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

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 percent intro APR on purchases for the first seven billing cycles and a low regular APR (16.49 percent to 27.49 percent 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.

Quick highlights

• 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: 16.49 percent to 27.49 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. 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:

Free employee cards

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.

Travel insurance

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.

Overdraft protection

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 on-going  interest rate. 

If you want to save even more on interest, this card comes with an intro APR on purchases (0% for seven billing cycles, then 16.49 percent to 27.49 percent 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 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 percent intro APR for the first seven billing cycles and variable regular APR at 16.49 percent to 27.49 percent afterward make it competitive among business cards, but it lacks the cash back rewards other cards provide in abundance.

Bank of America Platinum Plus Mastercard Business card vs. Chase Ink Business Unlimited® Credit Card

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 (18.49 percent to 24.49 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.

Bank of America Platinum Plus Mastercard Business card vs. American Express Blue Business Cash™ Card

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 18.49 percent to 26.49 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 doesn't have a welcome offer, 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. 

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 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 17.24% to 26.24% 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.