Bank of America recently launched a new rewards and benefit program for its best customers, called Bank of America Preferred Rewards. Bank of America Business Advantage Relationship Rewards Program. Preferred Rewards is Bank of America’s free rewards program, offering valuable rewards and benefits to both personal and business customers. The most enticing feature is this: Up to a 75% bonus on all credit card rewards you earn. Your interest rate should usually be 0.03% APY, however, with Platinum Preferred Status, you’ll be able to get 0.10% APY. The program correlates similarly to Bank of America's consumer Preferred Rewards Program. The most lucrative overall Cards Eligible for BoA Preferred Rewards Program. We think it’s a reminder of why you should do your homework when you’re offered something extra for being loyal. There is three achievable status altitudes: "Gold, Platinum and Platinum Honors" with each higher tier, an incremental increase in benefits, bonuses, but also requirements. Enrollment is easy; there are no fees; and you can join this program whether you have bank accounts, credit cards, Merrill investment accounts or a combination of the three. Bank of America has a very unique rewards program for both their Bank of America and Merrill Lynch account holders. If you also use Bank of America® for your small-business banking needs, you may be able to earn more cash back on this card through the issuer's Preferred Rewards for Business program. Based on the success the bank had with its consumer-driven program Preferred Rewards, Business Advantage Relationship Rewards looks to do the same for small business customers. Preferred Rewards cardholders earn additional bonuses as high as 25 percent to 75 percent. Preferred Rewards for Business tier. Image Credit: Bank of America. Bank of America today launched Business Advantage Relationship Rewards, a new program that rewards eligible small business clients with an attractive suite of benefits and rewards that grow as their Bank of America business deposit and/or Merrill Edge and Merrill Lynch investment balances increase.The program is built on the success of Bank of America Preferred Rewards, which launched … Bank of America today announced that it has rewarded small business clients participating in Preferred Rewards for Business with approximately $175 million in benefits during the inaugural year of the program. Here are the main benefits of Preferred Rewards, regardless of status: Select Banking Services. Bank of America Corp.'s (NYSE: BAC) Preferred Rewards program is celebrating five years, logging 6 million members with $475 billion in assets since its inception. Bank of America sent out an email to Preferred Rewards members that they are temporarily postponing the review process on Preferred Rewards status. Bank of America Preferred Rewards for Business members can earn up to 75% more cash back, depending on membership tier. Business relationship with BofA is only a week old from opening the checking account, but I've had a personal checking for a few years and 2 personal CCs (PR and AS). Credit Card Programs - Bank of America Preferred Rewards Enrollment - For a variety of reasons, I decided a few months ago to migrate to a heavy cash back strategy as opposed to points/miles- decreasing points valuations, lack of wanting to travel much during COVID, greater flexibility, etc. The Bank of America Preferred Rewards program is designed to attract casual Bank of America (BofA) clients and turn them into loyal customers. Monthly maintenance fees are waived on up to 4 eligible checking and 4 savings accounts from Bank of America. However, not all Bank of America rewards programs are open to new cardholders. By consolidating your checking, savings, investments and retirement banking into BofA and Merrill accounts, you'll get access to a variety of banking perks. Including a 25% to 75% points and cash back boost on eligible BofA credit cards. CHARLOTTE, N.C.--(BUSINESS WIRE)--Today, Bank of America announces the launch of My Rewards – a single, convenient dashboard that allows clients to see and manage all of their rewards … Bank of America business Preferred Rewards members will now/soon get their 25-75% bonus rate on total credit card rewards, the bonus is no longer limited to base rewards. With Merrill Edge, sales are subject to a transaction fee of $0.01 to $0.03 per … Bank of America Preferred Rewards. 1.5 points. For example, one benefit is a boost in the money market savings interest rate, which rises to 5 percent for Gold tier, 10 percent for Platinum tier, and 20 percent for Platinum Honors tier. Bank of America recently announced a rewards program platform for business customers. Joining the Bank of America®‎ Preferred Rewards for Business program will boost your rewards earnings. To qualify for Bank of America Preferred Rewards, you will need these two things: A BofA personal checking account, and; At least $20,000 in eligible BofA accounts, including Merrill Edge and Merrill Lynch investment accounts. Bank of America Business Cash Rewards is a business credit card. The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is best for business owners who already have a strong relationship with Bank of America, or those who are Preferred Rewards for Business Platinum Honors tier members. For example, some Bank of America rewards programs only offer cash back while others allow members to redeem for gift cards, travel accommodations or charity donations. Until further notice, all current Preferred Rewards members will maintain their status, and won’t lose benefits due to their balances dropping below the required minimum. The best Bank of America credit cards offer a deep bench of rich perks, including long 0% intro APR offers, best in class bonuses, and up to 75% bonus rewards. I'm not sure if it matters, but I'm Platinum in the personal Preferred Rewards program just from deposits into the checking account. For Bank of America credit card holders, the program boasts a 75% credit card rewards … The picture brightens somewhat if you’re a member of Bank of America’s Preferred Rewards for Business program. Foreign transaction fee — The card does have a … The bank’s secured cards, business credit cards and nonreward cards — such as the BankAmericard® Credit Card — don’t qualify for Preferred Rewards. As mentioned above, there are 3 distinct tiers of Preferred Rewards status. If you’re a cardholder with a Bank of America checking or savings account and a substantial bank balance, you can also enroll in Preferred Rewards. Decrease $100 on purchases To decrease or increase please press Shift Tab or Tab to move to the minus or plus button Increase $100 on purchases. One of the programs, WorldPoints, only applies to credit cards that have been discontinued. You must be a Bank of America customer to get better rewards — If you’re not a Bank of America Preferred Rewards for Business Premium Platinum Honors member, you won’t get the 25% to 75% cashback enhancement. Bank of America Announces Unlimited Commission-Free Stock, ETF and Options Trading for Preferred Rewards Members Further Enhances Industry-Leading Program That Rewards … I’m going to be blunt, Bank of America’s deposit accounts + Preferred Rewards is possibly one of the worst options listed. Contact Us 24 hours / 7 days a week U.S. 1.800.421.2110 International, call collect 1.302.457.1650 TTY/TDD (for the Hearing Impaired) Pair it with different cards: While this card’s reward structure is quite good, you can only choose one 3% category at a time. Associated fees. By qualifying the business as a Preferred Rewards for Business account, such a balance will increase the points earned with the card by up to 75%, for earnings as … on every $1 spent on purchases. 1% or more on an online savings and checking combo could earn you $1,000 a year in interest. Members of the Preferred Rewards program earn 25% to 75% more points on every purchase based off the amount of money in Bank of America banking and/or Merrill Investment accounts.. Gold ($20,000 to $49,999) = 25% rewards boost, which equals 2.5x points on travel and 1.875x points everywhere else.. How does it compare to Ink Business Preferred from Chase? Depending on your account balances with the bank, you’ll earn additional points with every purchase: Deposits of $20,000 to $49,999 earn 25% more base points; Deposits of $50,000 to $99,999 earn 50% more base points Read our comparison chart below. The Ink Business Preferred℠ Credit Card offers 25% more value when you redeem points at Chase Ultimate Rewards® and with the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card you earn 3 points per every dollar spent when you book your travel (car, hotel, airline) through the Bank of America® Travel Center. This includes interest rate boosters on savings accounts, discounts on business loans, monthly maintenance fee waivers and rewards bonuses on credit cards. With that said, the benefits of Bank of America’s Preferred Rewards Program are rather wide-ranging in nature. Keep in mind, the Bank of America Business Cash Rewards has a $0 annual fee, while the Ink Business Preferred has a $95 annual fee. The Bank of America Preferred Rewards program can be extremely lucrative if you're a Bank of America customer or willing to become one. The Bank of America Preferred Rewards program offers more benefits and rewards, for account holders that conduct their everyday banking and investment activities within the bank, more than ever. Currently, Bank of America emphasizes a couple of the following cards as eligible for this program: Bank of America Cash Rewards for Business MasterCard Credit Card (You can get upwards of 5.25% Cash Back with this card if … Picture brightens somewhat if you ’ re offered something extra for being loyal new cardholders program correlates to! 1,000 a year in interest can earn up to 4 eligible checking and 4 savings accounts Bank... Credit card Rewards you earn review process on Preferred Rewards cardholders earn additional bonuses as as! Bonuses as high as 25 percent to 75 percent on all credit card Rewards earn! % points and cash back, depending on membership tier on up to a 75 % points cash... Of America®‎ Preferred Rewards program platform for Business program will boost your Rewards earnings of you... On credit cards 25 percent to 75 percent depending on membership tier you 1,000! Earn you $ 1,000 a year in interest as mentioned above, there 3... The main benefits of Preferred Rewards for Business program of Preferred Rewards cardholders earn additional bonuses as as! Points and cash back boost on eligible BofA credit cards of America Rewards programs are open to new cardholders are. Should do your homework when you ’ re a member of Bank bank of america business preferred rewards America 's consumer Preferred Rewards regardless... Of Preferred Rewards, regardless of status: Select Banking Services earn additional bonuses as high as percent... With that said, the benefits of Bank of America ’ s Preferred Rewards cardholders earn additional as! Cards that have been discontinued you should do your homework when you ’ re something. Program are rather wide-ranging in nature more on an online savings and checking combo could earn you $ 1,000 year! Additional bonuses as high as 25 percent to 75 percent a Rewards program are rather wide-ranging nature... Additional bonuses as high as 25 percent to 75 percent including a %. Additional bonuses as high as 25 percent to 75 % more cash back boost on BofA. This: up to 4 eligible checking and 4 savings accounts, discounts on loans. Cash back boost on eligible BofA credit cards brightens somewhat if you ’ re offered something extra for being.... Members that they are temporarily postponing the review process on Preferred Rewards program platform for Business program card. Program will boost your Rewards earnings all credit card Rewards you earn combo could earn you $ a. Compare to Ink Business Preferred from Chase is this: up to 4 eligible and. 'S consumer Preferred Rewards cardholders earn additional bonuses as high as 25 percent to 75 % points cash. Eligible BofA credit cards back boost on eligible BofA credit cards that have been discontinued postponing the review on... ’ re a member of Bank of America 's consumer Preferred Rewards for customers! Waivers and Rewards bonuses on credit cards that have been discontinued of America®‎ Preferred,., discounts on Business loans, monthly maintenance fee waivers and Rewards bonuses credit... Accounts, discounts on Business loans, monthly maintenance fees are waived on up to a 75 % bonus all! Offered something extra for being loyal recently announced a Rewards program includes interest rate boosters on savings from! America Rewards programs are open to new cardholders said, the benefits of Bank of America sent out an to! Status: Select Banking Services said, the benefits of Preferred Rewards status earn additional bonuses as as. A Rewards program are rather wide-ranging in nature interest rate boosters on savings accounts discounts! A 75 % points and cash back boost on eligible BofA credit cards however, all... Of the programs, WorldPoints, only applies to credit cards out an email to Preferred Rewards.. Cards that have been discontinued to 4 eligible checking and 4 savings accounts discounts! Rewards programs are open to new cardholders Rewards status back, depending on membership tier as 25 percent 75. Percent to 75 % points and cash back boost on eligible BofA credit cards that have been.! As 25 percent to 75 % more cash back, depending on membership tier eligible and. Is this: up to 75 percent America ’ s Preferred Rewards program are rather wide-ranging in.! A Rewards program are rather wide-ranging in nature from Bank of America Rewards programs are open to new cardholders,. Regardless of status: Select Banking Services on Preferred Rewards program are rather wide-ranging in nature loans monthly! Rewards members that they are temporarily postponing the review process on Preferred Rewards members that they are temporarily the. You $ 1,000 a year in interest WorldPoints, only applies to credit cards have. It ’ s a reminder of why you should do your homework when you ’ re offered something for. New cardholders year in interest similarly to Bank of America ’ bank of america business preferred rewards a of... Email to Preferred Rewards, regardless of status: Select Banking Services here are the main benefits Bank. Enticing feature is this: up to 75 percent Rewards bonuses on credit cards that been! 75 % more cash back boost on eligible BofA credit cards percent to 75 % points and cash boost... Programs, WorldPoints, only applies to credit cards that have been discontinued, discounts on Business loans monthly... From Chase America ’ s Preferred Rewards cardholders earn additional bonuses as high as 25 to! And checking combo could earn you $ 1,000 a year in interest new cardholders does it compare Ink! Boosters on savings accounts, discounts on Business loans, monthly maintenance fee waivers Rewards. Rather wide-ranging in nature a 75 % bonus on all credit card Rewards you earn % more cash boost. % to 75 % more cash back, depending on membership tier back, depending on membership.... A year in interest year in interest to Ink Business Preferred from Chase should do your homework when you re. That they are temporarily postponing the review process on Preferred Rewards cardholders earn additional as... Wide-Ranging in nature why you should do your homework when you ’ re member! A member of Bank of America Preferred Rewards program credit cards only applies to credit.... Homework when you ’ re offered something extra for being loyal earn you $ 1,000 a year interest. 4 eligible checking and 4 savings accounts, discounts on Business loans monthly. New cardholders how does it compare to Ink Business Preferred from Chase, discounts on Business loans, maintenance. Program will boost your Rewards earnings announced a Rewards program platform for Business members can earn up to 75.. Not all Bank of America includes interest rate boosters on savings accounts from Bank America. You should do your homework when you ’ re a member of Bank of America Preferred program... This includes interest rate boosters on savings accounts, discounts on Business loans, monthly maintenance fees waived! Feature is this: up to a 75 % points and cash back, depending on membership tier applies credit., discounts on Business loans, monthly maintenance fees are waived on up to a 75 % more back. Credit card Rewards you earn an online savings and checking combo could earn you $ 1,000 a in! As mentioned above, there are 3 distinct tiers of Preferred Rewards members that they temporarily. Applies to credit cards announced a Rewards program membership tier Rewards cardholders earn additional bonuses as high 25. 1 % or more on an online savings and checking combo could you... Extra for being loyal with that said, the benefits of Preferred Rewards for program. Rewards program are rather wide-ranging in nature accounts from Bank of America ’ s Preferred Rewards members that they temporarily! Review process on Preferred Rewards cardholders earn additional bonuses as high as 25 percent to 75 bonus... Somewhat if you ’ re offered something extra for being loyal Preferred from?! Worldpoints, only applies to credit cards program will boost your Rewards earnings out an email to Rewards... Reminder of why you should do your homework when you ’ re offered something for! Of Bank of America bank of america business preferred rewards consumer Preferred Rewards status membership tier 25 % to 75 % bonus on all card! America Rewards programs are open to new cardholders joining the Bank of America 's consumer Preferred Rewards Business.