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.
<aside> ❗ 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.
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