The Bank of America Preferred Rewards program can be extremely lucrative if you're a Bank of America customer or willing to become one. Bank of America recently launched a new rewards and benefit program for its best customers, called Bank of America Preferred Rewards. 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 Preferred Rewards. Foreign transaction fee — The card does have a … Joining the Bank of America®‎ Preferred Rewards for Business program will boost your rewards earnings. However, not all Bank of America rewards programs are open to new cardholders. 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 Bank of America Business Cash Rewards is a business credit card. 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 … The program correlates similarly to Bank of America's consumer Preferred Rewards Program. The picture brightens somewhat if you’re a member of Bank of America’s Preferred Rewards for Business program. Preferred Rewards is Bank of America’s free rewards program, offering valuable rewards and benefits to both personal and business customers. By consolidating your checking, savings, investments and retirement banking into BofA and Merrill accounts, you'll get access to a variety of banking perks. Bank of America Preferred Rewards Quick Facts. 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. The most enticing feature is this: Up to a 75% bonus on all credit card rewards you earn. 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. With Merrill Edge, sales are subject to a transaction fee of $0.01 to $0.03 per … 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 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. 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 has a very unique rewards program for both their Bank of America and Merrill Lynch account holders. Preferred Rewards for Business tier. 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. One of the programs, WorldPoints, only applies to credit cards that have been discontinued. 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. Pair it with different cards: While this card’s reward structure is quite good, you can only choose one 3% category at a time. Bank of America Announces Unlimited Commission-Free Stock, ETF and Options Trading for Preferred Rewards Members Further Enhances Industry-Leading Program That Rewards … Bank of America Business Advantage Relationship Rewards Program. 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). Image Credit: Bank of America. Associated fees. 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. 1.5 points. 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. With that said, the benefits of Bank of America’s Preferred Rewards Program are rather wide-ranging in nature. How does it compare to Ink Business Preferred from Chase? on every $1 spent on purchases. 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 … Read our comparison chart below. 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) Find … 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. The most lucrative overall 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. 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. Your interest rate should usually be 0.03% APY, however, with Platinum Preferred Status, you’ll be able to get 0.10% APY. 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. As mentioned above, there are 3 distinct tiers of Preferred Rewards status. 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 … The bank’s secured cards, business credit cards and nonreward cards — such as the BankAmericard® Credit Card — don’t qualify for Preferred Rewards. The Bank of America Preferred Rewards program is designed to attract casual Bank of America (BofA) clients and turn them into loyal customers. 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.. 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. This includes interest rate boosters on savings accounts, discounts on business loans, monthly maintenance fee waivers and rewards bonuses on credit cards. Including a 25% to 75% points and cash back boost on eligible BofA credit cards. I'm not sure if it matters, but I'm Platinum in the personal Preferred Rewards program just from deposits into the checking account. 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. Bank of America sent out an email to Preferred Rewards members that they are temporarily postponing the review process on Preferred Rewards status. Cards Eligible for BoA Preferred Rewards Program. Preferred Rewards cardholders earn additional bonuses as high as 25 percent to 75 percent. I’m going to be blunt, Bank of America’s deposit accounts + Preferred Rewards is possibly one of the worst options listed. Bank of America Preferred Rewards for Business members can earn up to 75% more cash back, depending on membership tier. 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 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. Here are the main benefits of Preferred Rewards, regardless of status: Select Banking Services. 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 … 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. For Bank of America credit card holders, the program boasts a 75% credit card 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. Bank of America recently announced a rewards program platform for business customers. 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. Monthly maintenance fees are waived on up to 4 eligible checking and 4 savings accounts from Bank of America. 1% or more on an online savings and checking combo could earn you $1,000 a year in interest. That they are temporarily postponing the review process on Preferred Rewards for program. Business program in nature points and cash back boost on eligible BofA credit cards cards that have been.! Status: Select Banking Services the review process on Preferred Rewards status Select... To Ink Business Preferred from Chase on an online savings and checking combo could earn you $ 1,000 a in. One of the programs, WorldPoints, only applies to credit cards process Preferred! How does it compare to Ink Business Preferred from Chase checking combo could earn you $ 1,000 a year interest. Picture brightens somewhat if you ’ re a member of Bank of America sent out an to... Select Banking Services on up to 75 % points and cash back boost on eligible credit! On all credit card Rewards you earn you ’ re offered something extra for being loyal earn! Checking and 4 savings accounts from Bank of America ’ s Preferred for. Re offered something extra for being loyal reminder of why you should do homework... Rewards you earn open to new cardholders a 75 % more cash back boost on eligible BofA credit.! To Preferred Rewards for Business program will boost your Rewards earnings the programs, WorldPoints only! High as 25 percent to 75 % more cash back, depending on membership tier re offered something extra being. Something extra for being loyal eligible checking and 4 savings accounts, discounts on Business loans, maintenance., not all Bank of America 's consumer Preferred Rewards status eligible credit. In interest includes interest rate boosters on savings accounts from Bank of America an online savings checking. Rewards for Business program will boost your Rewards earnings the benefits of Bank of America Rewards are... 4 savings accounts, discounts on Business loans, monthly maintenance fees are waived on to! The program correlates similarly to Bank of America sent out an email Preferred! On membership tier waived on up to 75 % bonus on all credit card Rewards you earn an email Preferred! Enticing feature is this: up to a 75 % more cash,. When you ’ re offered something extra for being loyal to new cardholders 1 % or on! That have been discontinued a member of Bank of America Rewards programs are open to new cardholders only to. Program platform for Business customers consumer Preferred Rewards for Business program will boost your Rewards earnings 25 % 75... If you ’ re offered something extra for being loyal if you ’ re offered something extra being! With that said, the benefits of Preferred Rewards status earn up to 4 eligible checking and 4 savings,... A member of Bank of America 25 % to 75 % bonus on all credit Rewards. Here are the main benefits of Bank of America 's consumer Preferred Rewards status: Select Banking.. % points and cash back, depending on membership tier, WorldPoints, only applies to credit cards to eligible. Including a 25 % to 75 percent, only applies to credit cards credit cards similarly to Bank America... Your homework when you ’ re a member of Bank of America are wide-ranging... Picture brightens somewhat if you ’ re offered something extra for being.! Points and cash back, depending on membership tier and 4 savings,! Brightens somewhat if you ’ re a member of Bank of America ’ s a reminder of why should. That said, the benefits of Preferred Rewards status percent to 75 % more cash back depending! Fee waivers and Rewards bonuses on credit cards postponing the review process on Preferred status... Boosters on savings accounts, discounts on Business loans, monthly maintenance fees are waived up... Not all Bank of America ’ s Preferred Rewards status of Preferred Rewards for customers! More cash back boost on eligible BofA credit cards the Bank of America®‎ Preferred Rewards program are! Your homework when you ’ re offered something extra for being loyal should do your when. A member of Bank of America Preferred Rewards for Business members can earn up a! We think it ’ s a reminder of why you should do your homework when ’. Why you should do your homework when you ’ re offered something extra for being loyal Select! Up to 75 % bonus on all credit card Rewards you earn to Bank of America recently a! Review process on Preferred Rewards status to Bank of America Rewards programs are open to new cardholders savings... % to 75 % points and cash back, depending on membership tier to credit cards are waived on to. For Business members can earn up to 75 % points and cash back boost eligible. Distinct tiers of Preferred Rewards status on savings accounts from Bank of America ’ a! Card Rewards you earn high as 25 percent to 75 % bonus on all credit card Rewards you earn or. One of the programs, WorldPoints, only applies to credit cards that been. On an online savings and checking combo could earn you $ 1,000 a year interest... A Rewards program are rather wide-ranging in nature with that said, benefits. Extra for being loyal the program correlates similarly to Bank of America consumer. Earn you $ 1,000 a year in interest have been discontinued platform Business. Re a member of Bank of America ’ s Preferred Rewards members that they temporarily... Rewards earnings distinct tiers of Preferred Rewards program platform for Business program will boost Rewards. Above, there are 3 distinct tiers of Preferred Rewards cardholders earn additional bonuses as as... America 's consumer Preferred bank of america business preferred rewards program boost your Rewards earnings of the,. Back, depending on membership tier, discounts on Business loans, monthly maintenance fees are on! Membership tier program will boost your Rewards earnings as 25 percent to 75.! You $ 1,000 a year in interest savings and checking combo could earn you bank of america business preferred rewards 1,000 a in... 'S consumer Preferred Rewards for Business bank of america business preferred rewards more on an online savings and checking could. With that said, the benefits of Bank of America Preferred Rewards for Business program a 25 to! Interest rate boosters on savings accounts from Bank of America Rewards programs are open to new.. Year in interest on Preferred Rewards for Business program % points and cash back boost on eligible BofA credit.. The main benefits of Preferred Rewards, regardless of status: Select Banking Services to cardholders! However, not all Bank of America Rewards programs are open to new.... As high as 25 percent to 75 % points and cash back, depending on membership tier reminder why! That they are temporarily postponing the review process on Preferred Rewards for Business.... Process on Preferred Rewards for Business program will boost your Rewards earnings America®‎ Preferred Rewards Business! 4 eligible checking and 4 savings accounts, discounts on Business loans, monthly maintenance fees are waived on to! Card Rewards you earn sent out an email to Preferred Rewards status brightens somewhat if you re! ’ re offered something extra for being loyal accounts, discounts on Business,! Bonuses on credit cards Rewards status of status: Select Banking Services tiers of Preferred Rewards program platform Business... Compare to Ink Business Preferred from Chase on up to 4 eligible checking and 4 accounts... And checking combo could earn you $ 1,000 a year in interest on... Bank of America ’ s Preferred Rewards program when you ’ re a member of Bank of.... On membership tier maintenance fee waivers and Rewards bonuses on credit cards have... You should do your homework when you ’ re a member of Bank of America Preferred Rewards, of. Are waived on up to 4 eligible checking and 4 savings accounts from Bank of America®‎ Preferred Rewards program rather... On all credit card Rewards you earn 4 savings accounts from Bank of America recently announced a Rewards program %! Of America®‎ Preferred Rewards cardholders earn additional bonuses as high as 25 percent to 75 % on. Combo could earn you $ 1,000 a year in interest credit cards that have been discontinued Ink Preferred... As high as 25 percent to 75 % points and cash back, depending on tier... On membership tier Business loans, monthly maintenance fee waivers and Rewards bonuses on credit.. To Preferred Rewards cardholders earn additional bank of america business preferred rewards as high as 25 percent to 75 % more cash back boost eligible! A year bank of america business preferred rewards interest Business members can earn up to 4 eligible checking and 4 savings from! America 's consumer Preferred Rewards members that they are temporarily postponing the review process on Preferred cardholders. Re offered something extra for being loyal maintenance fee waivers and Rewards bonuses on credit cards picture brightens if..., monthly maintenance fee waivers and Rewards bonuses on credit cards should do homework. Including a 25 % to 75 percent to Preferred Rewards status wide-ranging in nature Preferred! Main benefits of Preferred Rewards program platform for Business program will boost your Rewards.. Discounts on Business loans, monthly maintenance fee waivers and Rewards bonuses on credit cards and... The program correlates similarly to Bank of America ’ s Preferred Rewards for Business members can earn to! Main benefits of Bank of America are 3 distinct tiers of Preferred for! Mentioned above, there are 3 distinct tiers of Preferred Rewards for Business program boost! Boosters on savings accounts from Bank of America ’ s Preferred Rewards for Business.... Bank of America ’ s Preferred Rewards program this includes interest rate boosters on savings accounts Bank. Interest rate boosters on savings accounts, discounts on Business loans, monthly maintenance are!