Bank of America’s Business Advantage Relationship Rewards has been launched with the aim of helping small businesses grow by providing a range of rewards and benefits.
Bank of America Business Advantage Relationship Rewards Program
Based on the success the bank had with its consumer-driven program Preferred Rewards, Business Advantage Relationship Rewards looks to do the same for small business customers. When their Bank of America business deposit and/or Merrill Edge and Merrill Lynch investment balances grow, so will these rewards and benefits.
The types of benefits Bank of America (NYSE: BAC) is offering are substantial, and worth taking a look at. For small businesses looking to capitalize on funds they already have in their account, this could a way to get everything from credit card bonuses to interest rate discounts, and much more.
For Bank of America, the name of the game is loyalty and long-term relationships. The bank cites its own report (PDF) which points out 82 percent of entrepreneurs who receive rewards from vendors and business partners have increased their loyalty.
Sharon Miller, managing director, head of small business at Bank of America, said in the press release, “Through Business Advantage Relationship Rewards, we are committed to building strong, long-term relationships with our clients through a wide range of tangible benefits to help them grow their businesses and get more back from their banking.”
How Do You Qualify?
If you want to enroll in Business Advantage Relationships Rewards, you have to have an eligible Bank of America business checking account, and a three-month average combined a balance of $20,000 or more. It has to be in a qualifying Bank of America business deposit accounts and/or Merrill Edge or Merrill Lynch business investment accounts.
The program has three tiers made up of Gold with balances of $20,000, Platinum with $50,000, and Platinum Honors with $100,000 balances. A three-month average of any of these balances will get you different levels of benefits. The program doesn’t have a fee.
What are the Benefits and Rewards?
As a small business, the interest rate discounts should get your attention. On new Business Advantage credit lines, term loans, and secured lending, you can get 0.25 percent to 0.75 percent interest rate discounts. If you are in the market for a car you can also get a 0.25 percent to 0.50 percent interest rate discount on new Business Advantage auto loans.
New Business Advantage commercial real estate loans can receive 0.25 percent to 0.50 percent interest rate discount, and new credit lines and term loans for Practice Solutions clients can expect discounts of 0.25 percent to 0.35 percent on their interest rate.
Bonuses on credit card rewards of 25 percent to 75 percent on the base earn for eligible Bank of America Business Advantage credit cards are available. And there are several no fee benefits for everyday banking services, including inbound domestic wire transfers and stop payments.
The Bank of America Business Advantage Relationship Rewards program has more benefits and rewards. You can get more details here.
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