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. The bank’s secured cards, business credit cards and nonreward cards — such as the BankAmericard® Credit Card — don’t qualify for Preferred Rewards. There is three achievable status altitudes: "Gold, Platinum and Platinum Honors" with each higher tier, an incremental increase in benefits, bonuses, but also requirements. By consolidating your checking, savings, investments and retirement banking into BofA and Merrill accounts, you'll get access to a variety of banking perks. 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. 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. Joining the Bank of America®‎ Preferred Rewards for Business program will boost your rewards earnings. Bank of America Announces Unlimited Commission-Free Stock, ETF and Options Trading for Preferred Rewards Members Further Enhances Industry-Leading Program That Rewards … 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® 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. 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. Bank of America sent out an email to Preferred Rewards members that they are temporarily postponing the review process on Preferred Rewards status. I’m going to be blunt, Bank of America’s deposit accounts + Preferred Rewards is possibly one of the worst options listed. 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. This includes interest rate boosters on savings accounts, discounts on business loans, monthly maintenance fee waivers and rewards bonuses on credit cards. How does it compare to Ink Business Preferred from Chase? The program correlates similarly to Bank of America's consumer Preferred Rewards Program. 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. 1.5 points. We think it’s a reminder of why you should do your homework when you’re offered something extra for being loyal. Bank of America Business Advantage Relationship Rewards Program. Foreign transaction fee — The card does have a … 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.. 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. Image Credit: Bank of America. 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 most lucrative overall 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. 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 Corp.'s (NYSE: BAC) Preferred Rewards program is celebrating five years, logging 6 million members with $475 billion in assets since its inception. The Bank of America Preferred Rewards program is designed to attract casual Bank of America (BofA) clients and turn them into loyal customers. Bank of America Business Cash Rewards is a business credit card. 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 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. Bank of America recently launched a new rewards and benefit program for its best customers, called Bank of America Preferred Rewards. Find … Associated fees. 1% or more on an online savings and checking combo could earn you $1,000 a year in interest. 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. Here are the main benefits of Preferred Rewards, regardless of status: Select Banking Services. The picture brightens somewhat if you’re a member of Bank of America’s Preferred Rewards for Business program. 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. With Merrill Edge, sales are subject to a transaction fee of $0.01 to $0.03 per … One of the programs, WorldPoints, only applies to credit cards that have been discontinued. Preferred Rewards for Business tier. Cards Eligible for BoA Preferred Rewards Program. However, not all Bank of America rewards programs are open to new cardholders. on every $1 spent on purchases. I'm not sure if it matters, but I'm Platinum in the personal Preferred Rewards program just from deposits into the checking account. Bank of America recently announced a rewards program platform for business customers. Bank of America has a very unique rewards program for both their Bank of America and Merrill Lynch account holders. 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 … 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 … With that said, the benefits of Bank of America’s Preferred Rewards Program are rather wide-ranging in nature. Bank of America Preferred Rewards Quick Facts. 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. 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). The Bank of America Preferred Rewards program can be extremely lucrative if you're a Bank of America customer or willing to become one. Read our comparison chart below. Monthly maintenance fees are waived on up to 4 eligible checking and 4 savings accounts from Bank of America. 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. Bank of America Preferred Rewards. Pair it with different cards: While this card’s reward structure is quite good, you can only choose one 3% category at a time. 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 As mentioned above, there are 3 distinct tiers of Preferred Rewards status. Preferred Rewards is Bank of America’s free rewards program, offering valuable rewards and benefits to both personal and business customers. Including a 25% to 75% points and cash back boost on eligible BofA credit cards. 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 … Preferred Rewards cardholders earn additional bonuses as high as 25 percent to 75 percent. 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) Bank of America Preferred Rewards for Business members can earn up to 75% more cash back, depending on membership tier. 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. 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