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

 /  11 min
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for and how we rate our cards . The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Snapshot

3.2

Bankrate rating
Info
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.

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

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

3.2
Rating: 3.2 stars out of 5
Bankrate score
Info
Excellent (740 – 850)
Info
Recommended Credit

Intro offer

Info

N/A

Offer valuation

Info

N/A

Rewards Rate

Info

Annual fee

Regular APR

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

    Rewards

    • This card does not offer rewards.

    Expert Appraisal: Weak
    See our expert analysis

  • Rewards

    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

    0% intro APR offer

    • 0 percent intro APR on purchases for the first seven billing cycles 
    • 16.49 percent to 27.49 percent variable APR

    Expert Appraisal: Good
    See our expert analysis

  • Credit Card Search

    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

    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

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

  • Checkmark

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

  • Checkmark

    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 $750 cash back after spending $6,000 in the first three months. That's a 12.5 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

Rewards rate

N/A

Recommended Credit Score

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

Annual fee

$0

Intro offer

Earn $750 bonus cash back
Info

Rewards rate

1.5%
Info

Recommended Credit Score

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

Annual fee

No annual fee

Intro offer

$250 statement credit
Info

Rewards rate

1% - 2%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info

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+
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700+
Data points considered
Credit Card Cash Back
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Spending categories analyzed
Credit Card Reviews
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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

* 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.