Bank of America® Platinum Plus® Mastercard® Business card
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The Bank of America Visa Platinum Plus Card’s successor is ideal for a small business owner in search of a cost effective card with no annual fee.
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This credit card helps manage spending for business owners. Its intro APR offer and no annual fee are perks that allow you to stay on track with business expenses. However, if you’re looking for a business credit card that can do more in terms of rewards, it’s better to look elsewhere.
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The Bank of America Platinum Plus credit card takes the place of the retired Bank of America Visa Platinum Plus card. It has no annual fee, a 0% intro APR for the first seven billing cycles and a low regular APR (14.74% to 25.74% variable APR), making it attractive for business owners who need to finance large purchases. But it doesn’t offer rewards, so you’ll have to pair it with another credit card if you want to earn cash back or points on your expenses.
Here’s what you need to know about the Bank of America Platinum Plus Mastercard Business card to see if it’s the right card for your business expenses.
No annual fee, so the cost of carrying this card is more affordable.
Unlimited employee cards at no extra cost adds more value to this card for business owners
$300 statement credit when you spend $3,000 within 90 days.
Intro APR doesn’t apply to balance transfers.
Currently, the Bank of America Platinum Plus has a generous welcome offer. If you spend $3,000 within the first 90 days of opening your account, you’ll get a $300 statement credit. This is a reasonable amount to spend on business costs, making this welcome bonus a great added perk to this 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 the Bank of America Platinum Plus Mastercard Business card:
Bank of America allows you to order an unlimited number of employee cards at no extra cost. Your employees are able to use their cards to make business purchases. Many credit issuers charge a fee for additional cards or limit how many employee cards you can have, so this is a big perk.
One of the main Bank of America Platinum Plus benefits is travel insurance. As a cardholder, you’ll get $100,000 in travel accident and car rental insurance. You’ll also get emergency ticket replacement and assistance if you lose your luggage.
You won’t be held liable for unauthorized charges and will have purchase protection that covers lost, damaged and stolen items for a period after purchase.
Bank of America has a suite of money management tools to make accounting easier for busy small business owners. Plus, you’ll be able to download your transactions to QuickBooks.
If you have a Bank of America business checking account linked to your card, you can enroll in overdraft protection to avoid declined purchases.
One of the main advantages of the Bank of America Platinum Plus card is its low starting interest rate. If you have excellent credit, you can get an APR as low as 14.74% variable. The maximum APR on this card is also pretty competitive at 25.74% variable.
If you want to save even more on interest, this card comes with an intro APR on purchases (0 percent for seven billing cycles, then 14.74% to 25.74% variable APR), starting when you open the account. But, the offer doesn’t apply to balance transfers, which are subject to the regular purchase APR range.
Balance transfers also come with a fee of $10 or 4 percent of the balance transfer amount, whichever is greater. This fee is a little on the high side, so the card isn’t the best choice for consolidating debt.
How does the Platinum Plus stack up to other business credit cards? Its 0% intro APR for the first seven billing cycles and regular APR at 14.74% to 25.74% afterward make it competitive among business cards, but it lacks the cash back rewards other cards provide in abundance.
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A business card that offers rewards with no cap on how much you can earn from spending is the Ink Business Unlimited Credit Card. Much like the Bank of America Platinum Plus Mastercard Business, it has no annual fee and a welcome offer. However, the Ink Business Unlimited has 0 percent intro APR on purchases for the first 12 months. The Ink Business Unlimited’s 0 percent intro APR offer lasts longer, which means business owners have more time to pay off a large expense over that period of time without dealing with interest (17.74 percent to 23.74 percent variable thereafter).
The Ink Business Unlimited also takes the upper hand when it comes to a 1.5 percent unlimited cash back on purchases. Business owners will find a much higher long-term value with the Ink Business Unlimited, as past the welcome offer, it continues earning cash back on everything. The Platinum Plus Mastercard Business lacks any rewards system at all, so if you’re interested in earning on your business spending, the Ink Business Unlimited card might be your best bet. However, if you’re a Bank of America loyalist and plan to pair the Platinum Plus Mastercard Business with a rewards-earning card, then you can include it in your overall business strategy.
Another option to consider if you want to rack up rewards is the American Express Blue Business Cash Card. It offers 2 percent cash back on up to $50,000 in purchases each year, then 1 percent after that. It also offers a 0 percent intro APR on purchases for 12 months from the date of account opening, then a variable APR of 17.99 percent to 25.99 percent thereafter. This is five months longer than the Platinum Plus Mastercard Business card, giving business owners much longer to possibly finance a large business expense interest-free. While the Blue Business Cash Card has a slightly lower welcome offer ($250 when you make $3,000 in purchases in the first three months), it has a rewards program that beats out the Platinum Plus Mastercard Business. In almost every aspect, the Blue Business Cash Card wins out against the Platinum Plus Mastercard Business card, so it’s a better option for business owners who want to earn rewards and finance a large purchase with an intro offer.
The Bank of America Platinum Plus Mastercard doesn’t have a rewards program. So if you want to earn cash back on everyday business expenses, try pairing it with the Bank of America® Business Advantage Customized Cash Rewards Mastercard®. Its rewards structure is personalized to the individual because you earn 3 percent cash back in the category of your choice, such as gas or online shopping. You also earn 2 percent back on dining and 1 percent on all other purchases. The cap spending to earn 3 percent cash back and 2 percent cash back on dining is $50,000 in a calendar year. This rewards system is a good deal for businesses that spend on certain items and want their rewards to reflect those specific spending habits. The Business Advantage Customized Cash Rewards Mastercard makes up for the Platinum Plus Mastercard’s nonexistent rewards program with its specialized method of maximizing rewards.
If you have debt to consolidate, you may want to consider getting the U.S. Bank Business Platinum card. It has a 0 percent intro APR on both purchases and balance transfers (in addition to a 3 percent or $5 balance transfer fee) that lasts for 18 billing cycles, plus a competitive regular APR range of 16.49% to 25.49% variable.
If you have good credit and are planning to make big purchases with your credit card, the Bank of America Platinum Plus Credit Card could be a good option for you. It has an intro APR on purchases that lasts for seven billing cycles, which can help you avoid paying interest. And if you do have to carry a balance, this card has a 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 going 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.
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