Bank of America® Platinum Plus® Mastercard® Business card review
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The Bank of America Platinum Plus Mastercard Business card Overview
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, 0 percent intro APR for first seven billing cycles and a low regular APR (10.99% – 21.99% 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.
Browse the review below to figure out if this is the right credit card for you based on your financial and business goals.
What are the pros and cons?
- No rewards.
- Intro APR doesn’t apply to balance transfers.
A deeper look at the current card offer
- Rewards rate: N/A
- Welcome offer: $300 statement credit after you make at least $3,000 in net purchases in the first 90 days of your account opening
- Annual fee: $0
- Purchase intro APR: 0 percent for the first seven billing cycles
- Balance transfer intro APR: N/A
- Regular APR: 10.99 percent to 21.99 percent variable APR
Current welcome offer
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.
Other cardholder perks
Next, let’s look at some of the main Bank of America Platinum Plus credit card benefits that you’ll receive upon approval.
Free employee cards
Bank of America allows you to order an unlimited number of employee cards at no extra cost. Many credit issuers charge a fee for additional cards, 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.
Zero liability and purchase protection
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.
Money management tools
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.
Rates and fees
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 10.99 percent variable—about 5 percent less than the national average rate. The maximum APR on this card is also pretty competitive at 21.99 percent 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), 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 the Bank of America Platinum Plus Mastercard Business card compares to other business cards
How does the Platinum Plus stack up to other business credit cards?
The Discover it® Business Card offers an intro APR period on purchases along with a rewards program that allows you to earn unlimited 1.5 percent cash back on all of your purchases. Plus, you’ll get a cash back match at the end of your first year which can help you maximize your earnings.
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 provides a 12-month interest-free period on purchases. 0% intro APR on purchases for 12 months from the date of account opening, then a variable APR rate, 14.74% – 22.74%,
Best cards to pair the Bank of America Platinum Plus Mastercard Business card with
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 Capital One Spark Cash for Business (This card is no longer available). It offers an unlimited 2 percent cash back on all of your purchases and a $500 welcome bonus when you spend $4,500 within the first three months.
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 20 billing cycles, plus a competitive regular APR range of 13.49 percent to 22.49 percent variable.
Bankrate’s Take—Is the Bank of America Platinum Plus Mastercard Business card worth it?
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.