CHARLOTTE, N.C., Oct. 21, 2021 /PRNewswire/ -- Bank of
America today announced the launch of the Business Advantage
Unlimited Cash Rewards card. This new card allows small business
owners to earn unlimited 1.5% cash back on all purchases. Cash
rewards don't expire, and redemption is simple: small business
clients can redeem their cash back for any amount, at any time for
statement credits or deposits directly into a Bank of America
checking or savings account, or for credit to an eligible Merrill
account. The Business Advantage Unlimited Cash Rewards card has 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. "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."
Members of Bank of America's Preferred Rewards for Business
program earn 25% to 75% more cash back on every purchase made with
the Business Advantage Unlimited Cash Rewards card, depending on
their rewards tier – that means the unlimited 1.5% cash back earned
on all purchases could go up to 2.62% cash back. The consumer
version of the Unlimited Cash Rewards Credit Card launched in
July.
New Payments and Invoicing Solution
Bank of America
also announced an innovative bill payment and invoicing solution
which runs within Business Advantage 360, Bank of America's digital
platform for small businesses. Clients can choose from two options
to enhance their digital experience, depending on the specific
needs of their business:
- Essential Payments and Invoicing has no monthly fee
and is best suited for clients with a single user. It allows
clients to pay their bills, create and send digital invoices,
receive payments, track invoices and payments, and add or manage
vendors.
- Advanced Payments and Invoicing, is $30 per month and designed for larger
businesses. Advanced offers all of the Essential features,
plus the ability to create approval workflow and policies, delegate
authority for multiple users and synch with various accounting
software tools.
Over the past two years, Bank of America has created or enhanced
a variety of other resources and tools to help business owners
navigate the pandemic and simplify their operations, including:
- Business Credit Score: In spring 2021,
Bank of America partnered with Dun &
Bradstreet to become the first major financial
institution to provide small business
clients with free, ongoing access
to their business credit score. This
offering equips entrepreneurs with a comprehensive snapshot
of their finances while providing visibility to
help build and maintain healthy business credit.
- Small Business Resources Site: Launched in
December 2020, the Small
Business
Resources site features tools, insights, and
expert advice to help entrepreneurs run and
grow their businesses. The educational hub provides tips and
solutions for all aspects of business ownership, covering topics
including business strategy, customer relations, financing options,
optimizing operations, managing cash flow and more.
- More Flexible Options to Manage Money: Bank of
America now enables clients to digitally link their business and
personal profiles, and over 200,000 business owners have taken
advantage of this feature. To provide clients with even more
flexibility to move money, Bank of America raised the
limits for businesses sending and
receiving money through Zelle, which nearly 800,000
businesses owners have utilized, as well as increasing
monthly Mobile Check Deposit limits.
- Cash Flow Monitor & Connected Apps Enhancements:
Bank of America recently redesigned the dashboard for its
best-in-class Cash Flow Monitor tool, which provides business
owners with a complete view of business cash flow. The
tool makes it simple for small business owners to track credit
and debits through integrated account information, receive
automatic cash flow projections based on scheduled transactions,
and easily connect with Bank of America small business specialists
for guidance.
Download the Bank of America app or visit bankofamerica.com.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 66 million consumer and small business clients with
approximately 4,200 retail financial centers, approximately 17,000
ATMs, and award-winning digital banking with approximately 41
million active users, including approximately 32 million mobile
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and approximately 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom and register for news email alerts.
Reporters May Contact:
Don Vecchiarello, Bank of
America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com
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SOURCE Bank of America Corporation