Overview — ⭐️ Best Cash back
BoA (Bank of America) has a very interesting program that multiplies the cash back you receive depending on how many assets (cash or stock) you have with the bank (business or personal).
Level | Assets to Qualify | Boost | General cash back rate | Bonus category cash back rate |
Gold | $20k | 25% | 1.875% | 2.5% |
Platinum | $50k | 50% | 2.25% | 3.0% |
Platinum Honors | $100k | 75% | 2.62% | 3.5% |
Diamond (only personal) | $1m | 75% | 2.62% | 3.5% |
Only consider this program if you can get to Platinum ($100k of assets). 2.62% cash back is pretty unprecedented. You can also earn up to 3.5% cash back in categories like travel depending on your card. This is valuable but not unique.
Some cards say you earn “points” but the points are always worth $0.01 and best transferred to cash so ignore the marketing — this program is for maximizing cash back.
It is much better to hold the assets as securities (stocks, bonds, etc) since BoA will pay you basically no interest for your cash.
You can consider buying a “money market security” if you doing this with your startup’s cash but make sure the expense ratio is low.