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Bank of America® Platinum Plus® Mastercard® Business card review: Solid choice for low rates

 /  11 min
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Snapshot

3.2

Bankrate rating
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Rating: 3.2 stars out of 5

Bottom line

This card’s competitive variable APR could be enough to make it a top option for some business owners.

Bank of America® Platinum Plus® Mastercard® Business card

Bank of America® Platinum Plus® Mastercard® Business card

Recommended credit score:(740 - 850)

Intro offer

$300

Rewards Rate

N/A

Annual fee

$0

Regular APR

15.99% - 26.99% Variable APR on purchases and balance transfers

3.2
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Bankrate Score

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The Bank of America Platinum Plus Mastercard Business card overview

The Bank of America Platinum Plus Business credit card takes the place of the retired Bank of America Visa Platinum Plus Business card. It has no annual fee and an intro purchase APR offer, making it attractive for business owners who need to finance a large expense. Its biggest drawback, however, is that it doesn’t offer any rewards, so you’ll have to pair it with a rewards credit card if you want to earn cash back or points.

  • Credit Card Cash Back Icon

    Rewards

    • This card does not offer rewards.

    Expert Appraisal: Weak
    See our expert analysis

  • Rewards Icon

    Welcome offer

    • $300 statement credit after you make at least $3,000 in purchases in the first 90 days 

    Expert Appraisal: Unimpressive
    See our expert analysis

  • Credit Card Apr Icon

    0% intro APR offer

    • (See Terms) percent intro APR on purchases for the first seven billing cycles 
    • (See Terms)

    Expert Appraisal: Good
    See our expert analysis

  • Credit Card Search Icon

    Rates and fees

    • Annual fee: None
    • Penalty APR: None
    • Foreign transaction fee: 3 percent of the U.S. dollar amount of each transaction made in a foreign currency

    Expert Appraisal: Good
    See our expert analysis

  • Congrats Icon

    Other cardholder perks

    • Employee cards at no additional cost
    • Mastercard Easy Saving® Program
    • Travel insurance
    • Free access to business credit score report

    Expert Appraisal: Good
    See our expert analysis

Bank of America Platinum Plus Mastercard Business pros and cons

Pros

  • Checkmark Icon

    You won't pay an annual fee, so the cost of carrying this card is more affordable.

  • Checkmark Icon

    Unlimited employee cards at no extra cost adds more value for business owners.

  • Checkmark Icon

    This card offers comprehensive travel insurance, a terrific perk if you travel frequently for business.

Cons

  • Unlike some rival cards, this credit card doesn’t have a rewards structure.

  • Since the intro APR doesn’t apply to balance transfers, you can't consolidate debt using this card.

  • The welcome offer could be more competitive with a higher rate of return.

Why you might want the Bank of America Platinum Plus Mastercard Business card

It might be hard to find another business card that offers relatively low interest rates along with an intro APR on purchases. Plus, you can enjoy plenty of added benefits with this no-annual-fee card.

Intro APR offer: Save on interest temporarily 

Though the intro APR period might be on the shorter side and doesn't apply to balance transfers, you can still take advantage of this offer. Seven billing cycles isn’t the longest offer available, and some of the best Bank of America business cards offer nine billing cycles. But this is still a welcome sight for a no-annual-fee business credit card. It could be useful for an upcoming large business expense or even to give yourself breathing room during off-season or unpredictable revenue periods. As long as you can pay your balance in full before the intro offer ends, you could potentially save a significant amount in interest. 

Rates and fees: Low interest rates and fees

One of the main advantages of the Platinum Plus Business is its low ongoing interest rate. Its low-end APR is less than the current national credit card interest rate. If you tend to carry a balance, this card might be an ideal choice. 

Additionally, the Bank of America Platinum Plus Mastercard Business card has no annual fee and no penalty APR. If your balance is less than or equal to $100, you also won't pay a late payment fee.

However, balance transfers come with a fee of 4 percent of the balance transfer amount, which is a bit more than the typical 3 percent balance transfer fee other cards charge, so the card isn’t the best choice for consolidating debt. Plus, though typical, its foreign transaction fee is 3 percent and you'll want to consider this extra cost when using the card abroad.

Perks: Top benefits for a no-annual-fee card

Bank of America adds some perks onto its Platinum Plus Mastercard Business card to help business owners with accounting, managing employee cards and protection from fraud. Here are some perks business owners can enjoy with this card:

Why you might want a different business card

Unfortunately, this card comes with no consistent rewards, which you can find on several competing cards. The welcome offer is modest, but if your business expenses run high, you can find more lucrative offers elsewhere.

No rewards: Purchases won't add value to your card

This card's lack of a rewards program is its most significant disadvantage. While many rival business credit cards offer some rewards in the form of points or cash back, you won't find any added incentive to use this card for purchases. Even Bank of America's own suite of business cards offers options for business rewards cards.

However, its potentially low variable APR is competitive and might outweigh the lack of rewards if you carry a balance.

Welcome offer: Lower rate of return

Currently, the Bank of America Platinum Plus Business has a fair welcome offer. If you spend $3,000 within the first 90 days of opening your account, you’ll get a $300 statement credit. However, you could earn a more valuable bonus if your business spending skews higher than $3,000 in 90 days.

For example, the Ink Business Cash® Credit Card offers a great sign up bonus: Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening. That's a higher percent rate of return for your spending compared to the Platinum Plus Business card's 10 percent return.

How the Bank of America Platinum Plus Mastercard Business compares to other business cards

The Platinum Plus Business card has an attractive variable APR, but it lacks the rewards other cards provide in abundance.

Image of Bank of America® Platinum Plus® Mastercard® Business card

Bank of America® Platinum Plus® Mastercard® Business card

Annual fee

$0

Intro offer

$300
Info Icon

Rewards rate

N/A

Recommended Credit Score

Excellent (740 – 850)
Info Icon
Image of Ink Business Unlimited® Credit Card
Bankrate Score
Apply now Lock Icon
on Chase's secure site

Annual fee

$0

Intro offer

Earn $900 bonus cash back
Info Icon

Rewards rate

1.5%
Info Icon

Recommended Credit Score

Good to Excellent (670 – 850)
Info Icon
Image of The American Express Blue Business Cash™ Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock Icon
on American Express's secure site

Annual fee

No annual fee

Intro offer

$250 statement credit
Info Icon

Rewards rate

1% - 2%
Info Icon

Recommended Credit Score

Good to Excellent (670 – 850)
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Best cards to pair with the Bank of America Platinum Plus Mastercard Business

Since the Bank of America Platinum Plus Mastercard Business doesn’t have a business rewards program or an intro APR on balance transfers, pairing it with a card that fills those gaps might be a sharp strategy.

Who is the Bank of America Platinum Plus Mastercard Business card right for?

The Platinum Plus Business card might be a great fit for small-business owners who are starting out and business owners who can take advantage of the card's low interest rates.

Bankrate’s Take — Is the Bank of America Platinum Plus Mastercard Business worth it?

If you have good credit and are planning to make big purchases with your credit card, the Bank of America Platinum Plus Mastercard Business credit card could be a good option for you. It has an intro APR on purchases, which can help you avoid paying interest. And if you have to carry a balance, this card has a potentially low regular APR, so you won’t rack up lots of high-interest debt.

But if you usually pay off your credit card every month, a low APR may not be as important to you. In that case, you may be better off with a business card that allows you to earn rewards on your purchases.

For rates and fees of the American Express Blue Business Cash™ Card, please click here.

The information about Bank of America® Platinum Plus® Mastercard® Business card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

How we rated this card

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50+
Cards rated
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700+
Data points considered
Credit Card Cash Back Icon
10
Spending categories analyzed
Credit Card Reviews Icon
40+
Perks evaluated

Our proprietary card rating system takes into account a mix of factors when scoring business credit cards, including each card’s rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more.

We analyzed over 50 of the most popular business credit cards and scored each based on how its key features stacked up compared to those of other cards in its category.

Here are some of the key factors that gave this card its score:

Frequently asked questions

What cardholders think

Image of Bank of America® Platinum Plus® Mastercard® Business card

Bank of America® Platinum Plus® Mastercard® Business card

4.4 Star Icon
45 ratings
Info Icon
Score breakdown
5 stars
51%
4 stars
33%
3 stars
16%
2 stars
0%
1 star
0%
Score by category
Overall 4.4 / 5
Extra perks 3.9 / 5
Meets financial needs 4.1 / 5
Privacy and security 4.2 / 5
Customer service 4.2 / 5
Online portal or mobile app 4.2 / 5

In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.

Community Reviews

Explore Bank of America® Platinum Plus® Mastercard® Business card reviews from certified cardholders.
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Anonymous Cardholder
May 31, 2024
If this card had an annual fee, do you feel it was worth it? What card features and benefits helped you offset the cost?
Yes, if it had reward points
Score by category
Extra perks 4 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 3 / 5
Anonymous Cardholder
May 31, 2024
If this card had an annual fee, do you feel it was worth it? What card features and benefits helped you offset the cost?
If it was low I don't get much in rewards anyway
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
great customer service, and personable preferences
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
0% interest for extended period of time initially.
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
Recommended because it's a great rebate, not recommended because the transaction fees are a bit high
Score by category
Extra perks 4 / 5
Meets financial needs 5 / 5
Online portal or mobile app 3 / 5
Customer service 4 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Tell us about an experience you had because of the benefits earned from the card
I get 5 percent cash back on all my purchases and overall a great card
Score by category
Extra perks 5 / 5
Meets financial needs 3 / 5
Online portal or mobile app 4 / 5
Customer service 5 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
I would recommend because of the 15 month 0 interest.
Score by category
Extra perks 5 / 5
Meets financial needs 4 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
ive been using this card for a long time
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Tell us about an experience you had because of the benefits earned from the card
I’ve had cash back rewards when purchasing from locations
Score by category
Extra perks 4 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
ONLY SOMETIMES
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
Because it has the best features and great buissness
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
Yes it is. I use it for almost all my purchases.
Score by category
Extra perks 5 / 5
Meets financial needs 4 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
I will recommend this card to someone
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
I'm unable to see my business and personal accounts together on my ap- I can be one or the other entity but not both.
Score by category
Meets financial needs 5 / 5
Online portal or mobile app 3 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Tell us about an experience you had because of the benefits earned from the card
I got cash back while getting gas it was great
Score by category
Extra perks 5 / 5
Meets financial needs 4 / 5
Online portal or mobile app 4 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
The apr percentage was not to high
Score by category
Extra perks 4 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 4 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
If this card had an annual fee, do you feel it was worth it? What card features and benefits helped you offset the cost?
My personal bank
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
Because there rewards are great.
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
It serves its purpose it's a company that's built its relationship on customer service and they exceed in it
Score by category
Extra perks 5 / 5
Meets financial needs 3 / 5
Online portal or mobile app 4 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
I don’t use this card much
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Tell us about an experience you had because of the benefits earned from the card
Bank of America Platinum Plus Mastercard Business Card to finance a large equipment purchase for his business, taking advantage of the card's 0% introductory APR on purchases.
Score by category
Extra perks 5 / 5
Meets financial needs 4 / 5
Online portal or mobile app 5 / 5
Customer service 4 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
Tell us about an experience you had because of the benefits earned from the card
This indeed has been one of my best so far, the speed of pay is excellent
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
It's a great card with good perks.
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
It suits my business needs, transactions settle so quickly. I like the mobile app as well.
Score by category
Extra perks 3 / 5
Meets financial needs 3 / 5
Online portal or mobile app 4 / 5
Customer service 2 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
It is in the sense that I use it to pay for things weekly.
Score by category
Extra perks 4 / 5
Meets financial needs 4 / 5
Online portal or mobile app 4 / 5
Customer service 4 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
It was provided to me by my employer
Score by category
Extra perks 4 / 5
Meets financial needs 4 / 5
Online portal or mobile app 4 / 5
Customer service 4 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
Good rates and good rewards.
Score by category
Extra perks 4 / 5
Meets financial needs 4 / 5
Online portal or mobile app 5 / 5
Customer service 4 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
I would
Score by category
Anonymous Cardholder
May 31, 2024
What made you choose this card?
This had the protection needed for our business.
Score by category
Extra perks 3 / 5
Meets financial needs 4 / 5
Online portal or mobile app 4 / 5
Customer service 3 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
I chose this card because of good recommendations from family remembers.
Score by category
Extra perks 4 / 5
Meets financial needs 4 / 5
Online portal or mobile app 3 / 5
Customer service 5 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
Well I used that card when I need it to use occasionally buy gas with, but first one to buy on line
Score by category
Extra perks 4 / 5
Meets financial needs 4 / 5
Online portal or mobile app 3 / 5
Customer service 4 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
Convenience and benefits of the card
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 4 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
i use it and has the best benefits
Score by category
Extra perks 5 / 5
Meets financial needs 4 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
because my mom has one as well
Score by category
Extra perks 3 / 5
Meets financial needs 3 / 5
Online portal or mobile app 4 / 5
Customer service 4 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
I would because it is a reliable card too use
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 4 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
no i only use it when its an emergency
Score by category
Meets financial needs 3 / 5
Online portal or mobile app 4 / 5
Customer service 4 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
Helps with money on business trips
Score by category
Extra perks 4 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Privacy and security 3 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
Because it's a great card for business purposes
Score by category
Extra perks 5 / 5
Meets financial needs 5 / 5
Online portal or mobile app 5 / 5
Customer service 4 / 5
Privacy and security 4 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
No, used for a balance transfer
Score by category
Extra perks 1 / 5
Meets financial needs 3 / 5
Online portal or mobile app 4 / 5
Privacy and security 3 / 5
Anonymous Cardholder
May 31, 2024
Is this card a part of your everyday life, why or why not?
Yes. Rewards
Score by category
Meets financial needs 5 / 5
Online portal or mobile app 4 / 5
Customer service 5 / 5
Privacy and security 2 / 5
Anonymous Cardholder
May 31, 2024
What made you choose this card?
Line of credit
Score by category
Extra perks 3 / 5
Online portal or mobile app 3 / 5
Customer service 2 / 5
Privacy and security 3 / 5
Anonymous Cardholder
May 31, 2024
Tell us about an experience you had because of the benefits earned from the card
It was a good experience. They had very good customer service, And a hospitality, atmosphere.
Score by category
Extra perks 3 / 5
Meets financial needs 4 / 5
Online portal or mobile app 4 / 5
Customer service 3 / 5
Privacy and security 3 / 5
Anonymous Cardholder
May 31, 2024
If this card had an annual fee, do you feel it was worth it? What card features and benefits helped you offset the cost?
I do not have an annual fee with this card. There is no need for offsetting.
Score by category
Extra perks 2 / 5
Meets financial needs 2 / 5
Online portal or mobile app 3 / 5
Customer service 4 / 5
Privacy and security 3 / 5
Anonymous Cardholder
May 31, 2024
Why would you or would you not recommend this card to a friend?
it seem good for now just got it
Score by category
Extra perks 4 / 5
Meets financial needs 4 / 5
Online portal or mobile app 2 / 5
Customer service 5 / 5
Privacy and security 5 / 5
Anonymous Cardholder
May 31, 2024
Tell us about an experience you had because of the benefits earned from the card
Average experience
Score by category
Extra perks 3 / 5
Meets financial needs 3 / 5
Online portal or mobile app 3 / 5
Customer service 3 / 5
Privacy and security 3 / 5

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.