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Bank of America Overhauls Its Business Advantage Cash Rewards Card – NerdWallet



Bank of America Overhauls Its Business Advantage Cash Rewards Card - NerdWallet 1

Bank of America® has revamped its money-again enterprise credit card, which now options 3% again in a single of six classes of spending that an entrepreneur chooses.

In addition to 3% bonus classes, the brand new card will earn 2% again on eating on the primary $50,00zero in mixed spending within the alternative class plus eating per calendar 12 months (1% thereafter), and 1% money again on all different purchases. 

Reward classes

Cardholders can select amongst six spending classes for 3% again:

Cardholders can change 3% classes (on-line or by way of app) as soon as every calendar month to influence future purchases. The class stays the identical till you modify it. A web-based software will embody a snapshot of earlier spending in every 3% class to assist cardholders select probably the most profitable 3% class, the financial institution stated.

How rewards evaluate with the earlier model

The primary distinction is that the brand new card has a a lot decrease cap on bonus rewards. The earlier card’s rewards had been:

That top cap of $250,00zero was a predominant attraction of the cardboard versus the competitors. And restaurant bonus rewards had been uncapped. The newer card encompasses a extra restrictive $50,00zero cap on mixed spending within the bonus class plus eating places.

So the brand new bonus-reward construction is extra customizable however probably much less profitable for top spenders as a result of of the decrease cap.

Current cardholders can swap to the brand new money rewards program by calling the telephone quantity on the again of their card.

Even greater relationship rewards

When you’re already a small-enterprise buyer of Bank of America or Merrill, you’ll be able to qualify for greater rewards charges based mostly on how a lot cash you’ve deposited or invested. Cash again on the three% alternative class may go as much as 5.25%; the two% reward on eating may go as much as 3.5%, and the limitless 1% reward for all different purchases may go to 1.75%.

Signal-up bonus

The signal-up bonus for the brand new card is: Get a $300 assertion credit score whenever you make no less than $3,00zero in web purchases inside 90 days of your account opening – with no annual charge, no cap on the quantity of money rewards you’ll be able to earn and so they do not expire.

The outdated signal-up bonus was expressed this fashion: “Get a $200 statement credit when you make at least $500 in net purchases within 60 days of your account opening – with no annual fee, no cap on the amount of cash rewards you can earn and they don’t expire.”

Cash rewards might be redeemed in any quantity and at any time as a press release credit score, or into eligible Bank of America® or Merrill accounts.

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