Bank of America on Thursday (Oct. 21) unveiled the Business Advantage Unlimited Cash Rewards card, which will give small business owners unlimited 1.5% cash back on all purchases.
The Business Advantage Unlimited cash rewards don’t expire, and small business owners can redeem them for statement credits and deposits into a Bank of America checking or savings account or for Merrill account credit, all for no annual fee.
“Running a business can be challenging, but earning rewards on your spending should be simple and convenient,” said Chris Wong, small business products executive at Bank of America, in the company announcement. “With the launch of the Business Advantage Unlimited Cash Rewards card, we’ve streamlined the way entrepreneurs are rewarded for their spending, so they can focus on running and expanding their business.”
Preferred Rewards for Business members earn 25% to 75% more cash back on every Business Advantage Unlimited Cash Rewards card purchase, meaning the unlimited 1.5% cash back on all purchases could go up to 2.62% cash back. The consumer version of the card launched in July.
Bank of America also announced a new bill payment and invoicing solution within its digital small business platform, Business Advantage 360. Customers can choose Essential Payments and Invoicing, which has no monthly fee and is ideal for single-user customers, or Advanced Payments and Invoicing, which costs $30 a month and is suited for larger businesses.
Related news: Bank of America ‘Recipient Select’ Allows Consumer Payments Choice
Earlier this month, Bank of America unveiled a new solution called Recipient Select that will allow companies to give their customers options on how to be paid.
Recipient Select allows users to remove friction from business-to-consumer (B2C) payments, which are gaining in popularity among consumers who expect faster and easier experiences. It will offer a “more seamless” experience and will not collect and store payment information, and also cuts down on errors via straightforward customer data validation.
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