Bank of America Platinum Plus Mastercard Business Card Review
This article was last updated Jun 23, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
Sometimes simple is best – and business owners looking for a no-frills, low-interest business credit card will appreciate the simplicity of the Bank of America® Platinum Plus® Mastercard® Business card. This card charges a $0 annual fee and offers a solid intro APR period.
We break down the pros and cons of the Bank of America® Platinum Plus® Mastercard® Business card and who it’s best for, as well as look at two alternative options.
- Bank of America® Platinum Plus® Mastercard® Business card pros
- Bank of America® Platinum Plus® Mastercard® Business card cons
- Alternative small business credit cards to consider
- Is the Bank of America® Platinum Plus® Mastercard® Business card right for you?
Bank of America® Platinum Plus® Mastercard® Business card pros
Sign-up bonus. Earn a $300 statement credit when you make at least $3,000 in net purchases within 60 days of your account opening..
Intro APR. The Bank of America® Platinum Plus® Mastercard® Business card offers an intro purchase APR of 0% for 7 billing cycles. After, a 10.24% - 21.24% Variable APR applies – which is a very reasonable range if you find yourself needing to revolve a balance month-to-month on occasion after the intro period.
No annual fee. The annual fee is $0.
Additional benefits:
- Travel and emergency services. Pay for your travel with this card and receive up to $100,000 in travel accident insurance and auto rental insurance, emergency ticket replacement, lost-luggage assistance and the option to get extended protection.
- Cash flow management tools. Running a business is made simpler by tools including automatic payments, transfers and the ability to download transactions into QuickBooks.
- Free employee cards. No matter how many employee credit cards you need to issue, it’s free.
Bank of America® Platinum Plus® Mastercard® Business card cons
No rewards. Many business credit cards offer rewards, whether in the form of cash back, miles or points. However, the Bank of America® Platinum Plus® Mastercard® Business card does not.
Foreign transaction fee. When you travel abroad, be aware this card charges a fee of 3% of the U.S. dollar amount of each transaction.
Alternative small business credit cards to consider
For business owners who want a longer intro APR period, as well as the opportunity to earn rewards, two cards worth looking at are the Bank of America® Business Advantage Cash Rewards Mastercard® credit card and the American Express Blue Business Cash™ Card.
Here’s how they compare:
Bank of America® Platinum Plus® Mastercard® Business card vs. the Bank of America® Business Advantage Cash Rewards Mastercard® credit card and the American Express Blue Business Cash™ Card
| Bank of America® Platinum Plus® Mastercard® Business card | Bank of America® Business Advantage Cash Rewards Mastercard® credit card | American Express Blue Business Cash™ Card | |
|---|---|---|---|
| Welcome offer | $300 statement credit when you make at least $3,000 in net purchases within 60 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. | None. |
| Rewards | Non-rewards card. | Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases. You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter. | Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. |
| Intro APR | 0% for 7 billing cycles on purchases, then a 10.24% - 21.24% Variable APR will apply. | 0% for 9 billing cycles on purchases, then a 12.24% - 22.24% Variable APR on purchases will apply. | 0% on purchases for 12 months from date of account opening, then an APR of 13.24% - 19.24% Variable will apply. |
| Annual fee | $0 | $0 | No annual fee |
To see rates & fees for American Express Blue Business Cash™ Card please click here.
If your business spends heavily in one of the 3% categories offered by the Bank of America® Business Advantage Cash Rewards Mastercard® credit card, you can earn a respectable amount of cash back by using that card for your everyday business spending.
However, if your business doesn’t have well-defined spend categories, the American Express Blue Business Cash™ Card offers a competitive flat rate on all eligible purchases, but no welcome bonus.
Both cards offer a longer intro APR period on purchases than the Bank of America® Platinum Plus® Mastercard® Business card. But where that card stands out is in its ongoing APR – which can be much lower than either of the competing options. Note that your APR will be based on a variety of factors once approved for the card and you’re not guaranteed to get the lowest rate.
If you are looking for a card with a bigger sign-up bonus, consider the Ink Business Cash® Credit Card, issued by Chase. Cardholders can earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
Is the Bank of America® Platinum Plus® Mastercard® Business card right for you?
Whether using a consumer credit card or a business credit card, best practice is to pay the card off in full every billing cycle. This allows you to avoid incurring interest charges and prevents the buildup of expensive credit card debt.
However, there may be times when paying in full isn’t feasible and you have to carry a balance for a month or even longer – and that’s where a low-interest card such as the Bank of America® Platinum Plus® Mastercard® Business card can help if you’re approved for the lower end of the APR range.
That said, many competing cards offer cash back, points or miles. For business owners who don’t need to carry a balance, going with a card that offers more lucrative rewards is likely a better choice. For more recommendations, check out our list of the best small business credit cards.
The information related to the Bank of America® Platinum Plus® Mastercard® Business card has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.
