The Offer
- Bank of America is offering a bonus of $350 after $3,000 in spend within 90 days on the Business Advantage Cash Rewards Mastercard
Card Details
- No annual fee
- Card earns at the following rates:
- 3% on gas stations and office supply stores
- 2% cash back at restaurants
- 1% cash back on all other purchases
- Relationship Advantage Relationship Rewards applies to this card
- 1% everywhere; with Honors status, card will earn 1.75% everywhere
- 2% at restaurants; with Honors status, card will earn 2.75%
- 3% on gas stations and office supply stores; with Honors status, card will earn 3.75%
Our Verdict
Other cards earn at higher rates on gas stations, office supply stores, restaurants and every day purchases even if you have Honors status so the card isn’t worth using long term. Bank of America business cards do not report to your personal report, this is useful for anybody trying to manage the number of cards they have for Chase 5/24 rule purposes. The standard bonus on this card is $200, but that only requires $500 in spend. This is an extra $150 but requires an additional $2,500 in spend. You’re basically getting an extra 6% return on that extra $150 for $2,500 spend (plus what the card normally earns) so I do think this is much better than the standard offer if you can meet the minimum spend requirement. Keep in mind getting approved for Bank of America cards is much more difficult than it once was. This isn’t the most exciting bonus out there, but it might be useful for those that value cash sign up bonuses and are trying to stay under 5/24.
Bank of America also has increased bonuses on two personal cards:
- Bank of America Cash Rewards $200 Cash Signup Bonus
- Bank of America Travel Rewards: 25,000 Point Offer
As always before applying for any Bank of America credit card or asking questions, I’d recommend reading this post as your questions are most likely answered there.
Hat tip to reader Deborah (and the other reader who mentioned being targeted for this. Sorry I forgot your name :()
Thanks, updated
Shockingly I was approved even after recently being denied for two personal BoA cards.
How recently were you denied for the personal card?
2/27
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Is this churnable? I see the T&C states one bonus per business, so assuming not.
Completed the 3000 spend and statement just closed. Bonus has not posted yet. I did receive a letter in the mail confirming that I will receive the $350 bonus once the 3000 spend is completed within 90 days. May just need some more time.
350 Statement Credit posted a few days later.
I just got this card last week using the link above. Called customer service today to verify that i would get the $350 promo offer, and they said yes. I’ll update you guys to let you know if it works or not.
I completed my $3000 spend and received the $350 bonus (statement credit) a week after the qualifying purchase posted. FWIW I’m actually really liking this card. Bonus category cash rewards post same time as the purchase posts, which is a refreshing difference from some other cards where you have to wait a couple months for the bonus category rewards to hit.
I noticed that the direct link on this page still says there’s a $350 bonus… but the regular offer on the BofA site only has a $200 bonus. Is the $350 bonus still being given out?
If the landing page displays $350 you will get it, often the deals shown on the official site are lower.
I applied 9/13, hit $3k spend around 10/22, got $350 statement credit 11/5
So what do I do with this card now, just sock-drawer it?
Not really worth using going forward, right?
I’d just tear it up and throw it away, but don’t close the account or you might take a small ding in your credit score.
You can close it as it does not report to your personal credit but I don’t think its advisable to do that right after getting the bonus. I’d suggest wait at least six months to a year. Keeping it open even if inactive will help you maintain a relationship with the bank unless you already have other accounts with them. You can set online security alerts to monitor for unauthorized purchases. And there is no annual fee to worry about.
Don’t destroy the card though as you may need the numbers if you ever call CSR or need to change your password.
I applied and was approved for the card thinking the offer was get $350 for $3K spend. Then I received the letter from BofA saying my offer requires only a $500 spend. I called BofA and said I think the letter is wrong – but the CSR said no the letter is right and the offer attached to my account is $350 for $500 spend.
So I spent $500, waited a couple weeks with no bonus and then called BofA. I’m now told that my offer requires $3K spend. I’m understandably annoyed and asked to speak with a manager. I told the manager about the letter and phone call. The manager asked that I fax her the letter which I did.
The manager called me back the next day and told me that marketing made a mistake and sent the letter with wrong terms to about 200 people but, since they sent the letter, they would 100% honor the $500 spend offer. I was told that I should receive my bonus shortly. I suspect that anyone who received the letter will need to clear it with BofA to get the better terms. I agree with anthonyjh21 that the BofA business credit card customer service people are very good.
Did you receive it yet? Also when do you meet the requirements of the bonus? Think they’re gonna make me wait the full 10-12 weeks
I met the requirements on 9/19 but haven’t gotten the bonus yet. They may make me wait but I’m confident I’ll get it. I’ll post when I have an update.
I had to call again and spoke with the manager in a different office. He apologized for the delay and immediately deposited the $350 into my account.
Though I got the $350/500 letter, I went ahead & did the 3k spend. Credit posted two days after statement closing date. I’m sure I could have argued for the terms of the updated offer to be applied but I already planned on making good use of the 0% APR.
I also wonder if this $350/500 spend was to get more applications than usual for this card, then claim it was an error later on hoping that most people wouldn’t fight it.
I called and tried fighting it, and they wouldn’t honor the $350 bonus for $500 spend. I went ahead and spent the $3,000. No bonus and it’s been over a week. Most mentioned it posted after a few days, and that has been my case in the past with BOA. Called customer service and they told me I had to wait 3 months for the bonus. I told them that I understand I have 3 months to meed the spend, but if I meet the spend before that the bonus usually posts. Got nowhere with them.
It’s a credit so check your balance. It should be credited on or the day after your statement closes provided the minimum spend wasn’t met right before closing. If so, it will post after your next statement closes. I got the card in Sept, completed the spend right away and credit posted by the 2nd statement closing
Thanks! Appreciate the info!
Insta-Denied