Credit Cards , Banking , News

Bank of America Announces the Launch of a New Cash-Back Business Credit Card

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 2 minute read

Bank of America has expanded its array of business credit cards with the addition of a new cash-back credit card. The Business Advantage Unlimited Cash Rewards credit card gives a flat rewards rate on all purchases in addition to several other benefits found on many cash-back business credit cards.

Customers of certain Bank of America locations may qualify for a higher rewards rate.

Bank of America Business Advantage Unlimited Cash Rewards Credit Card Details

The new Business Advantage Unlimited Cash Rewards card earns a flat 1.5 percent cash back on all purchases, falling shy of the gold standard of 2%.

However, if you’re a Preferred Rewards for Business member, you can earn 25%, 50%, or 75% additional cash back on every purchase, up to a maximum of 2.62 percent.

To be eligible for the Preferred Rewards program, you must have an active Bank of America business checking account and a three-month average daily balance of at least $20,000 across all Bank of America business deposit accounts and Merrill Lynch business investment accounts.

If you have a combined amount of at least $20,000, you will receive a 25% extra cash back, and if you have a combined balance of at least $50,000 or $100,000, you will receive a 50% or 75% bonus cash back.

Additionally, the card gives a $300 statement credit after spending $3,000 or more during the first 90 days of account setup, as well as a zero percent introductory APR on purchases for the first nine billing cycles. Following that, the variable APR ranges from 12.24 percent to 22.24 percent, depending on your creditworthiness.

There is no annual charge associated with the card.

Who Should Take a Look at This New Card?

For the majority of small business owners, the new Business Advantage Unlimited Cash Rewards credit card makes little sense, as they can earn a greater flat benefits rate — or even extra rewards — with another card.

However, if you go all-in with Bank of America and maintain a sufficient balance on deposit to qualify for the Preferred Rewards for Business program, you may earn up to 2.62 percent back on all purchases, which may make the switch worthwhile.

As with any business financing decision, it’s critical to shop around and evaluate numerous cards in order to locate the one that’s the greatest fit for you and your firm.

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