Via an inside source, I’ve just learned that Bank of America is planning to launch a rewards program for business customers that is similar to their consumer Preferred Rewards program (the program that makes it possible to earn up to 2.625% in rewards for all spend).
Basic details (What I was told)
- Program Name: Business Advantage Relationship Rewards (BARR)
- Expected Launch Date: March 2018
- Types of Rewards: Tiered business credit card bonuses, and more (no details regarding “more” yet)
- Tier Names: Top tier will be called Platinum Honors (same name as with the consumer program)
- Tier qualification will likely be based upon business account funds rather than consumer funds.
- Given that the top tier of the new program has the same name as the top tier of the consumer program, it seems a safe bet that the business program will also have Gold and Platinum tiers.
- Each tier will probably offer the same credit card bonuses as corresponding tiers in the consumer program, but the bonuses will apply only to select business credit cards:
- Gold: 25% bonus
- Platinum: 50% bonus
- Platinum Honors: 75% bonus
- The following business credit cards should qualify for increased rewards with the new BARR program:
- Bank of America will introduce a new business credit card similar to their consumer Premium Rewards card. Most likely it will be called Business Advantage Premium Rewards and it too will qualify for increased rewards with the business rewards program.
How useful would this be?
If we could earn a 75% bonus on the two business credit cards I identified above, they would then earn the following rewards:
Usual rewards: Earn 1% cash back on every purchase, 2% on purchases at restaurants, and 3% on purchases at gas stations and office supply stores (up to $250,000 each calendar year, 1% after that)
With a 75% bonus: Earn 1.75% cash back on every purchase, 3.5% on purchases at restaurants, and 5.25% on purchases at gas stations and office supply stores (up to $250,000 each calendar year, 1.75% after that).
All of the above are strong earnings for a no-fee business credit card. 5.25% for gas stations, though, would be terrific. No other business card comes close to that.
- Earn unlimited 1.5 points for every $1 you spend on all purchases
- Earn 3 points per every dollar spent on travel purchases (car, hotel, airline) booked through the Bank of America® Travel Center – powered by Orbitz®
With a 75% bonus:
- Earn unlimited 2.625 points for every $1 you spend on all purchases
- Earn 5.25 points per every dollar spent on travel purchases (car, hotel, airline) booked through the Bank of America® Travel Center – powered by Orbitz®
The rewards for this card are identical to the consumer Travel Rewards card. Both offer great value for everyday spend for those with Platinum Honors status (assuming you do get this 75% bonus on the business side).