stations (default), office supply stores, travel, TV/telecom and wireless services, computer services, or business consulting services. For example, office supply stores such as Staples and Office Depot sell a wide variety of gift cards, including Amazon, eBay, and more, which effectively makes spending at those merchants earn 3% cash back. You can also use this card to buy Visa gift cards (VGCs) at office supply stores and then use them elsewhere, effectively turning all purchases into 3% cash back, though you need to account for the Visa gift card fee. The other categories depend on your spending pattern, but overall the options are quite good and fit business spending well.
• 0% APR: No interest on purchases for the first 9 billing cycles after account opening, as long as you make at least the minimum payment each month. See also: How to Pay During a 0% APR Period and Practical Uses of Credit Card 0% APR Offers

BofA Card Perks

• Free Museums: On the first weekend of each month, BofA cardholders get free admission to participating museums across the country. You can add authorized users for family members so they can also get free admission with their own cards. For the list of participating museums by state, please click here.
• BofA Deals: Offers 5%-15% cash back or fixed-amount cash back at various merchants. Some great past deals included earning a net $70 on AT&T spending, 15% back at Sears (up to $25), 15% back at Nordstrom Rack (up to $37.5), and an extra $5 for using any BofA Deals offer. For details, see “How to Use BofA Deals”.
• Free Credit Score: BofA credit cards now provide a free TransUnion credit score. See also: Comparison of Free Credit Scores

My Take

This card is meaningfully different from the personal version, the BofA Cash Rewards credit card. The business version has a larger welcome bonus than the personal card. It also adds 3% cash back at office supply stores, and the 2% category changes from grocery stores to restaurants. Most importantly, the 3% category cap goes up to $50,000, which fits the intended use of a business card much better. On the personal card, only the first $2,500 each month earns 2% at supermarkets.

That said, the personal card may qualify for the BofA Preferred Rewards bonus, which can add up to 50% extra, bringing rewards to 4.5% on gas, 3% at supermarkets, and 1.5% on other purchases. It is unclear whether the business card has the same bonus feature.

Application

• If this is your first time applying for a business credit card, please read “Introduction to Business Credit Cards” carefully first.
• If you have a BofA business checking account, that may help with approval, and you may also receive targeted offers with higher bonuses.

• BOA application status check link, or call: (800) 732-9194
• 2/3/4 rule: at most 2 cards approved within 2 months, 3 within 12 months, and 4 within 24 months. However, BofA’s system is not very reliable, and sometimes a card may be approved at first but later shut down.
• The welcome bonus on the same card can only be received once every 24 months, and you need to make sure the card is closed before applying again>
• You need to be a Resident to apply for a BOA credit card online: when applying for a BofA credit card online, if you select Non resident alien, you will not be able to continue and must apply by phone. However, BofA’s definition of Resident alien is different from the IRS definition of Resident alien for tax purpose. No matter what immigration status you used to enter the US, if you have lived in the US for 183 days within the past two years, then select Resident Alien. If you just arrived in the US and cannot meet this requirement, follow the prompt on the online application page and call 1.800.932.2775 to apply.
• You can call the reconsideration line (888-593-6092) to speed up credit card approval or request a review of a denied application.
• More about applying for BofA credit cards

Application Link