The Bank of America Preferred Rewards for Business lets small-business owners maximize their earnings based on how much money they keep in their accounts. Bank of America customers with a qualifying business checking account and at least $20,000 in a qualifying Bank of America Business deposit account or Merrill® business investment account can unlock greater benefits and rewards on top of the perks found with your eligible business card.
The program has three tiers: Gold, Platinum and Platinum Honors. Each tier comes with banking, investment and credit card perks. Some include cash back on eligible payroll service fees, select fee waivers and interest rate discounts on future Business Advantage lines of credit.
Rewards bonus
Preferred Rewards for Business members also receive bonus rewards when using their eligible cards, which include the Business Advantage Unlimited Cash Rewards, Business Advantage Customized Cash Rewards and the Business Advantage Travel Rewards World Mastercard. Here’s a look at what it takes to reach each tier and the rewards boost:
| Minimum balance* |
$20,000 to $49,999 |
$50,000 to $99,999 |
$100,000 and up |
| Bonus rewards |
25% rewards boost |
50% rewards boost |
75% rewards boost |
*Based on a three-month combined average daily balance in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts
This boost in rewards alone could be worth hundreds of dollars on top of what you’d already earn just from using a Bank of America Business rewards card. Here’s a look at the enhanced rewards rates each tier earns:
| Business Advantage Unlimited Cash Rewards |
Unlimited 1.5% cash back on all purchases |
1.87% |
2.25% |
2.62% |
| Business Advantage Customized Cash Rewards |
3% in an eligible category of choice*
2% in dining*
1% for other eligible purchases
|
3.75%
2.50%
1.25%
|
4.5%
3.0%
1.5%
|
5.25%
3.50%
1.75%
|
| Business Advantage Travel Rewards World Mastercard |
3 points for travel
1.5 points for other eligible purchases
|
3.75 points
1.87 points
|
4.5 points
2.25 points
|
5.25 points
2.62 points
|
*Categories eligible for 3 percent back include Travel, Office supply stores, Gas stations (to now include Electric Vehicle Charging (EVC) Stations), Computer services, Telecom and wireless services, Business consulting services. Earn 3 percent and 2 percent cash back on the first $50,000 in combined choice category/dining purchases each calendar year, followed by 1 percent.
The rewards boost kicks in the month after you qualify for the tier based on a combined three-month average daily balance. If your account balance falls below the minimum tier requirement, you won’t immediately drop out of the tier. You remain at that level until your annual account review, which occurs the month after your anniversary date. If the review finds you lack sufficient funds, you’ll have three months from your anniversary date to restore your qualifying balance.
