Bank of America Launches Business Advantage Unlimited Cash Rewards Card for Entrepreneurs

Rhea-AI Summary

Bank of America has launched the Business Advantage Unlimited Cash Rewards card, allowing small business owners to earn 1.5% cash back on all purchases with no expiration on cash rewards. Clients can redeem cash back anytime for statement credits or deposits, and the card incurs no annual fee. Members of the Preferred Rewards for Business program can earn up to 2.62% cash back. Additionally, an innovative bill payment and invoicing solution is introduced to enhance the digital experience for business clients.

Positive

• Launch of Business Advantage Unlimited Cash Rewards card with no annual fee.
• Unlimited 1.5% cash back on all purchases, redeemable anytime.
• Preferred Rewards members can earn up to 2.62% cash back.
• Introduction of new payments and invoicing solution for small businesses.

Negative

• None.

CHARLOTTE, N.C., Oct. 21, 2021 /PRNewswire/ -- Bank of America today announced the launch of the Business Advantage Unlimited Cash Rewards card. This new card allows small business owners to earn unlimited 1.5% cash back on all purchases. Cash rewards don't expire, and redemption is simple: small business clients can redeem their cash back for any amount, at any time for statement credits or deposits directly into a Bank of America checking or savings account, or for credit to an eligible Merrill account. The Business Advantage Unlimited Cash Rewards card has no annual fee.

"Running a business can be challenging, but earning rewards on your spending should be simple and convenient," said Chris Wong, Small Business Products executive at Bank of America. "With the launch of the Business Advantage Unlimited Cash Rewards card, we've streamlined the way entrepreneurs are rewarded for their spending, so they can focus on running and expanding their business."

Members of Bank of America's Preferred Rewards for Business program earn 25% to 75% more cash back on every purchase made with the Business Advantage Unlimited Cash Rewards card, depending on their rewards tier – that means the unlimited 1.5% cash back earned on all purchases could go up to 2.62% cash back. The consumer version of the Unlimited Cash Rewards Credit Card launched in July.

New Payments and Invoicing Solution
Bank of America also announced an innovative bill payment and invoicing solution which runs within Business Advantage 360, Bank of America's digital platform for small businesses. Clients can choose from two options to enhance their digital experience, depending on the specific needs of their business:

• Essential Payments and Invoicing has no monthly fee and is best suited for clients with a single user. It allows clients to pay their bills, create and send digital invoices, receive payments, track invoices and payments, and add or manage vendors.
• Advanced Payments and Invoicing, is $30 per month and designed for larger businesses. Advanced offers all of the Essential features, plus the ability to create approval workflow and policies, delegate authority for multiple users and synch with various accounting software tools.

Over the past two years, Bank of America has created or enhanced a variety of other resources and tools to help business owners navigate the pandemic and simplify their operations, including:

• Business Credit Score: In spring 2021, Bank of America partnered with Dun & Bradstreet to become the first major financial institution to provide small business clients with free, ongoing access to their business credit score. This offering equips entrepreneurs with a comprehensive snapshot of their finances while providing visibility to help build and maintain healthy business credit.
• Small Business Resources Site: Launched in December 2020, the Small Business Resources site features tools, insights, and expert advice to help entrepreneurs run and grow their businesses. The educational hub provides tips and solutions for all aspects of business ownership, covering topics including business strategy, customer relations, financing options, optimizing operations, managing cash flow and more.
• More Flexible Options to Manage Money: Bank of America now enables clients to digitally link their business and personal profiles, and over 200,000 business owners have taken advantage of this feature. To provide clients with even more flexibility to move money, Bank of America raised the limits for businesses sending and receiving money through Zelle, which nearly 800,000 businesses owners have utilized, as well as increasing monthly Mobile Check Deposit limits.
• Cash Flow Monitor & Connected Apps Enhancements: Bank of America recently redesigned the dashboard for its best-in-class Cash Flow Monitor tool, which provides business owners with a complete view of business cash flow. The tool makes it simple for small business owners to track credit and debits through integrated account information, receive automatic cash flow projections based on scheduled transactions, and easily connect with Bank of America small business specialists for guidance.  

Download the Bank of America app or visit bankofamerica.com.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters May Contact:
Don Vecchiarello, Bank of America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com

 

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SOURCE Bank of America Corporation

FAQ

What is the Business Advantage Unlimited Cash Rewards card from BAC?

The Business Advantage Unlimited Cash Rewards card allows small business owners to earn unlimited 1.5% cash back on all purchases with no annual fee.

When was the Business Advantage Unlimited Cash Rewards card launched?

The card was launched on October 21, 2021.

How much cash back can Preferred Rewards members earn with the BAC card?

Members of the Preferred Rewards for Business program can earn up to 2.62% cash back depending on their rewards tier.

What are the features of the new payments and invoicing solution from BAC?

The solution offers two options: Essential Payments and Invoicing with no fee, and Advanced Payments and Invoicing for $30/month, catering to different business sizes.

Does the cash back from the BAC card expire?

No, cash rewards do not expire and can be redeemed at any time.