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When evaluating Bank of America’s business credit card suite, looking only at baseline rewards misses where the real value lies. The primary earning driver across these cards is the Preferred Rewards for Business program.
Depending on your balance tier with Bank of America and Merrill, this program can boost your credit card rewards by 25%, 50%, or 75%. This tiered multiplier unlocks exceptional value from Bank of America’s business lineup, helping cardholders maximize their everyday returns and squeeze more value out of every business expense.
Here is a complete breakdown of how Preferred Rewards for Business works, what it takes to qualify, and how it impacts the effective earning rates across Bank of America’s three main business cash-back and travel credit cards.
How Preferred Rewards for Business works
Bank of America’s Preferred Rewards for Business is a tiered loyalty program designed for small-to-midsize business owners who hold deposit and investment accounts with Bank of America or Merrill Business.
Unlike some credit cards that force you to track complicated bonus categories or pay steep annual fees, Preferred Rewards boosts your earnings simply for keeping your operating capital, cash reserves, or investments with Bank of America.
Program tiers and qualification requirements
Qualification is calculated based on your 3-month combined average daily balance across eligible Bank of America business deposit accounts (such as business checking, savings, and CDs) and Merrill business investment accounts.
| 3-month average daily balance | Credit card rewards boost | |
|---|---|---|
| Gold | $20,000 to $50,000 | 25% boost |
| Platinum | $50,000 to $100,000 | 50% boost |
| Platinum Honors | $100,000+ | 75% boost |
Additional program benefits
In addition to credit card rewards multipliers, qualifying business members receive perks such as:
- Interest Rate Booster: Boost your savings on Business Advantage Savings accounts starting at 5% for Gold, and up to 20% for Platinum Honors.
- Lending discounts: Available on new or refinanced lines of credit and term loans for business applicants enrolled in Preferred Rewards for Business at application.
- Banking fee waivers: Waived monthly maintenance fees on up to four eligible business checking and four savings accounts, plus waivers on inbound domestic wire transfers and stop payments depending on your tier.
- Payroll service cash back: Monthly cash back statement credits on eligible payroll service fees ($10 to $20/month based on tier).
Effective earning rates across core business cards
To see how Preferred Rewards changes everyday spending, here is how the 25%, 50%, and 75% boosts affect the effective earning rates on Bank of America’s primary small business cards.
Bank of America Business Advantage Customized Cash Rewards
The Bank of America(R) Business Advantage Customized Cash Rewards Mastercard(R) credit card allows business owners to choose one 3% category from a list of six business spending areas (such as gas stations/EV charging, office supply stores, travel, TV/telecom/wireless, computer services, or business consulting) while earning 2% cash back on dining and 1% on all other purchases (up to $50,000 in combined choice category/dining purchases per calendar year, then 1%).
How the boost impacts effective returns:
| Choice category (base: 3%) | Dining (base: 2%) | All other spending (base: 1%) | |
|---|---|---|---|
| Base card rate | 3.00% cash back | 2.00% cash back | 1.00% cash back |
| Gold (25% boost) | 3.75% cash back | 2.50% cash back | 1.25% cash back |
| Platinum (50% boost) | 4.50% cash back | 3.00% cash back | 1.50% cash back |
| Platinum Honors (75% boost) | 5.25% cash back | 3.50% cash back | 1.75% cash back |
Key takeaway: At the Platinum Honors tier, earning an effective 5.25% cash back on your chosen 3% spending category makes this card one of the highest-yielding no-annual-fee options available for targeted business overhead.
Bank of America Business Advantage Unlimited Cash Rewards
The Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card is built for simplicity, offering a flat, uncapped 1.5% cash back on every dollar spent for your business.
How the boost impacts effective returns:
| Tier / boost | Flat rate cash back (base: 1.5%) |
|---|---|
| Base card rate | 1.50% cash back |
| Gold (25% boost) | 1.875% cash back |
| Platinum (50% boost) | 2.25% cash back |
| Platinum Honors (75% boost) | 2.625% cash back |
Key takeaway: While a standard 1.5% flat rate card is fairly average, achieving Platinum Honors elevates your effective return to 2.625% uncapped cash back on all spending. This easily surpasses the standard 2% industry benchmark for flat-rate business cards.
Bank of America Business Advantage Travel Rewards
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card earns a flat 1.5x points per $1 spent on all purchases, plus 3x points per $1 spent on travel booked through the Bank of America Travel Center. You can redeem points for statement credit toward eligible travel and dining expenses (1 point = 1 cent value).
How the boost impacts effective returns:
| General purchases (base: 1.5 pts/$) | Travel Center purchases (base: 3 pts/$) | |
|---|---|---|
| Base card rate | 1.50 points/$ (1.5% value) | 3.00 points/$ (3.0% value) |
| Gold (25% boost) | 1.875 points/$ (1.875% value) | 3.75 points/$ (3.75% value) |
| Platinum (50% boost) | 2.25 points/$ (2.25% value) | 4.50 points/$ (4.50% value) |
| Platinum Honors (75% boost) | 2.625 points/$ (2.625% value) | 5.25 points/$ (5.25% value) |
Key takeaway: At the top tier, earning 2.625 points per dollar on everyday business spending gives travel-focused businesses a solid, uncapped return toward statement credits for flights, hotels, rental cars, and dining.
Earning rate summary comparison
Here is how the top-tier Platinum Honors (75% boost) changes the dynamic across all three cards:
| Base earning rate | Platinum Honors effective rate | |
|---|---|---|
| Customized Cash Rewards | 3% choice / 2% dining / 1% base | 5.25% choice / 3.50% dining / 1.75% base |
| Unlimited Cash Rewards | 1.5% flat rate | 2.625% flat rate |
| Travel Rewards | 1.5 pts/$ flat rate | 2.625 pts/$ flat rate |
How to qualify and maintain Preferred Rewards status
To enroll and start earning boosted credit card rewards, follow these steps:
- Maintain an active business checking account: You must hold an active eligible Bank of America business checking account.
- Meet the balance threshold: Maintain an average daily combined balance of at least $20,000 across eligible business checking, savings, CDs, or Merrill investment accounts over a 3-month rolling period.
- Enroll in the program: Enrollment is not automatic. Business owners can enroll online via Bank of America Online Banking or through a banker representative. There are no fees to join or participate.
- Tier movement and annual reviews: Once enrolled, your status moves to a higher tier after any month your balances qualify you for the next level. If your balances temporarily drop, Bank of America reviews account balances annually to determine tier adjustments, ensuring seasonal cash flow dips don’t immediately cause a loss of benefits.
Is Preferred Rewards for Business worth it?
If your business already holds substantial liquidity or operating reserves in cash or low-volatility investments, moving $20,000 to $100,000+ into Bank of America or Merrill Business accounts unlocks significant value. Getting up to 2.625% flat cash back or 5.25% on targeted categories without paying annual credit card fees turns routine business overhead into a significant revenue stream.
