The biggest change to the bank’s Business Advantage Cash Rewards Mastercard small business credit card is a lower cap on bonus rewards. The previous program offered 3 percent cash back on office supply and gas purchases up to $250,000 annually. The new program initiates a cap of $50,000, making the cash-back program less lucrative for high-spending small businesses.
Reports noted, however, that the new rewards structure is more customizable than the old program, with 2 percent cash back on dining up to $50,000, and 1 percent back on all other purchases. Users can choose their 3 percent cash-back category, linking small business users with a visual of spend history to help them decide which category would provide the most cash back.
Existing small business customers of the bank can qualify for higher rewards rates, reports noted, depending on deposit and investment volumes. Qualifiers can see their 3 percent cash-back category elevate to 5.25 percent cash back, while the 2 percent reward tier can rise to 3.5 percent, and 1 percent cash back on all other purchases can increase to 1.75 percent.
When the tool was launched, the bank said it serviced more than 9 million small business customers, and that it aimed to be a one-stop-shop for those clients. As BofA moves to enhance its position in the small business segment, the FI said it plans to offer SMBs deeper insight into cash flows and provide broad general market analysis, as well as to introduce payroll, invoicing, payments and merchant services moving forward.