BofA Business Advantage Unlimited Cash Rewards Card Coming in October
Bank of America just launched the Unlimited Cash Rewards Visa Signature credit card with a $200 bonus and up to 2.62% cash back on all purchases. Part of the announcement was also a similar business card that is coming later this year.
In October, Bank of America will launch the Business Advantage Unlimited Cash Rewards credit card. This new product will enable small business owners to earn unlimited 1.5% cash back on all purchases. Business Advantage Unlimited Cash Rewards clients enrolled in Preferred Rewards for Business can 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 are in that top tier.
The Business Advantage Unlimited Cash Rewards card will have no annual fee and rewards do not expire. One thing that the business version has that could put it above the personal card, is that it does not show up on your personal credit report. That could make it a better option for those who are worried about the Chase 5/24 rule for example.
Preferred Rewards for Business
To enroll you must have an active, eligible Bank of America business checking account, and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America business deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, Delaware Business Accounts).
Enrolled Preferred Rewards members can receive a Preferred Rewards bonus of 25% for the Gold tier, 50% for the Platinum tier or 75% for the Platinum Honors tier based on their Program tier and type of card. The Preferred Rewards bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. For example, a $100 purchase that earns 1.5% ($1.50) with the Business Advantage Unlimited Cash Rewards Card, will actually earn $1.87, $2.25 or $2.62 based on your tier when the purchase posts to your account.