Bank of America to Launch Business Unlimited Cash Rewards Card
Bank of America recently launched a new product called Unlimited Cash Rewards Card. The card comes with a $200 signup bonus and 1.5% cash back on all purchases. However, that cash back rate can go as high as 2.62% with the 25% to 75% boost for Preferred Rewards members.
The credit card issuer has also announced that a similar business product will launch in October. The Business Advantage Unlimited Cash Rewards credit card will enable small business owners to earn unlimited 1.5% cash back on all purchases. So the card will be very similar to the personal card.
Business Advantage Unlimited Cash Rewards clients enrolled in Preferred Rewards for Business can also increase their credit card rewards bonus by 25% to 75%, depending on the rewards tier for which they qualify. So they can earn as much as 2.62% on all business purchases if they qualify for the Preferred Rewards Platinum Honors tier.
The Business Advantage Unlimited Cash Rewards card will have no annual fee and rewards will not expire.
The specs on this card are the personal credit card. So I think we should also see at least a $200 bonus when the card launches later this year.
One thing that makes the business version more attractive, is that it will not report to your personal credit report. That could make it a better option for those who are worried about the Chase 5/24 rule. And if you qualify for the Preferred Rewards Platinum Honors tier, you can have a 2.62% cash back card in your wallet for non-bonused spend.