Bank of America Platinum Business Credit Card Review
This article was last updated Jul 12, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
Who the card is best for
If you’re a business owner with excellent credit and often carry a balance month-to-month, the Bank of America® Platinum Plus® Mastercard® Business card may provide the chance to minimize interest charges. There’s an intro 0% for 7 billing cycles and the regular purchase APR is competitive at 11.74% - 22.74% Variable APR. However, this card lacks rewards, so if you want to earn cash back, miles, or points on business spending, check out other business cards.
Where this card stands out in its category
Competitive APR range. This card has a 11.74% - 22.74% Variable APR and when compared to other business cards, that’s a very competitive range — especially if you qualify for the lowest rate. Note: if you receive a low APR, don’t use it as an excuse to overspend. You’ll still incur interest charges.
Online exclusive statement credit offer. While this card doesn’t have a rewards program, you can receive a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening. The statement credit can help pay off business purchases you’ve made, just beware that it doesn’t count towards your minimum payment.
Where this card falls short in its category
There’s no rewards program. The majority of business cards offer rewards, so it may be a bit discouraging that this card lacks rewards. You can find travel, cashback, and rewards business cards that offer miles-, cashback- or points-based programs.
Additional card benefits
The Bank of America® Platinum Plus® Mastercard® Business card offers a few added benefits:
- Travel and emergency services: When you use your card to pay for travel, you may be reimbursed up to $100,000 for travel accident insurance and auto rental insurance, emergency ticket replacement, and lost luggage assistance.
- Cash flow management tools: You can utilize the online account dashboard to facilitate various business tasks — simply download transactions to QuickbooksTM, track expenses, make transfers and set up autopay.
- Unlimited, free employee cards.
How to use it most effectively
If you need to make large business purchases like office furniture, electronics, or other items, utilize the intro 0% for 7 billing cycles so you can carry a balance without accruing interest. Keep in mind there’s a 11.74% - 22.74% Variable APR in effect once the intro period ends.
There are no rewards, though it does offer an online exclusive statement credit; try to meet the requirements to receive a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening. You should also use this card for all business spending to streamline your cash flow management. Employee cards are unlimited and free, so it doesn’t make sense to have employees charge business spending on their personal cards and you, as the business owner, reimburse them when all purchases can be made on the same account and paid together.
Compare it with the Bank of America® Business Advantage Cash Rewards Mastercard® credit card
The Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a good option for business owners who want to earn cash back on business purchases.
While the Bank of America® Platinum Plus® Mastercard® Business card has no rewards, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers a rewards program ideal for businesses that spend on gas, office supplies and restaurant meals — earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases. Plus, similar to the Bank of America® Platinum Plus® Mastercard® Business card, there’s a $0 annual fee.
Comparing the intro periods, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card offers more time at an intro 0% for 9 billing cycles (after, 13.74% - 23.74% Variable APR). That’s compared to the Bank of America® Platinum Plus® Mastercard® Business card’s intro 0% for 7 billing cycles (after, 11.74% - 22.74% Variable APR).
If you’re looking for a more robust card for your business purchases, the Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a great choice offering more perks than the Bank of America® Platinum Plus® Mastercard® Business card.
Here’s a breakdown of the key features of each card:
| Bank of America® Platinum Plus® Mastercard® Business card | Bank of America® Business Advantage Cash Rewards Mastercard® credit card | |
| Annual Fee | $0 | $0 |
| Purchase Intro Rate | 0% for 7 billing cycles | 0% for 9 billing cycles |
| Regular Purchase APR | 11.74% - 22.74% Variable APR | 13.74% - 23.74% Variable APR |
| Rewards | Non-rewards card | 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases. |
| Online Exclusive Statement Credit Offer | $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening | $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening |
| Foreign Transaction Fee | 3% of the U.S. dollar amount of each transaction | 3% of the U.S. dollar amount of each transaction |
Bottom Line
The Bank of America® Platinum Plus® Mastercard® Business card is an OK business card, mainly shining with its competitive 11.74% - 22.74% Variable APR after intro period ends. However, there are plenty of other business cards offering longer 0% intro periods, rewards, and other perks.
