Business Advantage Relationships Rewards Program
Bank of America announced today (shortly after Greg from Frequent Miler broke the story) that they will be starting a new business rewards program for banking customers. It will be similar to their personal Preferred Rewards program.
The Business Advantage Relationships Rewards program will reward business account holders that keep large amounts of money in their checking accounts. As a reward the businesses that are in the program will earn substantially improved rates on their business card spend.
Details on the Program
The Business Advantage Relationships Rewards program details are as follows:
- Will launch sometime in the early part of 2018
- It is free to join once you qualify
- The tier you qualify for depends on your
- Bank of America business deposit &
- Merrill Edge investment balances or
- Merrill Lynch investment balances
- Tiers start with a $20,000 average balance over a 3 month period
- The top tier is at a $100,000 plus average over a 3 month period
Tier Details
Here is a chart showing the balances needed for each tier:
The interesting benefits of each tier are as follows:
- Gold Tier
- 25% boost on rewards for certain credit cards
- 0.25% interest rate discount (includes business auto & commercial real estate loans)
- Interest rate booster for business savings accounts
- Platinum Tier
- 50% boost on rewards for certain credit cards
- 0.35% interest rate discount (includes business auto & commercial real estate loans)
- 0.50% interest rate discount on credit lines and secured lending etc.
- Interest rate booster for business savings accounts
- Platinum Honors Tier
- 75% boost on rewards for certain credit cards
- 0.50% interest rate discount (includes business auto & commercial real estate loans)
- 0.75% interest rate discount on credit lines and secured lending etc.
- Interest rate booster for business savings accounts
Credit Card Information
The following credit cards are a part of the program:
- Business Advantage Travel Rewards
- Business Advantage Cash Rewards
These are both no annual fee cards and with the boosted rates they can earn the following, broken down by tier:
Business Advantage Travel Rewards –
Business Advantage Cash Rewards –
If you can reach the Platinum Honors level of the program that would make these two of the better business cards on the market. 2.625% for everyday spend with the Travel Rewards card and 5.25% at gas stations and office stores with the Cash Rewards cards.
For more info on these cards and other travel rewards cards click here!
Conclusion
This is really big news for anyone out there with a small business. Even a reselling business can hit these figures. For the personal program you only need the money in your bank accounts for 3 months. Then they don’t check the levels again for a year.
Getting a 2.625% return for non bonused spend with a business card is pretty amazing. Especially once you max out the 2x earning rate on your first $50,000 in spend on the Blue Business Plus card from American Express. (Note: you receive 1 point per dollar after the $50K in spend.)
For more info on this card and other travel rewards cards click here!
The 5.25% at gas stations with the Travel Rewards card is pretty amazing too. And it would also produce a better return at office stores than the American Express Simply Cash. Once the program is launched the Business Advantage Cash Rewards would be the second best office store card on the market, behind the Ink Plus/Cash.
What do you think about this new program? Will you be taking advantage of it?
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[…] BOA Wants Your Business Accounts Bad! You Should Probably Give Them What They Want by Miles to Memories – Bank of America announced today (shortly after Greg from Frequent Miler broke the story) that they will be starting a new business rewards program for banking customers. It will be similar to their personal Preferred Rewards program. The Business Advantage Relationships Rewards program will reward business account holders that keep large amounts of money in their checking accounts. […]