Bank of America has launched 'Business Advantage Relationship Rewards', a new business banking loyalty program that rewards eligible small business clients with a range of benefits and rewards that grow as their Bank of America business deposit and/or Merrill Edge and Merrill Lynch investment balances increase. This article is copyright 2018 The Best Customer Guide.

The program was built on top of Bank of America Preferred Rewards, which launched in 2014 as a consumer banking rewards program offering clients various benefits and rewards for their everyday banking activities. According to a recent Bank of America Small Business Owner Report, 82% of entrepreneurs who receive rewards from vendors and business partners say it increases their loyalty.

Clients with an eligible Bank of America business checking account, and a three-month average combined balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill Edge or Merrill Lynch business investment accounts are eligible to enrol in the program (either by visiting a Bank of America financial centre, or by telephone).

The program is structured into three tiers - Gold, Platinum and Platinum Honors - with increasing benefits and rewards as a client's combined balances grow. Qualify with three-month average combined balances of $20,000 for the Gold tier, $50,000 for the Platinum tier, and $100,000 for the Platinum Honors tier.

Benefits include:

  • Credit card rewards bonuses: 25% to 75% rewards bonus on the base earn for eligible Bank of America Business Advantage credit cards
  • No fees on select everyday banking services: Waived fees on select banking services, including inbound domestic wire transfers and stop payments
  • Cash rewards on Bank of America Merchant Services processing: 0.05% to 0.15% rewards payment on monthly net processing
  • Interest rate booster on Business Advantage Savings: 5% to 20% interest rate boost on Business Advantage Savings accounts
  • Interest rate discounts on select small business loans:
  • 0.25% to 0.75% interest rate discount on new Business Advantage credit lines, term loans and secured lending
  • 0.25% to 0.50% interest rate discount on new Business Advantage auto loans
  • 0.25% to 0.50% interest rate discount on new Business Advantage commercial real estate loans
  • 0.25% to 0.35% interest rate discount on new credit lines and term loans for Practice Solutions clients
  • Monthly payroll product service fee refunds of $10 to $20
  • Priority client service: Access to a dedicated team of specialists at a priority phone number, and a complimentary Merrill Edge financial review
  • For Platinum and Platinum Honors tiers only, waived commission fee on up to 100 monthly Merrill Edge online stock and ETF trades

"We created this new rewards program to show our 3.1 million small business customers, as well as potential clients, how much we value their business while providing them with a competitive advantage," said Sharon Miller, managing director, head of small business at Bank of America.

There is no fee to enroll in Business Advantage Relationship Rewards.