For business customers of Bank of America, they are now offering a relationship rewards program called the Business Advantage Relationships Rewards Program. This program, if you don’t know what it is, rewards loyal customers for keeping a good relationship with Bank of America. Essentially, the more funds you keep in the bank, the better your rewards. There are three tiers in this program: gold, platinum, and platinum honors. Every tier you go up, you get an incremental increase in benefits, bonuses, and requirements. Also, this program allows you to earn upwards of 5.25% Cash Back on Gas Purchases.
Gold Delta SkyMiles® Business Credit Card from American Express:
-Make business travel more rewarding. Earn 30,000 bonus miles after you make $1,000 in purchases on your new Card within your first 3 months.
-Additionally, earn a $50 statement credit after you make a Delta purchase with your new Card within your first 3 months.
-Earn 2 Miles per dollar spent on eligible purchases made directly with Delta. Earn 1 mile on every eligible dollar spent on purchases.
-Settle into your seat sooner with Priority Boarding and enjoy 20% savings on eligible in-flight purchases in the form of a statement credit when you use your American Express Delta Card.
-Pay no foreign transaction fees when you spend overseas.
-$0 introductory annual fee for the first year, then $95.
-Terms and limitations apply
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Preferred Rewards Status Tiers
You will be able to achieve three statuses with the Preferred Rewards Program: Gold, Platinum, and Platinum Honors with a direct correlation between the status/benefits and the amount of money you have with Bank of America or Merrill. Holdings are as followed:
- Preferred Rewards Platinum Honors: $100,000+ 3 months combined average balances
- Preferred Rewards Platinum: $50,000-$100,000 3 months combined average balances
- Preferred Rewards Gold: $20,000 – $50,000 3 months combined average balances
- No status: $19,999 or less
Why bother with this program? Well, here are all the benefits:
- Rewards bonus on eligible credit cards: 75% for Platinum Honor, 50% for Platinum, and 25% for Gold
- No fees on select everyday banking services, such as inbound wires, stop payments and more
- Cash rewards on BofA Merchant Services processing – higher relationship tiers will get overall better rates on payment processing fees
- Interest rate booster on your business savings account (this will probably be an opportunity to earn like .5% APY instead of .03% APY, nothing to get too excited about)
- Interest rate discount on certain business loans: .75%/.50%/.25% discount on credit line, term loan, and secured lending; .5%/.35%/.25% discount on auto and commercial real estate loans
- Monthly discount on full service payroll fee ($20/$15/$10)
- No fee on ATM transactions anywhere (Platinum Honors is unlimited, Platinum is limited to 12, Gold does not have this benefit)
- No fee trades (100 per month with Honors, 30 per month with Platinum, Gold does not have this benefit)
Cards Eligible for BoA Preferred Rewards Program
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 you’re a platinum honors).
- Earn a $200 statement credit after $500 in purchases within 60 days of account opening
- Receive cash back:
- 1% on all purchases
- 2% at restaurants
- 3% at gas stations and office supply stores
- There’s no limit to the base cash back you can earn
- Redeem your cash rewards for cash back or apply them to a Bank of America savings or checking account
- 0% Intro APR on purchases for the first 9 billing cycles
- No annual fee
- Business Advantage Travel Rewards World Mastercard Credit Card
- Earn 25,000 bonus points when you spend $1,000 within the first 60 days of account opening
- 1.5X Points on all eligible purchases
- 3X Points on travel booked through Bank of America’s Travel Center — powered by Orbitz
- Points won’t expire, there are no blackout dates and no travel restrictions
- No international transaction fee
- Redeem points for a statement credit to pay for travel or get cash back or gift cards
- No annual fee
- WorldPoints Rewards for Business
Cards Not Eligible for BoA Preferred Rewards Program
These are the cards that Bank of America has deemed ineligible for the rewards bonus:
- Non-rewards credit cards (Bank of America Platinum and Platinum Plus for Business cards)
- Personal or consumer purpose credit cards
- Business Advantage Cash Rewards 123 w/50% Bonus
- Business Advantage Travel Rewards w/50% Bonus
- Merrill Lynch branded Merrill Rewards for Business Card
- Alaska Airlines®
- Asiana Airlines®
- Spirit Airlines®
- Business Banking, Global Commercial Banking, Global Corporate Investment Banking or Institutional clients are not eligible to participate in the program.
|Best Credit Card Categories|
|0% APR||Airline Rewards||Balance Transfer|
|Cash Back||Hotel Rewards||Military|
|No Annual Fee||No Foreign Transaction Fee||Premium|
|Small Business||Student||Travel Rewards|
With the Business Advantage Relationship Rewards Program, what you put in is what you get out. This program will most greatly benefit businesses with a lot of money in their reserves because the more money you keep in your bank account, the more benefits you will earn. Additionally, this program helps tie in together staple Bank of America business credit cards with their banking products. This benefits super loyal customers of Bank of America, so if that’s you then make sure to check out this program. Don’t forget that with this program you can get up to 5.25% cash back on gas purchases. If you’re a business looking to maximize its earnings, then be sure to check out this program as soon as you can! For those that are looking for more credit card options, check out our Best Credit Card Deals master list for more information!