Bank of America launches Business Unlimited Cash Rewards card

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Several months ago, Bank of America launched an Unlimited Cash Rewards credit card. While the unlimited 1.5% cash back wasn’t amazing on its own, the card was an exciting development because it represented the opportunity to earn up to 2.625% cash back everywhere for those with Platinum Honors. Earlier this week, Bank of America launched another new card: The Bank of America Business Advantage Unlimited Cash Rewards Mastercard. This means that those with Preferred Rewards on the business side can now also earn up to 2.625% back on this card as well.

The Offer & Key Card Details

Card Offer and Details
Business Advantage Unlimited Cash Rewards credit card

Card Type: Mastercard

Base
1.5X
(1.5%)

Earning rate: 1.5% everywhere; Earn up to 2.625% back everywhere with Bank of America Platinum Honors status. Note that you'll need Preferred Rewards on the business side ("Preferred Rewards for Business") to earn a greater return.

Noteworthy perks: Up to 75% bonus for Preferred Rewards for Business banking customers

See also: Bank of America business cards: awesome if you can invest $100K in business accounts with Merrill Edge in order to get Preferred Rewards for Business Platinum Honors status

Quick Thoughts

This is great news for those with Preferred Rewards status on the business side of things as it creates an opportunity for a great “everywhere else” rate on business spend.

Keep in mind that Preferred Rewards is calculated separately for business cards, so having Preferred Rewards on the personal side won’t help. You’ll need to deposit money in business accounts to get status on the business side.

Still, if you can meet the requirements, the potential returns are excellent.  Overall, this is a great card if you have Preferred Rewards status (otherwise a 1.5% card is a yawner) and it could be a nice little cash bonus whether or not you have status.

H/T: Doctor of Credit

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Scott

Here is link to the 500 after 5k spend from USCC guide. A straight copy paste from the bofa site wouldn’t work. https://apply.uscreditcardguide.com/credit-card/boa-unlimited-cash-rewards-business/apply/

Last edited 7 months ago by Scott
Greg The Frequent Miler

Thanks Scott! We’ve updated the offer to go directly to the $500 offer.

Mary Jane

Hi Nick, great article. If you are eligible for both, which would you recommend, personal or business?

Greg The Frequent Miler

It’s harder to qualify on the business side for BOA’s Platinum Honors since you can’t simply move retirement funds over to do it. You can pretty simply open a business checking account with BOA and deposit $100K but then you won’t earn interest on that money. A better approach is to open a business account with Merrill Edge and deposit $100K into ETFs, but there’s a lengthy application process for that. So, if you want to keep things easy, go with personal.